Ethereum (ETH) traded near $2,677 on Monday after recovering from an intraday decline, keeping the cryptocurrency within sight of the $2,700 level that traders are watching as near-term resistance.
According to data from CoinGecko (on September 28 at 16:00 UTC), ETH was at $2,676.75, down 0.5% over 24 hours. It traded between $2,636.99 and $2,698.21 during the period, with the rebound bringing the price back toward the upper end of its daily range. Ethereum has a market capitalization of about $326.7 billion, with roughly $15.1 billion in 24-hour trading volume.
The move leaves $2,700 just above the market’s current level. The price also remains above the $2,640 area that crypto analyst Ali identified as an important support level in an X post on Monday.
Meanwhile, Bitcoin is currently trading at $83,688, down 1.0% in the past 24 hours. The asset’s market capitalization stood at $1.682 trillion, with its trading volume at $38.993 billion, according to data from CoinGecko (on September 28 at 16:00 UTC).
$2,700 emerges as near-term resistance
The $2,700 level has become the immediate price area in focus after ETH repeatedly approached it during the latest session without establishing a sustained move above it.
Ali said on X that ETH appeared to be forming a bull flag on lower timeframes and identified $2,640 as support. He said an hourly close above $2,700 would be a confirmation of the setup he was tracking and could put $3,000 in view.
That is a technical-market view rather than a confirmed price target. ETH’s ability to hold above $2,640 and whether it can establish a sustained move above $2,700 remain the key levels highlighted by the analyst.
Liquidations show heavy long exposure
The broader derivatives market saw significant liquidations over the past 24 hours.
According to CoinGlass data (on September 28 at 16:00 UTC), total crypto liquidations reached about $486.95 million, involving more than 138,000 traders. Long positions accounted for $392.23 million, compared with $94.72 million in short liquidations. ETH accounted for about $74.65 million of liquidations, second among the listed assets behind Bitcoin’s $107.86 million.
The largest individual liquidation order was an ETHUSDT position on Binance valued at about $11.82 million. The concentration of liquidations on the long side indicates that leveraged long positions bore most of the forced closures during the market’s decline. It does not, by itself, establish the direction of ETH’s next move.
US Ether ETFs continue to see inflows
Spot Ether ETFs in the U.S. recorded a combined $86.95 million in net inflows on September 25, according to SoSoValue data (on September 28 at 16:00 UTC). The funds had accumulated about $13.94 billion in net inflows, with total net assets of $17.78 billion. Trading value across the products reached about $735.08 million for the day.
BlackRock’s ETHA led daily inflows with $50.37 million, while BlackRock’s ETHB recorded $31.88 million. Fidelity’s FETH added $4.69 million. Grayscale’s ETH and ETHE recorded no net inflows on the day in the supplied data.
The ETF figures provide a separate measure of demand for regulated spot exposure, while the price action around $2,700 remains primarily a market-level technical consideration.
Market watches the next move
Ethereum’s latest session was defined by a sharp intraday decline followed by a recovery toward $2,700. The rebound has kept the cryptocurrency close to the resistance level, while $2,640 remains the key support area highlighted by the technical analysis cited above.
For now, ETH remains below $2,700 after testing the level during the session. Traders are watching whether the cryptocurrency can move through that area while maintaining the recovery from its $2,637 low.
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