Ethereum has slipped below the $2,400 level after a period of consolidation below the $2,500 resistance, with a broader crypto sell-off driven by the stalled CLARITY Act and expectations of a hawkish Federal Reserve move.
On the daily chart, ETH previously recovered from the $1,500–$1,600 base and moved toward the $2,500 zone, but repeated rejections at that level have kept the rally in check. A decisive daily close above $2,500 would open the way toward $3,000, while the first major downside support sits between $2,000 and $2,100, an area that overlaps with the rising 100-day and 200-day moving averages.
The 4-hour chart shows ETH trading near the lower boundary of a range that extends roughly from $2,350 to $2,600. The RSI has dropped toward 30, signaling weakened short-term momentum after the latest rejection. If buyers defend $2,350 and reclaim $2,500, a retest of $2,600 remains possible. A breakdown below $2,350 could expose the $2,250 order block and then the broader $1,900 support area.
On-chain data adds a contrasting signal. Exchange reserves have declined from above 21 million ETH in early 2025 to about 14.6 million ETH, and roughly 159,000 ETH left exchanges over five days. Large wallets holding between 10,000 and 100,000 ETH accumulated about 200,000 ETH over the past month, although smaller addresses sold nearly 192,000 ETH. U.S. spot Ethereum ETFs recorded $142.3 million in net redemptions on Tuesday.
Ethereum futures liquidations reached approximately $211 million in 24 hours, with long positions accounting for about $184 million. The Senate’s failure to advance the CLARITY Act and a 92.3% probability of a 25-basis-point Fed rate hike contributed to the selling pressure. ETH is trading below the $2,431 pivot and the 20-day EMA, with key support at the $2,270 area, where the 50-day and 200-day EMAs converge. A failure to hold that zone could expose the $2,170–$2,150 support band.
