Ethereum (ETH) Retreats From $2,800 as Whale Investors Accumulate on Dip

Key Takeaways

• Ethereum declined 2.84% to approximately $2,670 on September 23 following resistance encountered near $2,789
• Price touched a session low of $2,648, with critical support zones identified at $2,626 and $2,550
• Derivative open interest held steady around 13 million ETH, indicating restrained leverage positioning
• American spot Ethereum ETFs attracted $432.2 million across two trading sessions (September 21–22)
• ETH continues trading above its longer-term moving averages notwithstanding the recent correction

Ethereum slipped beneath the $2,700 threshold on September 23 following an unsuccessful attempt to surpass $2,800. The cryptocurrency touched a daily bottom at $2,648 before finding equilibrium near $2,670.

This downward movement reversed an uptrend that began during mid-September from approximately $2,400. ETH overcame previous resistance positioned at $2,550 and advanced toward $2,789 before encountering significant selling pressure.

The token commenced the trading session around $2,754 and peaked at roughly $2,789. Rejection materialized swiftly, with the asset tumbling through its short-term moving average positioned at $2,710.

Notwithstanding this decline, ETH maintains its position above the 4-hour 50-, 100-, and 200-period moving averages, currently located at $2,586, $2,540, and $2,499 respectively. These technical indicators demonstrate the substantial distance covered during the rally preceding Wednesday’s retracement.

Institutional Demand Through ETFs Continues

American spot Ethereum ETF products experienced robust demand ahead of the pullback. According to Farside Investors, net inflows reached $270 million on September 21 and $162.2 million on September 22, totaling $432.2 million over the two-day period.

Upcoming flow data will reveal whether institutional buying persisted as ETH retreated from the $2,800 level.

Cryptocurrency analyst Ted Pillows identified $2,550 as Ethereum’s most significant liquidity concentration, indicating the token might return to that zone before attempting another upward move. He additionally observed that a whale investor acquired $119.67 million in ETH during a single trading day, characterizing it as accumulation behavior.

The $2,550 zone aligns closely with the 4-hour 100-period moving average at $2,540 and a significant retracement point at $2,532. These technical levels would gain importance only if ETH breaches the September 23 low of $2,648.

Derivatives Positioning and Blockchain Metrics

Open interest within ETH derivatives markets has remained stable around 13 million ETH since late August. Measured in dollar terms, Ethereum’s price climbed 70% from its June bottom, while open interest expanded 60% to $34.8 billion — a differential suggesting leveraged participants have exercised caution.

On-chain activity has not mirrored price appreciation. Active wallet addresses and transaction volumes on the mainnet have remained stagnant or declined throughout the previous three months.

ETH experienced approximately $119 million in liquidations during the past 24 hours. Long position liquidations constituted $95.8 million of that figure, according to Coinglass statistics.

Short-term momentum indicators maintain a positive bias. The MACD remained above its signal line at 96.80 versus 83.87, while Aroon Up registered 85.71% compared to Aroon Down at 42.86%.

A CoinGlass liquidation heatmap reveals concentration points near $2,700 and $2,650 — price zones that may experience pressure should selling intensify.

Ethereum would require a recapture of $2,710 followed by $2,789 to revive the $2,800 breakout scenario. The most recent low at $2,648 represents the closest downside level warranting attention.