Ethereum price fell below $2,700 on Sep. 23 after a rally toward $2,800 stalled. The reversal brought the day’s $2,648 low into focus, while US spot Ethereum ETFs had recorded two consecutive days of net inflows before the pullback.
Ethereum price $2,800 breakout runs out of steam
The daily chart showed $ETH price near $2,675 at 15:07 UTC on Sep. 23. It had opened around $2,754, reached approximately $2,789, and fallen as low as $2,648. The decline stood at 2.84% for the session when the chart was captured.
The reversal followed a rally from around $2,400 in mid-September. $ETH moved through the former $2,550 resistance area and approached $2,800 before turning lower. The daily chart marks a nearby level at $2,809.68, which remains above the latest high.
The 4-hour chart shows how quickly the sell-off developed. A candle with a high near $2,730 dropped to roughly $2,648, taking $ETH below its 20-period simple moving average at $2,709.81. The loss of that short-term average leaves $2,700 as the first level buyers would need to regain.
$ETH was still above the 4-hour 50-, 100- and 200-period moving averages at $2,586.27, $2,540.4,9 and $2,499.93, respectively. The gap between the current price and those averages shows how far the rally had carried $ETH before the latest retreat.
ETF inflows continue as $ETH pulls back
The rejection near $2,800 came after a steep advance, making the recent gains a possible source of selling pressure. Price action alone, however, does not establish whether profit-taking, new short positions, or another factor drove the decline.
US spot Ethereum ETF data show that fund demand had strengthened ahead of the reversal. Farside Investors recorded $270 million in net inflows on Sep. 21 and another $162.2 million on Sep. 22. The two sessions brought in a combined $432.2 million.
The next flow report will show whether US ETF investors continued buying as $ETH retreated from $2,800. Fund flows and exchange trading measure different activity, so the prior inflows do not settle whether buyers will defend the current price area.
US interest rates also remain part of the market backdrop. The Federal Reserve raised its target range by 25 basis points to 3.75%–4.00% on Sep. 16. The decision preceded $ETH’s latest rally and pullback; the price charts do not establish a direct link between the rate decision and the Sep. 23 reversal.
A break below $2,648 could expose lower liquidity bands
The day’s low near $2,648 is $ETH’s nearest observed downside level. A move below it would put the lower bands on CoinGlass’s three-day liquidation heatmap in focus, including areas around $2,650 and $2,630.
The heatmap also shows a concentration near $2,700, close to the level $ETH lost during the decline. Liquidation bands mark prices where leveraged positions may face pressure if reached. They can change as traders open and close positions, and they do not guarantee that price will move toward them.
For a recovery, $ETH would first need to regain $2,700 and its 7-hour 20-period average near $2,710. The next tests would be the recent $2,789 high and the daily chart’s marked level near $2,810. Holding above those levels would provide stronger evidence that buyers had overcome the rejection near $2,800.
Daily momentum readings still reflect the earlier rise. MACD stood above its signal line, at 96.80 versus 83.87, and its histogram remained positive at 12.94. Aroon Up was 85.71%, compared with Aroon Down at 42.86%. The latest daily decline shows that those broader readings have yet to produce a sustained move above $2,800.
Trader points to $2,550, but nearer levels come first
Crypto trader Ted Pillows identified $2,550 as $ETH’s largest liquidity cluster and said the token could revisit that level before another move higher. His forecast puts a deeper pullback in view, beyond the nearer bands around $2,650 and $2,630.
The $2,550 area sits close to $ETH’s 4-hour 100-period moving average at $2,540.49 and the daily chart’s 0.786 retracement level at $2,531.99. Those nearby readings make the area one to watch if the sell-off extends, though $ETH would first have to fall through the Sep. 23 low.
For now, $2,648 and $2,710 frame the immediate setup. Holding above the low would keep a short-term recovery possible; reclaiming the moving average would put the recent high back in view. A break below $2,648 would shift attention to the lower liquidation bands and, if selling continued, the $2,532–$2,550 area.
