- ETH’s price trades near $2,649 as the $2,635-$2,600 reaction zone returns to focus.
- A reclaim of $2,680-$2,700 would restore momentum toward the $2,789 liquidity target.
- A sustained four-hour close below $2,600 would invalidate the immediate bullish setup.
Ethereum returned to the lower half of its September 24 liquidity-sweep range, placing the $2,635 to $2,600 area at the center of the next move. As of the September 28 TradingView snapshot, ETH traded near $2,649.67.
At the same time, ETH’s price was testing the 0.5 equilibrium near $2,640, with $2,635.39 immediately below. Consequently, another brief sweep into the lower reaction zone could become the final liquidity shakeout before a confirmed recovery. However, buyers still need to reclaim nearby resistance.
| Market Snapshot | Reading |
| ETH Price | $2,649.67 |
| 0.5 Equilibrium | Near $2,640 |
| 0.618 Retracement | $2,635.39 |
| 0.786 Retracement | Near $2,618 |
| September 24 Sweep Low | Around $2,600 |
| Buy-Side Liquidity Target | $2,789 |
Ethereum Liquidity Shakeout Keeps $2,789 Target in Focus
The September 24 wick moved below the September 23 range and swept resting liquidity before price recovered from approximately $2,600. However, that liquidity event did not immediately produce the anticipated upside expansion.
Instead, the price consolidated through the following sessions below nearby resistance. Rebounds repeatedly stalled beneath roughly $2,720 before sellers pushed the market back toward the lower half of the September 24 candle.
That return placed the candle’s midpoint near $2,640 back in focus. Moreover, the 0.618 Fibonacci retracement at $2,635.39 sits directly underneath. If selling extends further, the next technical reaction level appears near $2,618 at the 0.786 retracement.
$2,600-$2,618 Zone Defines Ethereum’s Next Reaction
The $2,618-$2,600 area now defines the lower boundary of the immediate structure. A move into this region would retest the final portion of the September 24 sweep without automatically confirming a breakdown. Yet, the important signal would come afterward.
A rapid recovery would show that ETH’s price rejected lower levels rather than accepting them. That sequence would support the final-shakeout interpretation, particularly if ETH’s price subsequently regained the $2,640 equilibrium.
The next confirmation also requires a reclaim of $2,680-$2,700. That zone separates a temporary rebound from a stronger recovery toward upper liquidity.
| Level | Technical Role |
| $2,789 | Primary daily buy-side liquidity objective |
| 2,680-2,700 | Key reclaim and confirmation zone |
| $2,640 | September 24 candle equilibrium |
| $2,635.39 | 0.618 Fibonacci retracement |
| $2,618 | 0.786 Fibonacci reaction level |
| $2,600 | September 24 sweep low and invalidation level |
$2,700 Reclaim Could Reopen Path Toward $2,789
A confirmed move through $2,680-$2,700 would return Ethereum’s price toward the recent $2,720 swing area. Clearing $2,720 would then leave the chart’s marked daily buy-side liquidity near $2,789 as the primary upside objective.
However, ETH’s price must first defend the lower reaction zone and regain the nearby range. Without those confirmations, the liquidity level remains a chart objective rather than an active breakout target.
crossorigin=”anonymous”>Lower Leverage Keeps Ethereum Short Squeeze Conditional
Derivatives data show that a short squeeze has not yet been confirmed. Futures open interest fell by roughly 500,000 ETH over four days to 12.71 million ETH by September 25. Estimated leverage also dropped to its lowest level since March.
Meanwhile, the perpetual-futures taker buy-sell ratio remained below 1. Those figures show modest seller dominance, although they do not indicate heavily crowded leverage. Therefore, the squeeze thesis depends on fresh sellers entering during another move toward $2,635-$2,600.
If the price quickly reclaims $2,680-$2,700 afterward, those short positions could face pressure to close. Meanwhile, institutional demand provides another supportive market signal.
U.S. spot Ether ETFs recorded $689.88 million in weekly net inflows through September 25. That marked a sharp reversal from approximately $140 million in outflows during the previous week
Expansion Case
Holding $2,618-$2,600 and reclaiming $2,680-$2,700 would strengthen the final-liquidity-shakeout thesis. Besides, a break above $2,720 would then place the $2,789 buy-side liquidity objective back in focus.
Failure Case
Meanwhile, a sustained four-hour close below roughly $2,600 would invalidate the immediate setup and indicate acceptance beneath the September 24 reference range.
Bottom Line
Ethereum remains positioned at the decisive lower end of its September 24 liquidity structure. A final sweep toward $2,635-$2,600, followed by a reclaim of $2,680-$2,700, would strengthen the short-squeeze setup.
Until that recovery occurs, $2,789 remains a conditional upside liquidity objective. Nonetheless, acceptance below $2,600 would invalidate the immediate bullish structure.
FAQs
ETH’s price could retest $2,635-$2,600 before attempting to reclaim the $2,680-$2,700 resistance zone.
It contains the 0.786 retracement and the September 24 liquidity-sweep low.
It cleared liquidity below the prior range, although sustained bullish expansion has not yet followed.
The supplied four-hour TradingView chart marks daily buy-side liquidity at $2,789.
A sustained four-hour close below approximately $2,600 would invalidate the immediate setup.
Related: Ethereum Price Prediction: ETH Outpaces Bitcoin With a 75% Three-Month Rally
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