Ethereum Price Drops as Buying Momentum Eases
Ethereum is down 1.26% to $2,694.64 in 24 hours, underperforming a slightly weaker broader market, primarily driven by a break in its spot ETF inflow streak.
This shift in institutional demand coincided with a cascade of long liquidations, amplifying the downward pressure.
Spot ETF inflows reversed to outflows, ending a 7-day streak of positive institutional demand. U.S. spot Ethereum ETFs recorded a net outflow of $2.81 million on September 29, ending a seven-session inflow streak.
BlackRock’s ETHA saw an $8.94 million outflow, signalling a pause in institutional buying momentum that had supported the recent rally.
The break in consistent ETF inflows removes a key pillar of recent price support, allowing profit-taking and speculative selling to dominate.
A sharp price drop triggered significant liquidations, with $11.88 million in Ethereum long positions wiped out in a single hour on September 29. Total ETH liquidations over 24 hours reached $56.64 million.
This forced selling from over-leveraged positions exacerbated the downward move, creating a feedback loop of pressure. A stabilization in derivatives open interest and funding rates to indicate the liquidation flush is complete.
ETH is consolidating below key resistance at $2,786, with immediate support at the 20-day EMA near $2,612–$2,626. The immediate catalyst is the U.S. PCE inflation data release on September 30, which will influence macro sentiment and risk appetite.
The structure remains constructive but requires a catalyst to break higher. The market is in a holding pattern awaiting macro clarity. A daily close above $2,786 to target $2,894, or a break below $2,612 to test the next support at $2,544.
The combination of stalled ETF inflows and a long liquidation cascade has shifted short-term momentum to the sellers. The price action is now contingent on holding technical support and the upcoming macro data. #Ethereum Price Drops as Buying Momentum Eases# Ethereum Price Drops on Rising U.S. Treasury Yields
