Ethereum Price Analysis: Whales Book $72M Profits as ETH Hits $2,700

Ethereum Price Analysis:

Ethereum price breached the $2,700 resistance level on Sept 27, rising 10% this week amid news of CZ’s early release, and fresh US labor market data hinting more rate cuts ahead in Q4.

Can ETH bulls withstand the growing sell-side pressure from whale investors spotted booking early profits?

ETH Breaks $2,700 Barrier after CZ’s Early Release

Ethereum emerged one of the highest-gainers on Friday, as Binance CEO Changpeng Zhao’s early release from prison sparked a wave of positive sentiment across the crypto markets.

On Sept 27, former Binance CEO Changpeng Zhao was released from his prison after serving a 4-month sentence for charges surrounding anti-money laundering and violation of other US financial laws. His release comes 2 days earlier than the scheduled Sept 29 date, due to United States federal guidelines around weekend prison release.

As widely-anticipated, CZ’s early release sparked positive reactions across the crypto markets, especially among top ranked assets. Bitcoin (BTC) led the way breaking past the $66,000 barrier, while Binance’s native BNB coin also hit new monthly peaks above $615.

Notably, Ethereum price also delivered considerable gains within the 24-hour timeframe.

On Friday, Sept 27, Ethereum had opened trading around the $2,631 mark. However, the yellow-patch in the chart above shows how Ethereum price rapidly rose 4% to hit $2,727 within hours after CZ’s release from prison was confirmed.

The rally towards $2,727 marks a new monthly peak for Ethereum price, and its highest in over 30-days dating back to Aug 26.

As the media frenzy cooled, ETH price has now retraced to find support around the $2,690 level at the time of publication.

Ethereum Whales Spotted Booking $72M Profits

When an asset retraces sharply after breaching a critical psychological resistance level as observed within the ETHUSD markets on Sept 27, it often signals the rally may have triggered automated take-profit orders set round that key price range.

According IntoTheBlock’s chart below tracks the real-time changes in balances in wallets that control at least 0.1% of total Ethereum supply in circulation.

Recent trends show that whale investors began offloading large amounts of ETH as prices crossed the $2,650 on Sept 26, which may explain ETH’s sharp correction below $2,700 mark on Friday.

After a 14-day buying spree, ETH whales recorded negative net-flows on Sept 26. The chart above shows that the sold 26,460 ETH, just as Ethereum prices crossed the $2,650 mark on Thursday.

This alludes to the narrative the early profit-taking among key stakeholders may have contributed to Ethereum’s sharp correction below $2,700 on Friday.  It remains to be seen if bull traders can hold out for another leg-up, as the weekend unfold.

ETH Price Forecast: Rocky Road to $3,000

Ethereum’s bullish rally faces key hurdles after a sharp correction from the $2,727 monthly peak. The attached chart analysis highlights critical technical levels that will shape ETH’s next move, especially as whale activity hints at growing sell-side pressure.

Keltner Channel Suggests Overbought Conditions

The Keltner Channel (KC), which gauges price volatility against a moving average, shows Ethereum nearing the upper boundary at $2,755.73. This marks a pivotal resistance level.

If Ethereum breaks above it, it could trigger a move toward $2,800. However, the current price positioning near the upper KC band suggests overbought conditions, indicating a potential consolidation or retracement. A failure to surpass this level could lead to downward pressure toward $2,529.72.

Advance-Decline Ratio Signals Decreasing Momentum

The Advance-Decline Ratio (ADR), represented as bars in the lower section of the chart, measures the number of advancing assets versus declining ones in the market.

With the ADR currently stable at 3.50, this suggests that bullish momentum is waning as Ethereum approaches key resistance.

The flattening of the ADR aligns with the sell-off from whales noted in the prior sections, indicating Ethereum could struggle to break higher in the short term.

ETH Price Forecast: Key Resistance at $2,755 and Support at $2,529

Ethereum needs to decisively break the $2,755 resistance level to continue its bullish ascent. A sustained close above this point would open the path for a move toward $2,800, and possibly higher to $3,000 if the rally intensifies.

On the downside, failure to hold the $2,529 support level would signal a deeper correction, potentially pulling ETH back toward the $2,303.70 mark.

In summary, while Ethereum has shown resilience in recent weeks, it faces a tough road ahead. Whale profit-taking and softening market breadth suggest the rally could stall at current levels unless buyers regain control. A breakout above $2,755 would reignite bullish sentiment, but failing to maintain momentum risks triggering a larger correction.