Ethereum Market Overview: 24-Hour ETHUSD Breakdown

• ETHUSD opened at $4470.00 and closed at $4313.65, with a 24-hour high of $4479.80 and a low of $4300.00.
• Price formed a bearish reversal pattern late in the session, dropping nearly 3.5% on heavy turnover.
• Volatility expanded sharply overnight, as seen in widening Bollinger Bands and a 20-period RSI near oversold levels.
• Momentum indicators suggest a potential pause or short-term rebound, but key support zones face immediate pressure.
• The 50-period and 20-period moving averages remain above price, signaling continued bearish bias.

Ethereum (ETHUSD) opened at $4470.00 on September 3, 2025, and closed at $4313.65 at 12:00 ET on September 4. The pair reached a high of $4479.80 and a low of $4300.00 over the 24-hour period. Total traded volume was approximately 61.06 ETH, with notional turnover totaling $269,652.80.

Structure & Formations

The 24-hour ETHUSD chart displayed a distinct bearish trend, with key support levels forming at $4360.71, $4300.00, and $4270.00 (based on Fibonacci retracements from a recent $4470.00–$4300.00 swing). A long-legged bearish Doji formed around $4395.45, indicating indecision, followed by a strong bearish engulfing pattern at $4379.79–$4359.62. This pattern confirmed a short-term reversal, with price continuing to fall toward $4300.00.

The 20-period and 50-period moving averages on the 15-minute chart remained above the price, reinforcing the bearish bias. On the daily chart, the 50-period MA is also above current price levels, suggesting continued pressure unless a strong reversal occurs.

MACD & RSI

The MACD (12, 26, 9) for the 15-minute chart crossed below the signal line late in the session, confirming bearish momentum. The RSI (14) reached oversold territory near 30 during the final hours, indicating a potential short-term bounce from the $4300.00 level. However, the RSI failed to show strong divergence, which may suggest the decline could continue.

The 20-period RSI on the 15-minute chart has remained below 50 throughout the session, indicating that the downtrend has not yet lost steam. Traders should watch for a sustained move above $4370.00 to trigger a potential retracement.

Bollinger Bands

Bollinger Bands displayed a clear expansion in volatility, particularly between 02:00–04:00 ET, when price dropped from $4406.23 to $4399.81. The recent breakdown below the 20-period lower band suggests that the trend is intact. A retest of the $4313.65 level could trigger a new band contraction phase if buying interest emerges.

Price is currently trading near the lower boundary of the 20-period Bollinger Band on the 15-minute chart. A close above the middle band would be a positive sign for short-term buyers, though this is unlikely without a significant reversal event.

Volume & Turnover

Volume increased sharply during the late-night to early morning hours, peaking at $44,098.80 in notional value around $4379.79. Turnover confirmed the bearish bias during the breakdown to $4300.00, with the most significant price drop occurring on relatively thin volume, indicating weak conviction from sellers.

The divergence between price and volume suggests that while the move lower was aggressive, it may not be fully supported by institutional selling pressure. This could hint at a temporary consolidation phase before further movement.

Fibonacci Retracements

Applying Fibonacci levels to the most recent swing (from $4470.00 to $4300.00), key levels include 61.8% at $4334.86 and 38.2% at $4369.20. Price appears to be finding immediate support at the 38.2% level, suggesting a possible bounce or consolidation around $4360.00–$4370.00.

On a broader scale, the 61.8% retracement of a larger bearish leg (from $4479.80 to $4300.00) sits at $4351.80. This area could act as a pivot point in the coming 24 hours.

Backtest Hypothesis

Given the bearish engulfing pattern and the oversold RSI, a potential backtest strategy could involve a short bias on a break below $4300.00 with a stop above $4350.00 and a target of $4250.00. This aligns with the Fibonacci 61.8% retracement and the trendline support. Alternatively, a long bias could be tested on a retest of the $4370.00–$4380.00 area with a stop below $4350.00.

The strategy would rely on confirming candlestick patterns and volume action to validate entries. In particular, a bullish reversal pattern with increasing volume near the $4370.00 level would add conviction for a short-term long trade.

Looking ahead, Ethereum faces critical support near $4300.00 and $4270.00. A break of $4300.00 could accelerate the decline toward $4250.00, while a close above $4370.00 may bring temporary relief. Investors should closely monitor volume patterns and RSI divergence for early signs of a reversal. As always, volatility remains a risk, particularly with macroeconomic factors continuing to influence crypto markets.