At $2,640 for ETH, would you still dare to chase?
First, look at the surface: a big bullish candle, drawing buyers from far and wide.
It rose 1.1% over the past 24 hours and surged 6.7% on Friday alone, with the price climbing from around 2,440 to 2,640 on heavy volume. Market cap surpassed the $300 billion level, while trading volume expanded significantly. The candlestick chart tells you: the price is well above the 50-day moving average at 2,257 and the 200-day moving average at 2,073, with the moving averages in a bullish alignment—a textbook uptrend.
First point: The SEC dropped a “nuclear bomb,” but 99% of people didn’t understand it
The U.S. SEC launched a five-year “innovation exemption” pilot, allowing tokenized NMS stocks to be traded through Ethereum smart contracts—synthetic assets are prohibited.
U.S. stocks can now be traded on-chain through Ethereum. This isn’t just a concept; it’s a compliance pilot approved by the SEC.
This is an “identity upgrade” for ETH. From the king of altcoins to compliant financial infrastructure
Second point: The macro environment is dragging things down, but the market chose to “buy certainty”
On September 16, the FOMC raised interest rates by 25 basis points, bringing the rate to 3.75%-4.00%, the first hike since July 2023. The dot plot was hawkish, with 2026 PCE inflation projected at 3.7%, and another rate hike possible before year-end.
According to the old script, rate hikes = a crash in risk assets, and BTC should have collapsed first.
But what actually happened?
BTC fell first, then quickly recovered its losses and broke directly above 80k. ETH followed, producing a big bullish candle on Friday.
The macro environment is a headwind, but the narrative is a tailwind. When the wind is strong enough, even a headwind can lift you off the ground.
Third point: On-chain data is telling an “old but always accurate” story
Staked ETH accounts for approximately 35% of the supply, while the exit queue is nearly zero—nobody wants to sell
On-chain fees have fallen to an average of $0.095, with significant traffic diverted to L2s, so the mainnet is no longer congested
The Glamsterdam upgrade will enter public testing on October 6, focusing on parallel execution and ePBS
Stablecoins account for a high share of market cap, and most RWA tokenization projects choose ETH
ETH is shifting from a “coin used for speculation” to a “coin that is used.” The more people use it, the stronger its price floor becomes.
On one side:
SEC tokenization pilot, upgrading ETH into a compliant settlement layer
ETF daily inflows of $144 million, opening the institutional channel
35% staked and locked, with an exit queue of zero
Bullish moving-average alignment, with both the 50-day and 200-day averages below the price
On the other side:
The Fed is hawkish, and another rate hike may come this year
RSI above 70, overbought in the short term
Positive funding rates, with crowded longs
Thin weekend liquidity and a high risk of a false breakout
Resistance above: 2660-2686 (recent high + psychological level) → 2746 → 2800 → 3000
Support below: 2600 (round number + breakout retest) → 2586-2590 → 2540-2550 → 2500 (psychological level) → 2430-2450 (Friday’s launch point and strong demand zone)
A confirmed daily close below 2500 or 2430 would weaken the short-term structure.
Trading strategy
Conservative long:
Wait for a pullback into the 2580-2605 area and cautiously enter a small long position. Set a stop-loss below 2550 or at 2530. The first target is 2680-2700, and the second target is 2740-2760. Take half off at the target, and keep the remainder to see whether it can hold above 2700.
If it directly breaks above 2665-2680 on heavy volume and holds, a small portion can be chased, with a stop-loss below 2640 after reclaiming it.
Short-term/swing:
Wait for a pullback on the 4-hour timeframe, or for a clear rejection wick, before considering an entry. If it falls below 2580 and rebounds weakly, a small short can be taken in the short term to target a pullback to 2500-2540.
Medium-term view:
If support at 2600 holds and ETF net inflows continue, the next target is 2800-3000. If the macro environment tightens further or ETFs see another major outflow, ETH could return to 2500 or even 2430 to rebuild a base.
Do not use your entire position; keep some ammunition for confirmation from the October upgrade testing or continued ETF inflows.
ETH has never risen because of calls to buy; it rises because “more and more people are using it.”
You hesitated as it climbed from 2440 to 2640. When it stands above 3000, will you slap your thigh again in regret?
At 2640, are you chasing longs or waiting for a pullback?
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