Ethereum Surges Past $2,650 as ETF Demand and Tight Supply Fuel Momentum

Ethereum has pushed above $2,650 after clearing key resistance. ETH closed around $2,645 on Sept. 20 and has moved toward the upper-$2,600s on Sept. 21.

This sharp reversal comes from below $2,400 less than a week ago, but the important change is structural: Ethereum has cleared the $2,500, $2,550 resistance zone that repeatedly stopped earlier rallies.

A sustained move above $2,700 would shift attention toward $2,800, followed by the psychological $3,000 level. This would extend a recovery that looked much less convincing when ETH fell below $2,400 after regulatory uncertainty and ETF outflows hit the market.

ETF flows are improving, with U.S. spot Ethereum ETFs returning to positive territory on Sept. 18 with roughly $29.4 million of net inflows, according to Farside Investors. At the same time, Ethereum’s available supply remains unusually tight, with roughly 35% of ETH staked.

Corporate demand adds another layer, as BitMine holds 5.96 million ETH, equal to roughly 4.9% of circulating supply, with more than 5 million ETH already staked.