Ethereum Stuck at $2,700 as Traders Eye Crucial $2,800 Breakout

Ethereum's price has been hovering near $2,700, but the token still hasn't managed to close the week above $2,800, a level that traders say must be broken for the altcoin to truly take off.

After reclaiming ground it lost in January, Ethereum has been on a three-week climb, but the $2,800 resistance zone has proven to be a stubborn obstacle. The token tested the $2,750 to $2,820 range but slid back under $2,700 before stabilizing over the weekend.

Traders are watching the $2,800 level closely, as clearing it on a weekly close would open the door to $3,000, a level Ethereum hasn't touched since January. However, the altcoin's price action is being complicated by Bitcoin's recent run, which has taken it close to $87,000.

Not helping the alt season narrative is the fact that Bitcoin is currently outperforming Ethereum, with the latter lagging behind in the latest weekly stretch. Furthermore, Farside Investors data show that spot Ether ETFs had a net outflow of $118 million over the five trading sessions through October 2, including three straight redemption days from September 29 to October 1.