Sustained ETF Inflows Amidst Price Correction
On September 23, 2026, Ethereum fell under the psychological $2,700 mark. A failed push toward $2,800 triggered this reversal. The move brought the session low of $2,648 into sharp focus. This happened while US spot Ethereum ETFs had already logged two straight days of net capital inflows. At 15:07 UTC, trading placed Ethereum near $2,675. This represented a 2.84% loss for the current session.
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What is a euro-pegged stablecoin?Although the price slipped below the short-term 4-hour, 20-period simple moving average at roughly $2,710, it remained above longer-term technical indicators. CoinGlass liquidation heatmaps covering the last three days show concentrated bands near $2,700. Specifically, heavy liquidity sits below market levels around $2,650. Meanwhile, financial flow data indicates US Ethereum ETFs attracted $162.2 million in net inflows on September 22. This signals persistent demand from institutional investors.
The daily chart details Ethereum’s complex price action. The session opened near $2,754 and peaked at approximately $2,789 before retreating to $2,648. This decline constituted a 2.84% drop at the time of capture. This pullback followed a significant advance from $2,400 in mid-September. During that offensive, Ethereum broke through the old $2,550 resistance zone. It approached the $2,800 barrier before reversing course. On the daily chart, a specific level marked at $2,809.68 remains above the recent high.
The rejection near $2,800 followed a sharp rise. Consequently, recent profit-taking likely drove selling pressure. However, price movement alone cannot confirm if profit realization, new short positions, or external factors caused the drop. US Ethereum ETF data shows demand intensified before the reversal. According to Farside Investors, net inflows reached $270 million on September 21. Another $162.2 million entered on September 22. These two sessions generated a combined total of $432.2 million. The next flow report will clarify if US ETF investors continued buying during the retreat. Since fund flows and exchange trading measure distinct activities, prior inflows do not guarantee buyers will defend current prices.
Potential Break Below $2,648 Could Expose Lower Liquidity Zones
US interest rate context remains a key market element. The Federal Reserve raised its target rate range by 25 basis points on September 16. The new range stands at 3.75%–4.00%. This decision preceded both the recent advance and Ethereum’s pullback. Price charts do not establish a direct link between the rate hike and the September 23 reversal.
The session low near $2,648 represents the closest observed downside level. A move below this threshold would highlight lower liquidation heatmap bands on CoinGlass. These include zones around $2,650 and $2,630. The heatmap also reveals significant concentration near $2,700. This is very close to the level Ethereum lost during the drop. Liquidation bands mark prices where leveraged positions face pressure if reached. These levels change as traders open and close positions. They do not guarantee price will migrate to these levels.
For recovery, Ethereum must first reclaim $2,700. It also needs to regain its 7-hour, 20-period moving average near $2,710. Subsequent tests would involve the recent high of $2,789. Another key level is the daily chart mark near $2,810. Holding above these barriers would provide stronger evidence that buyers have overcome the $2,800 rejection. Daily momentum indicators reflect this ongoing battle.
