Ethereum price holds above key averages despite $2,800 rejection

Ethereum (ETH) slipped below $2,700 on September 23 after a brief rally toward $2,800 lost momentum. The price settled near $2,675 at 15:07 UTC, down 2.84% for the session, and touched a low of $2,648.

Price action and moving averages

On the 4‑hour chart, ETH fell beneath its 20‑period simple moving average (~$2,710) but stayed above the longer‑term 50‑, 100‑ and 200‑period averages at $2,586, $2,540 and $2,500 respectively. The short‑term breach makes $2,700 the next immediate support level.

ETF inflows amid the pullback

U.S. spot Ethereum exchange‑traded funds recorded net inflows of $162.2 million on September 22, following $270 million on September 21, for a combined $432.2 million over two days. These inflows occurred before the price reversal, but they do not indicate whether ETF investors will continue buying as ETH retreated.

Liquidity and liquidation zones

CoinGlass’s three‑day liquidation heatmap shows concentration near $2,700 and lower bands around $2,650 and $2,630. A break below the day’s low of $2,648 could bring those lower bands into focus.

Technical outlook

Daily momentum remains positive, with MACD above its signal line and a strong Aroon Up reading (85.71%). However, the price has not sustained a move above $2,800. Traders note a larger liquidity cluster around $2,550, which could act as a deeper support if the sell‑off extends.

Key levels to watch

• Immediate support: $2,700 and the 4‑hour 20‑period SMA (~$2,710)
• Day’s low: $2,648
• Potential upside targets: recent high near $2,789 and daily chart level around $2,810
• Deeper support: $2,550–$2,532 area