US spot Ethereum ETFs recorded $66.1 million in net inflows on Sept. 24, 2026. Data from SoSoValue shows that these inflows extended the investment products’ positive streak to five consecutive days. However, this influx of institutional capital has diverged from short-term spot market price action.
Ethereum is currently trading around $2,667. The second-largest crypto asset retreated after facing resistance near the $2,800 mark. Despite the slowdown, current price levels still reflect a solid recovery from early September lows below $2,400.
Exchange supply dynamics have shown sharp reversals. On Sept. 18, market participants deposited a net 138,174 ETH. The flow reversed on Sept. 23 as the price fell from the $2,775 resistance level - with exchanges recording net withdrawals of 138,247 ETH.
Mounting Cash Reserves on Binance
Alongside ETH withdrawals from exchanges, stablecoin inflows moved aggressively in the opposite direction. Binance saw an average of $107.98 million in daily stablecoin inflows for the full week ending Sept. 23. That figure represents a 552% surge compared to the previous week’s average volume.
A similar pattern emerged across the Ethereum stablecoin ecosystem. Daily inflows specifically for Ethereum-based USDT tokens on Binance averaged $80.8 million during the week ending Sept. 21 - hitting their highest daily volume in six months.
CryptoOnchain analysts view these cash transfers to exchanges as capital preparation. Funds parked on exchanges are likely being positioned for market re-entry, though actual momentum will only be confirmed when buy orders are executed en masse.
Key Support Levels Determining the Trend
From a technical standpoint, momentum indicators still favor buyers. The Bull Bear Power metric remains in positive territory around +124.67. This reading confirms that bulls maintain control of the broader trend, even as momentum slowed with the pullback from monthly highs.
Market participants are now watching the $2,530 to $2,540 range as crucial support. This zone will determine whether the uptrend built since the start of the month has enough foundation to absorb further selling pressure.
A similar view comes from the Relative Strength Index (RSI) readings. Analyst EGRAG noted that Ethereum’s RSI sits at 62.77. The momentum indicator needs to stay above the 53 mark to confirm the continuation of the price uptrend. If it fails to hold, the 47 line becomes the next key support level.
For active traders, the convergence of hundreds of millions of dollars in cash piling up on Binance and narrowing technical boundaries points to one scenario: large capital volumes are gearing up to respond once key price levels are tested.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
