ETH holds near $2,680 as profit-taking builds before US data

What happened

Ethereum (ETH) is trading around $2,680 after several days of consolidation just below $2,700. Exchange reserves have climbed by roughly 125K coins since Friday, which the report ties to holders possibly preparing to sell. Santiment puts realized profits at $222 million on Friday, a figure that eased as the market slowed.

The Coinbase Premium Index, a gauge of US buying sentiment, fell to -0.0483, its lowest reading in close to two weeks. US spot ETH ETF inflows dropped from $269.9 million a week earlier to $17.1 million on Monday, according to SoSoValue. Traders look to be cutting risk ahead of US inflation and labor market reports.

Why it matters

Coins sitting on exchanges can mean holders are lining up to sell, so the 125K-coin rise matters for near-term supply. The $222 million in realized profits shows holders were taking gains, and the premium index at -0.0483 points to softer US buying appetite.

Rates also matter. The US 10-Year Note yield has climbed about 70 basis points this month, and the Kobeissi Letter said bond markets now price in four more 25-basis-point rate increases by June 2027. The August PCE reading came in at 3.4%, below the forecast of 3.7%, with core PCE falling 10 basis points short of analyst predictions. The CME FedWatch Tool showed odds of a 25 basis point rate hike at the October 28 meeting falling from 67% to 34%.

What the data shows

Ethereum has recorded $61.6 million in liquidations over the past 24 hours, with $33.7 million from short positions. On the daily chart, ETH holds a 14-day RSI of 62 and a Stochastic reading of 71, which the report calls constructive without overbought signals.

First support sits at $2,612 to $2,626, then $2,544 and $2,431. Upside resistance starts at $2,786, then $2,894 and $3,177. BitMine bought another 17,362 ETH last week, taking total holdings to approximately 6 million ETH.

What is still unclear

• A wallet linked to Ethereum co-founder Joseph Lubin moved 133,298 ETH to a new address, worth about $356.2 million at the time. The coins did not go to a known centralized exchange, and there is no evidence of an immediate sale.
• Whether ETH confirms a breakout is unresolved. Ethereum ended October 1 at $2,705.30, up 0.77%, and its $2,720.25 session high stayed below the $2,737, $2,743 resistance cluster. A daily close above $2,743 would reopen the $2,787, $2,804 September highs.

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