Ethereum's Breakout Above $2,700 Faces Derivatives Market Hurdles
Ethereum's breakout continues to gather momentum, pushing the price above $2,700.
The recent pullback at $2,560 and a brief test of lower support at $2,550 did not deter buyers, who re-entered the market and pushed the price towards new highs in the $2,600 to $2,700 range.
The move accelerated between September 20th and 21st as Ethereum reached $2,712 before declining slightly, settling around the $2,700 level. Volume also increased during this time, indicating greater participation in the increase.
The Relative Strength Index (RSI) climbed to 68.66, approaching overbought territory, but did not cross the threshold of 70.
Ethereum's recent breakout has attracted significant spot demand from larger holders, adding depth to the move above $2,700. Wallet 0x4cee purchased 7567 ETH worth approximately $19.9 million after transferring stablecoins to Binance.
This purchase stood out due to the fact that the same wallet sold 10500 ETH a month ago for an average price of about $2252 per ETH, securing $3.66 million in profits on that sale.
The derivatives market supports momentum without showing excessive leverage, with Hyperliquid holding roughly $3 billion in ETH Open Interest and funding remaining slightly positive.