Ether (ETH) showed mixed trading on Tuesday, with the token hovering near $4,506 as market participants weighed whether the recent pullback could set the stage for the next upward move.

According to CoinDesk Data, ETH slipped 0.5% over the past 24 hours as of 12:24 UTC on Sept. 16, reflecting ongoing debate among traders about the depth and duration of the correction.

Fundstrat Outlook
Mark Newton, Global Head of Technical Strategy at Fundstrat Global Advisors, described the decline as the “correction the market missed last week.” Newton does not anticipate a drop below ETH’s prior low of $4,233. Instead, he identifies potential dips to $4,418 or $4,375 as buying opportunities. Looking ahead, Newton projects that ether could rise to $5,500 by mid-October, citing sustained market strength.

Technical Analysis by CoinDesk Research
CoinDesk Research data highlights a roughly 3% drop in ETH during Sept. 15 trading, with prices falling from a session peak of $4,619 to around $4,500. The steepest decline occurred between 07:00 and 08:00 UTC, as ETH dropped from $4,632 to $4,514 amid trading volumes more than double the daily average of 194,000 units, reaching total turnover of 501,741 units.

Buyers stepped in at $4,471, creating a short-term support level, while $4,671 continued to act as resistance. Later in the session, from 23:00 UTC on Sept. 15 to 00:00 UTC on Sept. 16, ETH stabilized, moving within a narrow band between $4,479 and $4,505. Demand around $4,490–$4,495 helped maintain stability, though the token was unable to reclaim $4,530, suggesting sellers retained control at higher levels.

Overall, the trading session spanned a $200 range, highlighting heightened volatility. Data indicates ETH is finding a floor, with demand visible at lower levels but resistance capping near-term gains.

Chart Highlights
As of 12:24 UTC on Sept. 16, ETH remains near $4,506, confined between the $4,471 support and $4,671 resistance. Recent trading points to consolidation, signaling that the market may be awaiting a fresh catalyst following Monday’s sharp selloff.