Ethereum traded near $2,455 on August 31 as buyers repeatedly failed to break above $2,550, leaving the cryptocurrency consolidated within a tight horizontal range. Despite slipping roughly 1% from its weekly open, ETH maintains a 28% gain over 30 days following its recovery from sub-$1,900 levels earlier in the month.
Technical indicators point to cooling momentum after the recent rally. The daily Relative Strength Index dropped to 68.34 from overbought territory, while the 4-hour Chaikin Money Flow at minus 0.07 signals mild net selling pressure. Moving averages remain supportive, with the 50-day SMA holding slightly above the 200-day SMA near $2,030. However, the price remains vulnerable to mean reversion toward dynamic support at the 20-day SMA around $2,247.
Liquidation heatmaps reveal key liquidity concentrations on both sides of the market. Leveraged short positions cluster near $2,545–$2,580, where a breakout could target $2,650. Conversely, long liquidation clusters gather between $2,390 and $2,410. Analysts warn that a daily close below $2,400 could trigger cascading liquidations and drive a deeper retrenchment toward the $2,250 demand zone.
Broader market catalysts present a mixed backdrop. US spot Ethereum ETFs recorded $815.7 million in net weekly inflows through August 28, led by BlackRock’s ETHA. Meanwhile, traders continue to monitor US legislative developments, including the CLARITY Act, for long-term sentiment drivers. ETH enters September with its broader uptrend intact, but immediate direction hinges on whether buyers defend $2,400 or clear $2,550 resistance.
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