Ethereum came under renewed selling pressure on Sept. 10, dropping almost 4% in 24 hours to around $2,420 and threatening the critical $2,400 support level. The decline followed a surge in oil prices, with Brent crude climbing above $105 per barrel and WTI topping $100, while the U.S. 10-year Treasury yield pressed toward 4.9%. Those macro forces weighed on risk assets broadly, erasing Ether’s earlier intraday recovery from $2,405 to $2,512. Bitcoin also felt the pressure as rising yields made government debt more attractive relative to risky digital assets.
According to CoinGecko, ETH traded near $2,419 after hitting an intraday high of roughly $2,512. Selling accelerated late in the session, taking Ether below $2,450 and as low as $2,405 before buyers pushed it back above $2,420. The token remained only slightly higher over the past seven days despite a strong run that had produced a 37% gain in ten days and a recent high around $2,564.
Fresh demand for U.S. spot Ethereum exchange-traded funds did not stop the slide. Preliminary data showed net inflows of about $34.75 million on Sept. 10, including $22.94 million into BlackRock’s staking-focused ETHB and $9.71 million into ETHA. That followed a small positive day of about $2.1 million on Sept. 9, after a $24.29 million outflow on Sept. 8. Larger inflows in previous weeks had exceeded $824 million between Aug. 24 and Aug. 28, with another $218 million the following week.
Technically, Ether’s 20-day exponential moving average near $2,404 made the $2,400–$2,405 area the first major support. A daily close below that zone could expose $2,350–$2,360, then $2,300 and the 50-day EMA near $2,222. The daily Chaikin Oscillator dropped to roughly -9,890 after spiking above 500,000 during the August breakout, signaling weakening accumulation. On the 4-hour chart, momentum indicators such as ADX, VFI, and TRIX turned bearish, confirming short-term downside pressure.
Broader chart analysis added more levels to watch. Ted Pillows identified a $2,450–$2,550 consolidation band and said Ethereum needs a weekly close above the upper boundary to confirm another leg higher, with resistance near $2,547 and the 50-week simple moving average near $2,511. Support sits near the 50-week exponential moving average around $2,381, followed by $2,215. Axel Bitblaze compared current trading between the 50-week and 100-week EMAs to an earlier volatile structure that eventually broke higher, while Trader Tardigrade outlined a monthly busted ascending triangle with a long-term target of $25,000.
The U.S. Producer Price Index report, scheduled for 8:30 a.m. ET, is the next macroeconomic test. Expectations stand at 5.3%. A higher reading could raise rate-hike odds and pressure markets, while a lower reading could support a rebound. Liquidation data showed heavy liquidity around $2,400 and another cluster near $2,490–$2,520, making the $2,400 level the key short-term battleground.
