Ethereum fell below $2,700 on Sep. 23 after a rally from roughly $2,400 in mid-September stalled near $2,800. Ether opened around $2,754, reached approximately $2,789 and dropped to $2,648, down 2.84% when the chart was captured at 15:07 UTC. The move followed a break above former resistance near $2,550, but price remained below a marked daily level at $2,809.68. US spot Ethereum ETFs recorded net inflows of $270 million on Sep. 21 and $162.2 million on Sep. 22, although the next report will show whether fund demand persisted during the retreat. On the four-hour chart, Ether fell below its 20-period simple moving average at $2,709.81 but remained above the 50-, 100- and 200-period averages at $2,586.27, $2,540.49 and $2,499.93. The immediate technical range is defined by support near $2,648 and recovery levels around $2,700 and $2,710, followed by $2,789 and approximately $2,810. A break below the daily low would focus attention on CoinGlass liquidation heatmap areas near $2,650 and $2,630, and potentially the $2,532-$2,550 zone. Crypto trader Ted Pillows identified $2,550 as Ether’s largest liquidity cluster and said the token could revisit it before moving higher. Daily momentum remained positive, with MACD above its signal line and Aroon Up ahead of Aroon Down, but those readings have not produced a sustained break above $2,800. The Federal Reserve’s 25-basis-point rate increase to 3.75%-4.00% on Sep. 16 remains part of the backdrop, though the charts do not establish a direct connection to the Sep. 23 reversal.