Overview
- Ether fell from a rejection near $2,789 to intraday lows around $2,648 before stabilizing near $2,670, a move that started on Wednesday, Sept. 23.
- US spot Ethereum ETFs recorded roughly $432.2 million of net inflows over two trading days, and Arkham data shows large BlackRock ETF buys over recent weeks, signaling strong institutional demand.
- On-chain trackers and analysts reported major whale activity, including one entity buying about $119.67 million of ETH in a single day and large BTC-to-ETH rotations that included staking, which reduces available liquid supply.
- Derivatives open interest has stayed elevated near 12–13 million ETH (tens of billions in USD) with a long bias, increasing the chance that a sharp unwind of leveraged positions could trigger an outsized correction.
- Technicians say the next clear bullish confirmation would be ETH reclaiming $2,800 and a break of the ETH/BTC resistance around 0.03–0.033, while longer-term EMAs and a multi-year consolidation pattern give bulls a constructive backdrop.