Ethereum (ETH) has pushed back above the $2,700 mark, buoyed by renewed inflows into US spot ETFs and a broader risk-on tone as crude oil prices retreated. The second-largest cryptocurrency by market cap traded around $2,664 at press time, up roughly 3.3% over the past 24 hours, after briefly touching an intraday high of $2,707.70.
Data from CoinGecko shows ETH has ranged between $2,569 and $2,701 over the past day, with a weekly gain of about 6%. The move above the $2,600 level came as buyers stepped in, pushing the price to the $2,700 area before a slight pullback to current levels.
ETF inflows and short liquidations fuel rally
US spot Ethereum exchange-traded funds recorded $143.8 million in net inflows on Sept. 18, according to SoSoValue data. This marks a return of institutional interest after a period of subdued activity. The influx of capital has coincided with a squeeze on bearish traders: Coinglass data shows over $79 million in Ethereum shorts were liquidated over the past 24 hours, compared with roughly $16 million in long liquidations.
The broader crypto market has also provided support, with Bitcoin holding above $80,000 over the weekend. US spot Bitcoin ETFs attracted $433 million on Sept. 18, led by Fidelity's FBTC with $310.7 million and BlackRock's IBIT with $108.4 million. Bitcoin's strength has been underpinned by progress on the American Reserve Modernization Act (H.R. 8957), which the House Financial Services Committee advanced on Sept. 16. The bill proposes a Strategic Bitcoin Reserve and rules for managing federal Bitcoin holdings, though it does not include Ethereum.
Oil retreat eases inflation concerns
The pullback in oil prices has also helped risk assets. Brent crude fell roughly 2% to $101.71 a barrel on Monday as Saudi exports recovered and markets assessed improved Middle East oil flows. This followed a period when oil traded above $100, stoking inflation worries after the Federal Reserve's rate hike on Sept. 16. With crude easing, Nasdaq futures rose around 0.6% and S&P 500 futures gained 0.4%, according to Google Finance data, even as expectations for further tightening persist.
Technical outlook: $2,800 as next target
On the daily chart, ETH is trading above its recent consolidation range and well above all four key exponential moving averages (EMAs). The 20-day EMA sits at $2,502.29, the 50-day at $2,335.35, the 100-day at $2,198.82, and the 200-day at $2,226.92. The nine-day simple moving average has risen to $2,533.95, leaving ETH more than $120 above it.
The Bollinger Bands have widened as volatility increased. The upper band is at $2,657.24, with ETH trading just above it. If ETH can sustain closes above this band, the immediate breakout area remains $2,700 to $2,708. A clean move above $2,708 could open the path toward $2,750 and then $2,800, based on recent price structure.
On the downside, if ETH fails to hold roughly $2,650, the nine-day SMA near $2,534 would be the first support to watch. The Bollinger Band midpoint at $2,504.02 sits almost exactly alongside the 20-day EMA at $2,502.29, creating a strong support zone around $2,500. A daily close below that level could send ETH back toward its previous consolidation area near $2,400, with the lower Bollinger Band at $2,350.80 and the 50-day EMA at $2,335 as subsequent supports.
The Relative Strength Index (RSI) has climbed to 66.86, up from its moving average of 60.55, approaching the conventional overbought threshold of 70. While ETH continues to make higher daily highs, the rising RSI leaves less room for further upside before entering overbought territory. If ETH breaks above $2,708 while RSI holds near or above 70, momentum could carry it toward $2,750 and $2,800. Conversely, a drop in RSI below 60 alongside a loss of $2,650 could trigger a retest of the $2,534–$2,500 support area.
At current levels, the price action favors a move toward $2,750 to $2,800, though traders should watch for potential overbought conditions. For broader market context, see our coverage of Ethereum's earlier bull flag signal and oil's impact on risk assets.
This article is for informational purposes only and does not constitute financial advice.
