Ethereum holds $2,700 as ETF demand collides with Alameda selling pressure

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Mykhailo Ihnatenko

23.09.2026

Ethereum holds $2,700 as ETF demand collides with Alameda selling pressure — ETH keeps $3,000 in view despite renewed Alameda pressure

Ethereum’s latest rally has created a more interesting test: whether fresh demand can absorb a sizable block of supply now returning to the market. The next few sessions should provide a clearer answer.

ETH price prediction

24H 0.49%

$2,417.96

48H 1.48%

$2,441.73

7D -1.31%

$2,374.45

1M 3.41%

$2,488.25

3M -20.83%

$1,904.87

6M -38.71%

$1,474.7

12M -23.2%

$1,847.92

Detailed

Current price: $2,406.09 -49.08 2.00%

Real-time Data 19:40

Daily range 2393.48

2494

Weekly range 2318.00

2579.88

Institutional flows remain positive, although the pace has cooled. SoSoValue notes that on 22 September, the US spot Ethereum ETF saw an inflow of $162.3 mln, versus a larger inflow of $270 million the day prior. ETF demand is therefore still intact, but the intensity of buying has eased.

Meanwhile, there's a potentially large supply on the horizon. A wallet that Arkham labels as Alameda Research / FTX Bankruptcy Estate sent 23,639 ETH, worth around $65.05 million, to Wintermute. This could be a sign the tokens are being prepared for sale.

That leaves the market with an unusual balance. ETFs continue to provide structural demand for ETH, while investors may simultaneously have to absorb tens of millions of dollars in supply linked to one of crypto’s most prominent forced sellers.

ETH needs to defend $2,700 to keep $3,000 in sight

Ethereum’s technical structure has changed little since the previous analysis, with $2,700 still acting as the main short-term support.

If ETH can remain above that level for at least several more days, the next liquidity zone around $2,900–3,000 would come back into focus.

A break below $2,700, however, would expose $2,630. Losing that level could then open the way toward $2,550.

The RSI (14) remains in overbought territory and continues to show a short-term bearish divergence. That combination is limiting the upside potential in the near term and leaves ETH vulnerable if momentum begins to fade.

Fresh demand now faces its first real absorption test

ETH is no longer being tested only by stretched technical conditions. After a rally that was partly accelerated by short liquidations, the market may now have to absorb a large new block of potential supply from the FTX estate.

The encouraging part is that ETF inflows have not disappeared. If that demand can absorb the selling without ETH losing $2,700, it would offer a more convincing sign of underlying strength than the recent short squeeze itself.

The balance becomes less favorable if ETF inflows keep slowing while Alameda/FTX-linked selling adds pressure. In that case, the market’s current overextension could become visible much faster.

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