Ethereum (ETH) Finds Buyers at $2,337 as Elliott Double Three Completes

Elliott Double Three Marks the Low

Ethereum (ETH) looks to have printed a corrective low, with the chart structure now pointing to a completed Elliott Wave Double Three — a 3-3-3 pattern in which each leg of the (W)-(X)-(Y) sequence unfolds as its own internal A-B-C correction. Analysts tracking the pattern projected wave (w) from the end of wave (x) with Fibonacci extension tools, and the resulting Equal Legs buy zone landed at $2,337–$2,375. That is exactly where dip buyers stepped in: Ethereum found support in the zone and has since pushed back toward the mid-$2,500s, developing what chartists label the c-leg of the wave. One widely shared technical read posted September 2 on X argued the structure could still set up a wave 4 pullback, flagging a downside-imbalance target between $2,112 and $2,222 that buyers may front-run. Zooming out, ETH climbed from roughly $1,850–$1,900 in late August to above $2,550 before consolidating in a range many describe as a bullish flag under mounting selling pressure — and the structure held even as sellers pressed the ceiling repeatedly in early September. The pivot now sits at $2,500–$2,550: a decisive close above the band flips it from resistance to support and opens the flag's measured move toward $2,700, then $2,800–$3,000. On the downside, the $2,438 Fibonacci level is the bulls' line in the sand — losing it would invalidate the Double Three count and drag price toward the 200-day EMA near $2,161. ETH's tight 24-hour range of $2,490–$2,525, visible on any ETH/USD chart, signals consolidation rather than directional conviction, with the base case a sideways grind between $2,400 and $2,550 while the final corrective leg completes.

Waller Comments Ignite a Short Squeeze

The macro backdrop did the heavy lifting for the recovery. Ethereum jumped more than 4% on Thursday and pushed back above $2,500 after Federal Reserve Governor Christopher Waller said he would be prepared to support keeping the policy rate unchanged at the September 16 meeting if inflation continues to cool toward the Fed's 2% target. Speaking at a public Newsmaker event, Waller added that a hike remains on the table if incoming price data surprise to the upside — a notably softer tone than the one Chair Kevin Warsh struck in his first Jackson Hole speech as chair on August 28, when he argued underlying price momentum had not improved enough and left the door open to further tightening. Rate futures repriced fast: CME FedWatch data shows the probability of a hike at the September meeting falling to roughly 50.2%, down from about 65–68% on September 2 and near 58% immediately after Warsh's Jackson Hole remarks, while the dollar index slipped 0.6% to 98.99. Leverage then got flushed in the other direction. In the 24 hours after Waller's comments, about $523 million in crypto positions were liquidated, and roughly $470 million of that — close to 90% — were shorts, the largest short squeeze since August 21. ETH open interest climbed $1.2 billion to about $33.5 billion, the highest since May 16 and already above the August 22 record peak of $33.34 billion even with price still under last week's $2,567 high — a sign traders are positioning for further upside. Spot demand reinforced the move: US spot Ethereum ETF products took in $141.4 million net, led by BlackRock's ETHA at $72 million and Fidelity's FETH at $65 million, snapping a one-day outflow of $48.2 million that had ended a 12-session streak worth roughly $1.6 billion. The institutional bid echoes moves such as spot Ethereum trading for UAE clients, while Bitcoin approached $81,200 and the broader altcoin market lifted total crypto capitalization toward $2.7 trillion. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

$2,539 Ceiling in Focus

Supply-side risk has emerged on-chain, however. Blockchain tracker Lookonchain reported that one large holder received 167,855 ETH and began routing tokens to centralized exchanges, depositing 70,739 ETH — worth roughly $174 million at the time — over two days, while still holding 97,115 ETH valued near $237 million when the activity was flagged. The deposits, which can precede sales, arrived just as ETH ran into a band of concentrated short liquidations between roughly $2,535 and $2,550 on CoinGlass's heatmap, with a downside cluster at $2,485–$2,490; about $115 million in ETH futures positions were liquidated over the trailing 24 hours. Analyst Ted Pillows noted another rejection at $2,550 and argued that a weekly close above it could send ETH quickly toward $3,000, while soft US labor data — private payrolls added just 38,000 jobs in August versus an expected 47,000 — added macro support to the rebound.

A separate technical read on Friday added fresh color on ETH's struggle at $2,500, noting that the reclaim of the prior swing-high zone near $2,450 marked the first higher high after months of decline, while the 100-day and 200-day moving averages have both turned upward after being recovered. The analysis framed a daily close above $2,500 as the trigger for a run toward the next swing high at $3,400, with the $2,000–$2,100 zone flagged as the structural support that must hold on a rejection. On lower timeframes, ETH is consolidating in a tight $2,350–$2,550 range, where losing $2,400 could open a retracement toward the $2,250 order block. Taker-flow data offered a cautionary note: the 30-day average of the Taker Buy/Sell Ratio has slipped back below 1.0 to roughly 0.995, meaning recent price strength has not been backed by aggressive buying, and a return above 1.0 alongside a breakout would strengthen the continuation case.

(as of 13:11 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine frames the immediate test at $2,516.30, a level it rates 88/100 on the confluence of Flip S→R, Fibo 0.000, Donchian Upper and Swing High sources — sitting just above the live spot price of $2,458.02, up 0.47% over 24 hours. First support stands at $2,448.56, scored 89/100 via Flip R→S, Ichimoku Tenkan, Fibo 0.114 and a bullish Pin Bar, with $2,190.00 (75/100, Flip R→S, Keltner Lower, EMA 50 and Fibo 0.382) behind it. Positioning reads constructive: funding at 0.0028%, open interest near $9.59 billion and a 1.52 long/short ratio (60.3% long), while the Fear & Greed Index prints 73 — Greed — and RSI holds at 62.85 inside an uptrend, even as the daily MACD signal stays bearish. A decisive break above $2,516.30 opens the $2,855 objective; losing $2,448.56 hands the advantage to bears.