Ethereum Price Falls Below $2,700 After $2,800 Rejection
Ethereum price fell 2.84% to about $2,675 on September 23 after a rally toward $2,800 stalled. The daily low of $2,648 is now the key near-term support level. A break below it could expose liquidation zones around $2,650 and $2,630, followed by the $2,532–$2,550 area identified by trader Ted Pillows.
Ethereum price also dropped below its four-hour 20-period moving average near $2,710, turning that level into the first recovery hurdle. However, ETH remains above its four-hour 50-, 100- and 200-period moving averages, suggesting that the broader short-term uptrend has not yet been fully invalidated. Daily momentum remains positive, with MACD above its signal line and Aroon Up at 85.71%.
US spot Ethereum ETFs recorded $162.2 million in net inflows on September 22, following $270 million of inflows on September 21. The combined $432.2 million suggests strong institutional demand, although upcoming flow data will show whether investors continued buying during the pullback.
For traders, Ethereum price action is now framed by $2,648 support and resistance near $2,700–$2,710. Reclaiming that zone could reopen a test of $2,789 and $2,810. A decisive break below $2,648 would strengthen the bearish case and increase the risk of a deeper correction.
Bearish
The immediate trading signal is bearish because Ethereum was rejected near $2,800 and lost the four-hour 20-period moving average around $2,710. A failure to reclaim this level could encourage short sellers and trigger leveraged-position liquidations near $2,700 and below. A break under the $2,648 daily low would make the $2,630 area and the $2,532–$2,550 support zone more relevant.
However, the bearish view is not conclusive. ETH remains above its longer-term four-hour moving averages, daily MACD is still positive, and US spot Ethereum ETFs attracted $432.2 million across the previous two sessions. These factors could provide dip-buying support and limit the depth of the correction.
Similar post-rally pullbacks often produce short-term volatility as traders take profits and leveraged positions are liquidated. If Ethereum quickly recovers $2,700–$2,710, the rejection could be treated as a temporary reset, with $2,789 and $2,810 returning as upside targets. If selling persists below $2,648, momentum traders may target lower liquidity bands and increase downside pressure. Longer term, sustained ETF inflows and holding above the major moving averages would support a constructive outlook, while weakening flows and a break below the $2,550 region would damage the broader recovery structure.