Ethereum's price has dropped nearly 4% over the past 24 hours to around $2,420, putting the key $2,400 support level in jeopardy as Brent crude topped $105 a barrel and US Treasury yields climbed sharply. The move comes after a strong rally that saw ETH gain roughly 37% in ten days, reaching $2,564 before stalling.
According to CoinGecko, ETH was trading at approximately $2,419 at the time of writing, down 3.9% on the day. Earlier on Sept. 10, the token had touched an intraday high of about $2,512, but selling pressure accelerated late in the session, pushing it as low as $2,405 before buyers stepped in.
The decline was driven by rising oil prices, which have become a key source of pressure on risk assets. Brent crude climbed above $105, while WTI surged past $100 as Middle East tensions raised concerns about energy supplies and inflation. Meanwhile, the US 10-year Treasury yield moved toward 4.9%, increasing the appeal of government debt relative to riskier investments like cryptocurrencies.
Higher oil prices can keep inflation elevated by raising energy and transport costs, while higher Treasury yields offer investors a safer return. These conditions weighed on both Bitcoin and Ethereum, overshadowing fresh demand for US spot Ethereum exchange-traded funds (ETFs).
Preliminary data for Sept. 10 showed net inflows of roughly $34.75 million into these ETFs, including $22.94 million for BlackRock's staking-focused ETHB and $9.71 million for ETHA. This followed a modest $2.1 million net inflow on Sept. 9, after a $24.29 million withdrawal on Sept. 8. Despite the recent buying, it was not enough to offset the macro headwinds.
Available ETH on exchanges has been declining during 2026, with ETF holdings and staking absorbing part of the circulating supply. However, Wednesday's price action demonstrated that even positive ETF flows could not prevent a drop when oil and bond yields are rising.
Technical analysis: key levels to watch
On the daily chart, ETH is trading near $2,428 after falling from an intraday high of $2,468 and reaching roughly $2,406. Despite the recent pullback, the price remains above the 20-day, 50-day, 100-day, and 200-day exponential moving averages (EMAs). The 20-day EMA sits closest at $2,404, making the $2,400-$2,405 zone the first support to monitor.
The 50-day EMA is considerably lower at $2,222, while the 100-day and 200-day EMAs stand near $2,116 and $2,191, respectively. Holding the 20-day EMA would keep ETH above the moving-average support that has underpinned the August breakout. A daily close below $2,400 would open the door to the $2,350-$2,360 area, which aligns with the lower boundary of the bull-flag structure. Losing that zone could expose $2,300 and then the 50-day EMA around $2,222.
The daily Chaikin Oscillator has fallen to roughly -9,890, after surging above 500,000 during the August breakout. Its move below zero indicates that accumulation has weakened as ETH retreats from the $2,500 area. A return above zero alongside a price recovery would provide stronger evidence that buyers are returning.
Shorter-term momentum turns bearish
On the 4-hour chart, ETH has dropped from the $2,500-$2,550 range, with the latest candle reaching approximately $2,405 before recovering towards $2,427. The 4-hour ADX Trend and VFI indicators have deteriorated, with directional readings favoring sellers. The subdued trend-strength reading suggests the decline has not yet developed into the strong directional move seen during the August breakout. A break below $2,400 accompanied by rising ADX would strengthen the case for a move towards $2,350-$2,360.
The TRIX R2 has rolled over after a modest positive cycle and moved below its signal line. TRIX is around -1.53, compared with its signal near 0.89, while the histogram has slipped to roughly -4.84. This crossover confirms that short-term momentum has turned bearish as ETH loses the $2,450 area.
Liquidation levels and market positioning
Binance's 24-hour ETH/USDT liquidation heatmap shows that the fall through roughly $2,450-$2,440 was followed by a quick move towards $2,405, clearing leveraged positions along the way. Liquidity remains concentrated around $2,400, with another cluster immediately above current prices. A break below $2,400 could take ETH towards the $2,350-$2,360 support area identified on the daily structure.
The largest untouched liquidation concentration sits higher, around $2,490-$2,500, with further liquidity between roughly $2,520 and $2,560. If ETH holds $2,400 and recovers above $2,450-$2,460, those clusters put $2,500 and then the recent $2,550-$2,564 highs back in range. With ETH swinging sharply around key levels, some holders are moving funds into crypto wallets to manage risk outside of exchange order books.
For more on Ethereum's recent price action, see our earlier coverage on Ethereum's pullback below $2,500 and the slide toward $2,400.
This article is for informational purposes only and does not constitute financial advice.
