Ethereum Reclaims 2600 After Trendline Holds
ETH price rises 6.43% in 24 hours, testing key resistance levels after a resilient support line held four times this month.
Ethereum trades at $2,603. The asset gained 6.43% over the past 24 hours. This price point sits 10.6% above the September low. A support line held firm during four separate tests in September.
The trendline connected lows between $2,355.20 and $2,382.33. Buyers stepped in at these levels repeatedly. The asset has now faced rejection above $2,600 twice in recent weeks.
Support Line Proves Resilient
The first major test occurred on September 15. ETH touched $2,356.82 during Senate action on the CLARITY Act. The second test hit $2,366.37 on September 16. That date coincided with a Federal Reserve rate hike to 4.00%.
Futures markets priced in an 86.5% probability of the hike. Market reactions remained subdued. The death cross from June has been replaced by a golden cross. The indicator widened to $72.9.
Exchange Reserves Hit 2026 Low
US spot Ethereum ETFs lost $224.11 million on September 16. BlackRock’s ETHA fund accounted for $110.03 million of that outflow. Exchange reserves dropped to approximately 14.92 million ETH. This marks the lowest level for 2026.
Over 42 million ETH remains staked. This represents roughly 35% of the circulating supply. Staking removes coins from circulation to secure the network. Diminishing exchange supply reduces the immediate sellable inventory.
Resistance And Upgrade Delays Persist
ETH failed to pass $2,615.03 on September 14. It also rejected at $2,667.01 on September 11. The Fear and Greed Index reads 69. This signals greed rather than fear.
Layer 2 networks process thirteen transactions for every one on the base layer. This structure limits direct value capture for the coin. The Glamsterdam upgrade has failed to finalize on a development network. Delays stem from complexities in the state gas dimension. GN auto markets reported on these structural challenges.
