ETH fell 4.8% to under $2,300 after US PCE data reinforced an 80% probability of a Fed rate hike in December.

Ethereum slid below the $2,300 mark on Thursday, dropping 4.8% after the US Personal Consumption Expenditure (PCE) price index posted a 0.5% month‑over‑month rise and a 3.6% year‑over‑year increase, both in line with expectations. The data kept the CME FedWatch tool’s probability of a December rate hike at about 80%, extending the market’s hawkish bias after the Fed’s 10‑2 vote to hold rates steady in October.

Technical picture shows bearish tilt

• ETH is trading beneath the 20‑, 50‑, 100‑ and 200‑day EMAs, clustered between $2,311 and $2,445
• The 14‑day RSI sits at 34 and Stochastic at 8, indicating oversold conditions
• Immediate resistance sits near $2,355‑$2,360, while support is at $2,205 with deeper levels at $2,107, $1,972 and $1,828

Derivatives flow and funding bias

• Net taker volume on Binance remains negative, the 30‑day average hitting a four‑month low of -166.6M and easing to -117.3M
• Funding rates stay positive, meaning long traders are still paying shorts for contract anchoring
• Open interest has steadied around 12.7M ETH after a September decline

What traders are watching next

• Break below $2,205 could trigger a test of $2,107 and further downside to $1,972
• A bounce above $2,355‑$2,360 may open a path toward the $2,445‑$2,500 zone
• Upcoming US inflation releases and the Fed’s December meeting minutes for clues on monetary policy

Related news

• Japan factory output beats forecast while retail sales miss expectations
• Gold price forecast: bearish reversal threatens key support
• Morning market overview shows mixed moves across currencies, crypto and stocks
• ECB holds rates as markets eye December hike forecast

More from ITF

• ITF trading signals for gold and forex
• Copy verified traders with ITF Copy Trading
• This week’s economic calendar

This article is compiled from international market news for information only. It is not investment advice.