Ethereum has fallen 2.7% to $2,446 on Tuesday, September 15, extending its retreat from the $2,500 area after briefly testing the $2,434 support level. According to AMBCrypto, the cryptocurrency started trading at $2,515 and reached $2,519 before selling pressure pushed the price to $2,431 for the day. The token opened at $2,515.72 and traded between $2,465.60 and $2,520 during the latest session, with the price action following a sharp rejection above $2,600 during the prior session. The $2,440-$2,470 band continues to represent support levels, with the price trading within this established range while $2,438 remains the immediate downside reference. Volume reached 81,970 ETH, though trading did not see the same levels seen during the August rally.
The $2,434 support level has become the critical battleground for Ethereum, with the cryptocurrency briefly moving below this key support before buyers quickly bounced back to $2,446. As per AMBCrypto, the chart's momentum reading stood at 54, indicating that ETH was not at any particular extreme within its trading range and therefore perhaps less likely to undergo a short-term rebound. The $2,535-$2,550 area continues to represent immediate resistance, with the bullish scenario requiring ETH to move through $2,550 and then break $2,600. On the 4-hour chart, ETH has moved below the Bollinger Band midpoint at $2,509.64, with the lower band standing at $2,469.41, placing the current price close to its first immediate volatility support. The Average Directional Index is at 17.73, readings below 20 normally indicate that the prevailing trend lacks strength, meaning ETH could remain range-bound even as short-term swings become sharper.
CoinGlass's one-week liquidation heatmap reveals a concentration of leveraged positions immediately below the market around $2,450-$2,470, with a stronger pocket of downside liquidity appearing around $2,390-$2,410. Failure to hold the current range could draw price toward that zone, particularly if leveraged long positions are forced to close. Liquidity also sits above ETH around $2,535-$2,580, followed by brighter concentrations near $2,630 and $2,650. A recovery above $2,550 could therefore trigger short liquidations and support another attempt at $2,600. On the broader daily chart, the 0.786 Fibonacci retracement at $2,253.61 remains the main structural support, with the next major upside Fibonacci level standing at $2,833.75, but ETH must first overcome the nearer resistance between $2,550 and $2,600.
Ethereum traders are monitoring the Clarity Act vote with prediction odds falling to under 20% this week, which could be the catalyst that decides whether ETH reclaims $2,550 or slides back toward $2,180. As reported by crypto.news, President Trump accepted most of a bipartisan ethics proposal tied to the bill, removing one source of disagreement before a crucial vote. US spot Ethereum ETFs recorded $34.7 million in net inflows on September 9 after losing $24.3 million on September 8, according to Farside Investors, with changing institutional flows matching the lack of clear price direction. Crypto trader Daan Crypto Trades described the move as pre-positioning ahead of the U.S. Senate's CLARITY Act vote and the Federal Open Market Committee meeting, noting that the initial rally removed leveraged short positions before the decline forced out traders positioned long. Failure to advance the bill could produce another move lower before attention shifts to the Fed decision.
Ethereum's range-bound trading comes as US markets prepare for the Federal Reserve's September 16 policy decision, with CME FedWatch data showing markets assigning a probability above 90% to a 25-basis-point rate increase. According to Reuters, oil prices climbed above $107 per barrel while the 10-year Treasury yield moved above 5%, increasing concerns that higher energy costs could keep inflation elevated. Higher Treasury yields can reduce demand for risk assets by giving U.S. investors access to stronger returns in traditional fixed-income markets. Despite these macro headwinds, Ethereum's ability to remain above $2,500 suggests traders have not yet abandoned the August recovery, though the $2,429 4-hour Supertrend provides stronger trend boundaries and would invalidate a break below this level. The Senate's procedural vote on the CLARITY Act adds a separate regulatory catalyst, with both events keeping US traders cautious about ETH's near-term direction.
