Altcoins News
By Julie Binoche
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Fed Comments and Weak Jobs Data Fuel the Rally. Federal Reserve Governor Christopher Waller said recently that rate hikes could pause if inflation…
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Large ETH Transfers and Futures Pressure. One significant holder moved 167,855 ETH to exchanges — a transfer that's hard to ignore.
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What the Charts Are Showing. On the 4-hour chart, Ethereum is trading near its upper Bollinger Band at $2,544.17.
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Ethereum bounced hard. The token climbed nearly 6% to around $2,524 on September 4, clawing back from a low of $2,370 hit just days earlier.
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That ceiling sits at $2,550. It's not a new problem. That level has turned back previous rallies more than once, and it's doing it again.
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Weak jobs numbers added fuel. The ADP National Employment Report showed private employers added only 38,000 jobs in August. That's well short of the 47,000 estimate.
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The macro picture isn't settled, though. US employment and inflation reports due in the coming days could flip sentiment again, especially if the numbers come in hot and revive…
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One significant holder moved 167,855 ETH to exchanges — a transfer that's hard to ignore. Separately, a wallet shifted 70,739 ETH, worth roughly $174 million, to several…
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Big transfers don't always mean big sells. But they can. And when they happen right as price is testing a key resistance zone, traders notice.
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Read also: CFTC Seeks Dismissal of CME’s Crypto Futures Lawsuit, Citing No Legal Standing
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On the futures side, things are stretched. Ethereum saw approximately $115 million in liquidations over the past 24 hours. Open interest sits around $34.23 billion.
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On the 4-hour chart, Ethereum is trading near its upper Bollinger Band at $2,544.17. The relative strength index has climbed to 66.87 — not overbought yet, but close.
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The daily chart looks more constructive. Ethereum is still trading above the Supertrend line at $2,223.45, which is a signal of continued uptrend.
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Spot Ethereum ETFs added a data point on the demand side. US spot Ethereum exchange-traded funds recorded net inflows of $141.39 million on September 3.
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Still, the immediate test is $2,490. That support level basically determines the short-term direction.
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