Ethereum (ETH) Slips Below $2,700 After $2,800 Rejection

ETH Retreats From $2,800

Ethereum (ETH) lost its grip on $2,700 on Sep. 23 after a push toward $2,800 ran out of steam, leaving the session low at $2,648 as the nearest downside marker. The day opened near $2,754, touched roughly $2,789 and then reversed hard: by 15:07 UTC the token traded around $2,675, down 2.84% for the session. The speed of the sell-off stands out on the 4-hour chart, where a single candle carried price from a high near $2,730 down to about $2,648, knocking ETH below its 20-period moving average at $2,709.81 — the first level buyers would need to reclaim to repair the short-term structure. Longer averages still sit below spot: the 4-hour 50-, 100- and 200-period moving averages rest at $2,586.27, $2,540.49 and $2,499.93, underscoring how far the mid-September advance from roughly $2,400 carried Ethereum price action through the former $2,550 resistance zone.

Demand beneath the spot Ethereum ETF wrapper was building ahead of the reversal: fund-flow trackers recorded $270 million in net inflows on Sep. 21 and another $162.2 million on Sep. 22, a combined $432.2 million across the two sessions. Whether that bid extended through the pullback will only become visible in the next flow report. Leveraged positioning adds texture below: a three-day liquidation heatmap clusters bands near $2,700 — the level just lost — and around $2,650 and $2,630 under the market, zones where margin trading positions would come under pressure if reached. Veteran trader Ted Pillows flagged $2,550 as the largest liquidity cluster, arguing Ethereum (ETH) could revisit that area before another leg higher; the zone lines up with the 4-hour 100-period average at $2,540.49 and the daily 0.786 retracement near $2,532.

Brandt Charts an $8,600 Path

Long-horizon voices are not rattled by the wobble. Commodities trader Peter Brandt shared his Sep. 21 long-term chart of CME Ethereum futures, writing that once ETH clears the $5,000 threshold, price “will eventually ascend to $8,600.” The chart itself marks the higher objective at $8,674.50, with a horizontal line drawn across the $5,000 area; from the $2,717.89 level quoted when he posted, a move to $5,000 implies roughly an 84% advance. Brandt also separated publishing analysis from claiming executed trades, cautioning that calling oneself bullish or displaying a chart is not the same as trading, and that “a post on X is not evidence” for anyone asserting a filled order. His pedigree runs deep: a commodity career begun in 1976, Factor Trading Co. founded in 1980, and a 1990 book on classical chart patterns in commodity futures.

@PeterLBrandt · X post

Shared his Sep. 21 long-term chart.

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Accumulation supplies the backdrop such a scenario would ride. Bitmine Immersion Technologies added 27,562 Ethereum (ETH) in the week to Sep. 21, lifting reported holdings to 5,983,940 ETH — its Ethereum treasury strategy, and the 68th straight weekly buy, remains intact. In a Sep. 21 SEC filing, the company disclosed that 5,067,309 ETH — roughly 85% of its stash — had been committed to staking as of Sep. 20, putting its reserves to work with the validators that secure the network. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

$2,666 Support Under Composite Watch

Bullish long-horizon commentary found a fresh voice alongside Brandt: Tom Lee, Fundstrat co-founder and BitMine chairman, said in an interview that he expects Ethereum to reach a new all-time high this year, answering “absolutely” when asked, with $3,000 a reasonable near-term waypoint before prices above $5,000 come into play. Lee argued that ETH has consolidated in a broad range for roughly five years, that institutional evaluation of blockchain infrastructure — including Robinhood's choice of Ethereum — now favors the network's security, liquidity and long operating history, and that tokenization of traditional finance plus future AI agent-to-agent micropayments could expand demand. He even sketched a multi-year scenario of 10 to 12 times the prior ~$5,000 peak, implying roughly $60,000, while stressing that level is not a 12-month target, and noted the climb from $1,500 to $2,800 drew surprisingly little attention, suggesting some large players remain positioned against the move.

Forecast markets are pricing heavy skepticism toward a September breakout: Polymarket traders put the odds of ETH touching $3,000 before month-end at just 10%, with $2,900 at 19% and a roughly 20% chance of trading above $2,800. The pullback was compounded by a macro shock — hotter-than-expected US PMI readings pushed the composite gauge from 56.0 to 58.4 and manufacturing from 53.9 to 57.0, lifting the 10-year Treasury yield above 5% for the first time since July 2007 and raising Polymarket's implied October rate-hike probability 14 points intraday to 56%. Coinglass data show more than $104.55 million in ETH liquidations over 24 hours, 77% of it longs, while open interest fell about 3% in line with price.

(as of 14:15 UTC) COINOTAG’s proprietary 42-indicator composite S/R scoring engine rates the $2,820.16 resistance at 79/100 — the strongest band on the board, driven by a Fibo 0.000, Donchian Upper and Swing High confluence — with spot trading at $2,667.74, below it after a 0.37% 24-hour dip. On the downside, the same engine scores the $2,659.67 support at 74/100 on a Flip R→S, Ichimoku Tenkan, Ichimoku Kijun and Fibo 0.114 cluster, with $2,326.61 (73/100) the deeper cushion on a Flip R→S, Fibo 0.382, BB Lower and HVN grouping. Derivatives positioning leans constructive: funding sits at 0.0036%, aggregate open interest holds near $11.12 billion, and the long/short account ratio reads 1.66 (62.4% long). With the Fear & Greed Index at 71 (Greed) and RSI at 61.72 alongside a bullish MACD signal in an uptrend, the broader altcoin market keeps a risk-on tilt: reclaiming $2,703.03 reopens the $2,820.16 test, while losing $2,659.67 shifts focus to $2,326.61 and would undermine the short-term bullish thesis.