Ethereum Price Tests $2,700 as ADX Signals Weak Momentum
Ethereum price fell 1.5% to about $2,665 on September 28 after oil prices rose following a setback in US-Iran talks. ETH remained above its key daily moving averages, including the 20-day average near $2,587, but short-term momentum weakened.
On the four-hour chart, Ethereum price traded below the Bollinger midpoint at $2,688 and near the lower band at $2,651. The ADX dropped to 14.40, indicating weak trend strength. A recovery above $2,700 could expose resistance near $2,725 and the liquidation cluster at $2,740-$2,750. A break below $2,635 may open a path toward $2,620 and the 20-day average.
Analysts described the move as a cooling-off phase rather than a confirmed breakdown. Wider support sits around $2,400-$2,450, while a sustained move above $2,830 could revive longer-term bullish targets near $3,400.
Ethereum co-founder Vitalik Buterin said the Hegota upgrade, planned for 2027, could be the network’s last “normal” fork. Future upgrades may focus on recursive STARKs, formal verification, more efficient consensus and quantum resistance. The roadmap provides long-term context but no immediate price catalyst.
Neutral
The immediate setup is mildly negative but not decisively bearish. Ethereum price declined and remains below the four-hour Bollinger midpoint, while the ADX at 14.40 signals weak momentum rather than a strong downtrend. The $2,700-$2,750 area contains likely resistance and liquidation liquidity, which could create selling pressure if leveraged traders add positions into a rebound.
A break below $2,635 would increase the risk of a move toward $2,620 and the 20-day moving average near $2,587. Such a move could resemble previous post-rally consolidations, where falling momentum led to short-term volatility without immediately invalidating the broader trend. However, ETH is still above its major daily moving averages, and support around $2,400-$2,450 remains well below the current market.
For traders, the key signals are a reclaim of $2,700, which would improve short-term structure, or a loss of $2,635, which would strengthen the bearish case. The Hegota roadmap is potentially positive for Ethereum’s long-term technology and security, but its 2027 timeline is unlikely to drive near-term trading. Overall, the mixed technical picture and absence of a direct fundamental catalyst support a neutral market view, with elevated two-way volatility likely around the stated levels.