Ethereum Price Slumps 1.02%, Technical Resistance Looms

Ethereum's price plummeted by 1.02% on September 28, settling at $2656.31. This dip comes after a multi-week rally that outpaced broader market benchmarks, but encountered persistent sell liquidity near major technical barriers.

The Treasury yields and cautious Federal Reserve monetary policy expectations contributed to capping risk appetite across digital assets, prompting institutional and retail traders to trim exposure.

Derivatives market indicators pointed to an ongoing reduction in speculative leverage, with futures open interest contracting alongside a drop in estimated leverage ratios across major derivatives exchanges. This signals that leveraged long positions were unwound rather than replaced with aggressive shorting.