Ethereum dropped nearly 4% over the past 24 hours to around $2,420, putting the $2,400 support level under pressure. The token had traded as high as $2,512 earlier on September 10 before sellers took control.
The sell-off came as oil prices surged. Brent crude rose above $105 a barrel and WTI climbed above $100, driven by Middle East tensions and concerns over energy supply. US 10-year Treasury yields also moved toward 4.9%.
Higher oil prices tend to keep inflation elevated. That, combined with rising yields, pushed investors away from risk assets like crypto.
Macro data added to the pressure. The Producer Price Index for final demand rose 0.4% in August. On a yearly basis, PPI inflation jumped to 5.4% from 4.8%, with energy prices up 4.2%.
$ETH has been ranging between $2,450 and $2,550 for weeks now.
For another leg up, Ethereum needs a weekly close above $2,550. pic.twitter.com/39zj2zzqGh
— Ted (@TedPillows) September 10, 2026
Analyst Ted Pillows noted on X that ETH has been ranging between $2,450 and $2,550 for weeks. He said that for another leg up, Ethereum needs a weekly close above $2,550.
Despite the price drop, US spot Ethereum ETFs recorded $34.75 million in net inflows on Wednesday. BlackRock’s staking-focused ETHB led with $22.94 million, followed by $9.71 million for ETHA.
Bitcoin Spot ETFs Saw Total Net Outflows of $283 Million Yesterday, Marking Three Consecutive Days of Net Outflows
On September 10 (ET), Bitcoin spot ETFs recorded total net outflows of $283 million, marking three consecutive days of net outflows. Ethereum spot ETFs saw total… pic.twitter.com/v4FFtB67Z8
— Wu Blockchain (@WuBlockchain) September 11, 2026
That follows a $24.29 million outflow on September 8 and just $2.1 million in inflows on September 9. Weekly inflows have slowed to $218.4 million after a yearly high of $824 million the prior week.
Markets are now pricing in tighter monetary policy. Polymarket data shows a 62% probability of a rate hike at the Fed’s September 15–16 meeting, and a 71% chance of an increase by October.
Retail investors distributed 307,000 ETH last week, far more than the 82,000 ETH whales accumulated. Ethereum saw $88 million in liquidations in 24 hours, with $73.2 million from long positions.
ETH remains above its 20-day, 50-day, 100-day, and 200-day EMAs. The 20-day EMA sits near $2,404, making the $2,400–$2,405 zone the key support area to watch.
A daily close below $2,400 would bring the $2,350–$2,360 range into play. Below that, $2,300 and then the 50-day EMA near $2,222 would be next.
The RSI sits near 59, showing a positive tilt but with moderating momentum. The Chaikin Oscillator has fallen below zero, indicating that buying pressure has weakened since the August breakout.
On the upside, resistance sits at $2,545, then $2,626 and $2,787. ETH gained roughly 37% in 10 days before the recent pullback, reaching a high of $2,564.
The post Ethereum (ETH) Price: ETH Falls as Oil Tops $105 and Rate Hike Bets Hit 62% — Can $2,400 Hold? appeared first on CoinCentral.
