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Ethereum price has consolidated below $2,800 after gaining more than 8% over the past week, as steady US spot ETF inflows have met selling near the September high. <\/p>\n
At the time of writing, CoinGecko priced Ethereum at roughly $2,681, with the flagship altcoin down 0.3% over the past 24 hours but up 8.8% over seven days.<\/p>\n
Ethereum has traded mainly between $2,635 and $2,700 during the latest session after reaching a recent high near $2,786.<\/p>\n
$ETH<\/span>‘s sideways move follows a rally from under $2,400 last week.<\/p>\n Buyers pushed the token through $2,500 and $2,600 before selling picked up between $2,700 and $2,800, leaving $ETH<\/span> unable to hold its brief moves towards the upper end of that zone.<\/p>\n US spot Ethereum exchange-traded funds recorded $66.1 million in net inflows on September 24, extending their positive run to five consecutive sessions.<\/p>\n Combined inflows over the period reached roughly $746.5 million, helping support $ETH<\/span> as buyers repeatedly stepped in around $2,625 to $2,650 even as the token struggled to clear $2,700.<\/p>\n Institutional buying has extended beyond ETFs, with Bitmine’s Ethereum holdings reaching nearly 5.98 million $ETH<\/span> this week after the company acquired another 27,562 $ETH<\/span>.<\/p>\n The purchases have come while $ETH<\/span> has held most of its recent gains, with the token still up more than 8% over seven days despite its rejection near $2,800.<\/p>\n $ETH<\/span>‘s retreat from $2,786 has also cleared some leveraged long positions from the market.<\/p>\n According to CoinGlass, $43.1 million in Ethereum futures positions were liquidated on September 24, with long positions accounting for $28.1 million.<\/p>\n That followed $72.8 million in liquidations during the previous session, when longs made up nearly 84% of the total, pointing to continued pressure on leveraged bullish positions during $ETH<\/span>\u2019s pullback.<\/p>\n Higher US Treasury yields have coincided with $ETH<\/span>‘s failure to extend its rally above $2,800.<\/p>\n The 10 year yield reached roughly 5.15% on Thursday as $ETH<\/span> slipped back towards the mid $2,600s after touching $2,786.<\/p>\n Price action has consequently narrowed between buyers around $2,625 to $2,650 and sellers closer to $2,700 to $2,800.<\/p>\n A break from either side would determine whether $ETH<\/span> resumes its September rally or returns towards the support levels formed earlier this month.<\/p>\n Ethereum’s daily chart still holds a bullish structure despite the rejection near $2,800.<\/p>\n $ETH<\/span> trades near $2,679 and remains above the Ichimoku cloud, while the Tenkan sen sits near $2,610 and the Kijun sen near $2,582. See below.<\/p>\n $ETH<\/span>\/$USDT<\/span> 1-day price chart. Source: TradingView.<\/p>\n The Tenkan sen above the Kijun sen supports the current uptrend, and both lines now provide reference points if $ETH<\/span> loses the $2,625 area.<\/p>\n A daily close below $2,610 would bring $2,582 into focus, while a break below the Kijun sen could open a move towards the $2,550 to $2,500 region.<\/p>\n The forward Ichimoku cloud remains green, with its upper boundary near $2,596.<\/p>\n Price therefore remains above the main trend support even after pulling back from $2,786.<\/p>\n Losing the cloud around $2,600 to $2,580 would weaken the structure that has developed since $ETH<\/span> moved above $2,000 in August.<\/p>\n On balance, volume has climbed to 35.06 million alongside the September rally.<\/p>\n OBV moved higher as $ETH<\/span> broke out of its August range and has remained close to its recent high during the latest consolidation, showing that the pullback from $2,800 has not yet been accompanied by a comparable fall in cumulative volume.<\/p>\n Meanwhile, Aroon gives a similar reading on the daily timeframe. Aroon Up stands at 71.43%, compared with Aroon Down at 28.57%.<\/p>\n $ETH<\/span>\/$USDT<\/span> 1-day price chart. Source: TradingView.<\/p>\n$ETH<\/span> price analysis<\/strong><\/h2>\n
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