TLDR
- ETH is trading at $2,706.58, up 2.12% on the day, after recently nearing the $2,800 area.
- The token holds above its 7-, 20-, 50- and 200-day moving averages, but the MACD shows cooling momentum.
- Analyst Ali Charts says ETH may be forming a bull flag, with $2,640 as key support and $3,000 as a possible target.
- Retail traders are 71.7% long, while top traders are more balanced at 58.2% long.
- Spot Ethereum ETFs have seen steady inflows, with cumulative net inflows at $13.94 billion.
Ethereum is trading near $2,700 as traders watch whether the latest pause turns into a breakout or a pullback.
At the time of writing, ETH was priced at $2,706.58, up 2.12% on the day. Earlier data showed the token at $2,675.94, down 0.47% over 24 hours.
The token recently climbed toward the $2,800 area before easing back. It reached $2,721.42 during the day before pulling away from that level.
Price Holds Above Moving Averages
ETH is trading above its 7-, 20-, 50- and 200-day simple moving averages. The 200-day simple moving average sits at $2,108, nearly $600 below the current price.
On the daily TradingView chart, ETH is also above its 20-day exponential moving average of $2,604.39. The 50-day, 100-day and 200-day EMAs sit at $2,426.84, $2,265.83 and $2,259.76.
Momentum readings are softer. The MACD histogram shows -3.00, with the MACD line at 85.75 below the signal line at 88.75. This points to cooling short-term momentum after the recent rally.
The Relative Strength Index is at 64.34, which is below overbought levels. The upper Bollinger Band sits at $2,834.77.
Immediate resistance stands at $2,739.54, with a stronger resistance zone at $2,772.50. Immediate support is at $2,655.50, and strong support sits at $2,604.42.
Crypto analyst Ali Charts said in a post on X that ETH appears to be forming a bull flag on lower timeframes. He named $2,640 as key support and said the setup favors bulls as long as that level holds.
According to Ali Charts, an hourly close above $2,700 could open a path toward $3,000. A drop below $2,640 would weaken the setup.
Derivatives and ETF Data
The taker buy/sell ratio is running at 1.69. This means aggressive buyers are outpacing sellers by nearly 1.7 to 1.
One data set shows open interest at $6.14 billion, up 1.31% in 24 hours, with funding rates at 0.0070%. CoinGlass data shows total Ethereum open interest between roughly $30 billion and $35 billion in recent sessions.
Daily trading volume has often landed between $40 billion and $80 billion. Open interest saw a larger spike around September 22.
Positioning data shows 71.7% of retail traders are long. Top traders are more balanced, at 58.2% long and 41.8% short.
Blockchain.news analyst Peter Zhang gave a 55% chance to a bull case. In that scenario, a daily close above $2,772.50 would target $2,834.77, with $2,900 to $3,000 possible within 14 to 21 days.
His bear case, at 45%, sees a drop to $2,655.50 or $2,604.42. A daily close below $2,604.42 would put the 50-day SMA at $2,420.88 in view.
Spot Ethereum ETFs have recorded steady net inflows. They took in $104.63 million on September 23, $66.01 million on September 24 and $86.95 million on September 25.
The largest recent inflow came on September 21 at $269.98 million. Cumulative total net inflows now stand at $13.94 billion.
