Ethereum (ETH) extended its recent gains, surging over 3% intraday to achieve a six-day winning streak and touch the USD 2,700 mark, breaking out of its narrow range-bound pattern. This comes as renewed exchange-traded fund inflows, short liquidations and improving risk sentiment strengthened demand for the second-largest cryptocurrency.

Ethereum gained 3.32% over 24 hours to trade at USD 2,662 after reaching an intraday high near USD 2,705. ETH traded between roughly USD 2,569 and USD 2,705 during the period and gained around 6% over seven days.

ETF Inflows and Liquidations Support ETH

According to SoSoValue, the US spot Ethereum ETFs recorded USD 143.80 million in net inflows on September 18. The return of ETF capital coincided with ETH breaking through the USD 2,550-USD 2,600 area.

Short sellers were also squeezed. According to Coinglass, USD 79.83 million in Ethereum short positions were liquidated over 24 hours, compared with approximately USD 16.15 million in longs.

Bitcoin provided additional support by remaining above USD 80,000. US spot Bitcoin ETFs registered USD 433 million of inflows on September 18, including USD 310.7 million into Fidelity’s FBTC and USD 108.4 million into BlackRock’s IBIT.

Bitcoin sentiment was also supported by US legislative developments. The House Financial Services Committee advanced H.R. 8957, the American Reserve Modernization Act, on September 16. The proposal would establish rules for a Strategic Bitcoin Reserve and permit additional acquisitions through budget-neutral strategies, although a comparable measure did not pass the Senate.

USD 2,708 Becomes Key Resistance

Ethereum traded around USD 2,660 after touching USD 2,705. The cryptocurrency remains above its major exponential moving averages (EMAs), with the 20-day EMA at USD 2,50.5, 50-day EMA at USD 2,334.5, 100-day EMA at USD 2,197.8, and 200-day EMA at USD 2,225.9.

The 9-day simple moving average climbed to USD 2,533.95, providing another reference point if momentum weakens.

Bollinger Bands have widened as volatility increased. ETH is trading near the upper band of USD 2,657.24, making the USD 2,700-USD 2,708 region an important resistance zone. A sustained break above USD 2,708 could bring USD 2,750 and USD 2,800 into focus.

Momentum Approaches Overbought Territory

The relative strength index (RSI) climbed to 66.86, approaching the overbought threshold of 70.

If ETH loses USD 2,650, support could emerge around the nine-day SMA at USD 2,534 and the USD 2,500 area. A daily close below USD 2,500 could expose USD 2,400, while deeper support sits near USD 2,350-USD 2,335.

Final Thoughts

Ethereum’s move above USD 2,700 reflects renewed ETF inflows, short liquidations and improving market momentum. A sustained break above USD 2,708 could bring USD 2,750-USD 2,800 into focus, while USD 2,500 remains a key support area if momentum weakens. 

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