Ethereum is trading at $4,150 at the time of writing, following a slight price recovery. It is lingering close to the mark but shows no strong signal of breaking out. The 4-hour chart paints a clearer picture of how prices have performed so far. The current day is shaping up to be the most bearish session of September. Nonetheless, it is worth noting that selling pressure spiked during the last 4 hours of Sunday. It spilled over into Monday, and ETH dropped by over 5% during the first eight hours of trading. During this period, it retraced from $4,458 to $4,058 but rebounded. However, the next three candles after the dip show no significant increase. The 1-day chart shows that Ethereum is down 7% and is poised to decline further. Nonetheless, it is worth noting that the asset posted an over 8% surge from the start of the month to its peak. The latest decline has seen the coin erase not only the gains but also result in notable losses on the 1-month scale. The derivatives market registered significant liquidations in the last 24 hours, with rekt capital exceeding $1.80 billion. Traders lost the most when trading ETH, as liquidated positions neared $525 million, with long positions accounting for more than 94% of the liquidations. Nonetheless, traders are skeptical about the next price action. Data from CryptoQuant indicates that some are avoiding leveraged trading following the recent wipeout. Open interest plummeted by over 11% over the last 24 hours. Additionally, the funding rate is plummeting. It is also worth noting that the market is currently negative, as the taker buy-sell ratio has dropped below 1. Away from derivatives, the spot market shows minor signs of improvement as exchange reserves see slight declines. However, current price action reveals that spot volume remains weak; hence, prices are not reacting to the shift.  Ethereum Rebounded at a Key Level The 1-day shows that this is not the first time Ethereum has rebounded close to $4,058. For example, on Aug 19, it retraced from $4,356 to $4,066 and dipped slightly lower the next day. This price action indicates notable demand concentration above $4k.  The bulls must keep prices above $4,000 or risk massive retracement. Previous price movements suggest a slip below this critical point may result in the coin slipping as low as $3,400.  A look at the 1-day chart shows that indicators are currently bearish. For example, the moving average convergence divergence displayed a bearish crossover, with the gap between the 12 and 26 EMA widening. Readings from the indicator reveal that the altcoin may retrace further, increasing the likelihood of a drop to the highlighted level. Nonetheless, the asset retraced below the bollinger bands a few hours ago. It continues trading outside the bands at the time of writing. This may result in short-term recovery. In either case, the bulls must keep prices above $4k or risk massive retracements.  However, the 4-hour chart prints buy signals, supporting the assertion of a short-term recovery. The Relative Strength Index indicates that ETH is primed for a rebound, having dropped to 18 just hours ago—a clear oversold signal. Bollinger Band readings also suggest that the coin is trading outside the bands. The post Ethereum Could Tumble Lower If It Crack This Support appeared first on Cointab.Ethereum is trading at $4,150 at the time of writing, following a slight price recovery. It is lingering close to the mark but shows no strong signal of breaking out. The 4-hour chart paints a clearer picture of how prices have performed so far. The current day is shaping up to be the most bearish session of September. Nonetheless, it is worth noting that selling pressure spiked during the last 4 hours of Sunday. It spilled over into Monday, and ETH dropped by over 5% during the first eight hours of trading. During this period, it retraced from $4,458 to $4,058 but rebounded. However, the next three candles after the dip show no significant increase. The 1-day chart shows that Ethereum is down 7% and is poised to decline further. Nonetheless, it is worth noting that the asset posted an over 8% surge from the start of the month to its peak. The latest decline has seen the coin erase not only the gains but also result in notable losses on the 1-month scale. The derivatives market registered significant liquidations in the last 24 hours, with rekt capital exceeding $1.80 billion. Traders lost the most when trading ETH, as liquidated positions neared $525 million, with long positions accounting for more than 94% of the liquidations. Nonetheless, traders are skeptical about the next price action. Data from CryptoQuant indicates that some are avoiding leveraged trading following the recent wipeout. Open interest plummeted by over 11% over the last 24 hours. Additionally, the funding rate is plummeting. It is also worth noting that the market is currently negative, as the taker buy-sell ratio has dropped below 1. Away from derivatives, the spot market shows minor signs of improvement as exchange reserves see slight declines. However, current price action reveals that spot volume remains weak; hence, prices are not reacting to the shift.  Ethereum Rebounded at a Key Level The 1-day shows that this is not the first time Ethereum has rebounded close to $4,058. For example, on Aug 19, it retraced from $4,356 to $4,066 and dipped slightly lower the next day. This price action indicates notable demand concentration above $4k.  The bulls must keep prices above $4,000 or risk massive retracement. Previous price movements suggest a slip below this critical point may result in the coin slipping as low as $3,400.  A look at the 1-day chart shows that indicators are currently bearish. For example, the moving average convergence divergence displayed a bearish crossover, with the gap between the 12 and 26 EMA widening. Readings from the indicator reveal that the altcoin may retrace further, increasing the likelihood of a drop to the highlighted level. Nonetheless, the asset retraced below the bollinger bands a few hours ago. It continues trading outside the bands at the time of writing. This may result in short-term recovery. In either case, the bulls must keep prices above $4k or risk massive retracements.  However, the 4-hour chart prints buy signals, supporting the assertion of a short-term recovery. The Relative Strength Index indicates that ETH is primed for a rebound, having dropped to 18 just hours ago—a clear oversold signal. Bollinger Band readings also suggest that the coin is trading outside the bands. The post Ethereum Could Tumble Lower If It Crack This Support appeared first on Cointab.