Ethereum Price Analysis: Spot Demand Faces ETF Outflow Headwinds

Ethereum is trading at $2,690, up 1.6% over 24 hours, as the market consolidates within a $2,657–$2,737 range. While open interest in derivatives has dropped to 12.49 million ETH—the lowest since March 1—spot ETF flows saw a net outflow of $2.81 million on September 29, ending a seven-day inflow streak. Analysts suggest the price trajectory depends on maintaining support at $2,657–$2,680, with $2,822 serving as the primary resistance level before a potential move toward $3,000.