Ethereum Slips Below $2,700 Amid Rising Treasury Yields
Ethereum's price pulled back to $2,646 after reaching $2,786, trimming its 75% three-month rally that outpaced Bitcoin's 39%. The coin's recovery since the late-June low has been sharp, but it has repaired less than half of the damage.
The 10-year Treasury yield pushed to 5.15%, its highest since July 2007, and the 30-year touched 5.446%, a level last printed in June 2004. The resulting rate shock flushed leveraged traders, but corporate treasuries and staking ETFs are absorbing supply at a pace that Bitcoin's buyer base can't match.
The native yield of roughly 3% per year from staked ETH earns holders who stake a profit, narrowing the gap compared to a zero-yield asset against a 5.15% bond. The key levels sit at $2,544 and $2,800, with a weekly close above the latter targeting $3,055.
The rally's shape shows where conviction sits, with ETH reclaiming the $2,626 to $2,672 zone that had acted as resistance through early September. The coin's current price near $2,646 sits inside this band, which now serves as immediate support.