Ethereum Price Seeks Catalyst in Liquidity Shakeout

Ethereum's price has been testing the lower half of its September 24 liquidity-sweep range, placing the $2,635 to $2,600 area at the center of attention. As of September 28, ETH traded near $2,649.67, with the 0.5 equilibrium near $2,640 and the 0.618 Fibonacci retracement at $2,635.39 directly underneath.

Despite a brief sweep into the lower reaction zone, buyers still need to reclaim nearby resistance. A confirmed move through the $2,680-$2,700 range would return Ethereum's price toward the recent $2,720 swing area and leave the chart's marked daily buy-side liquidity near $2,789 as the primary upside objective.

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, and estimated leverage dropped to its lowest level since March. However, if the price quickly reclaims $2,680-$2,700 afterward, those short positions could face pressure to close.

U.S. spot Ether ETFs recorded $689.88 million in weekly net inflows through September 25, marking a sharp reversal from approximately $140 million in outflows during the previous week. A sustained four-hour close below roughly $2,600 would invalidate the immediate setup and indicate acceptance beneath the September 24 reference range.