Ethereum experienced a 2.84% drop to roughly $2,670 on September 23, driven by a rejection of resistance close to $2,789. Throughout the day, prices touched a low of $2,648, while key support levels are established at $2,626 and $2,550. Derivative open interest stayed near 13 million ETH, reflecting cautious leverage use, and U.S. spot Ethereum ETFs pulled in $432.2 million over two trading days from September 21 to 22. Despite the short-term pullback, the cryptocurrency remains above its vital longer-term moving averages.
On September 23, Ethereum slipped under the $2,700 mark after running into selling pressure near $2,800. After hitting an intraday low of $2,648, the digital asset stabilized around $2,670. This retracement broke a recovery that started in mid-September from the $2,400 area, during which ETH cleared resistance at $2,550 and climbed toward $2,789 before facing heavy selling.
Opening the session near $2,754, ETH reached a high of about $2,789 before getting pushed back and falling below its near-term moving average of $2,710. Even with this drop, ETH maintains its position above its 4-hour 50-, 100-, and 200-period moving averages, which sit at $2,586, $2,540, and $2,499, respectively. These technical levels highlight the underlying strength of the prior rally before the Wednesday correction.
Spot ETF Demand Continues Robust Performance
U.S. spot Ethereum ETFs showed strong inflows leading up to the price correction. Data from Farside Investors recorded $270 million in net inflows on September 21, followed by another $162.2 million on September 22, totaling $432.2 million over the two sessions.
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Frequently Asked Questions
What caused Ethereum’s price to decline on September 23?
Ethereum dropped 2.84% to approximately $2,670 after facing selling pressure and resistance rejection near the $2,789 and $2,800 marks.
What are the crucial support levels for Ethereum following the dip?
Important support zones are identified at $2,626 and $2,550, with an intraday bottom recorded at $2,648.
How did U.S. spot Ethereum ETFs perform ahead of the correction?
U.S. spot Ethereum ETFs brought in a combined $432.2 million across two trading sessions, with $270 million on September 21 and $162.2 million on September 22.
Is Ethereum still trading above its key moving averages?
Yes, despite the recent pullback, ETH continues to trade above its 4-hour 50-, 100-, and 200-period moving averages, which are positioned at $2,586, $2,540, and $2,499 respectively.