Ethereum’s rally from August, which accelerated in September, has turned its higher-timeframe market structure bullish after the cryptocurrency reclaimed its 200-day moving average and pushed into the $2,800 region. The level rejected ETH last week and has repeatedly acted as both support and resistance over the past two years. Analysts identify $2,800 as the main barrier before the $3,000-$4,000 region, while Michaël van de Poppe expects another upside breakout. ETH had earlier fallen to $2,698 on Binance spot trading late Sept. 26, a 0.17% hourly decline, but remained about 2.4% higher over the week. Leverage has also declined after forced liquidations, with longs near $2.1 billion and shorts around $4 billion, potentially leaving the market vulnerable to greater volatility. Another analyst pointed to an emptied validator exit queue and said much of the forced selling from the earlier drawdown had been absorbed; ETH is 80% above its July bottom.