Ethereum climbed more than 3% intraday on September 21 and reached USD 2,700, extending its advance to six consecutive sessions. The move marked Ethereum’s highest level since January and broke its month-long trading range. 

Meanwhile, the SEC introduced a regulatory pathway for tokenized US stocks. Benzinga reported that Ethereum transaction volume jumped 41% over 24 hours as trading interest increased.

The rebound followed a sharp recovery from levels near USD 2,400 in mid-September. ETH moved through USD 2,600 before testing USD 2,700 as broader risk appetite improved. During the same period, 

Bitcoin remained inside its 30-day consolidation range and stayed capped near USD 82,000. This contrast supported capital rotation toward large-cap tokens with more room to recover.

Macro pressure also eased after the Federal Reserve’s interest-rate increase materialized and commodity prices, including crude oil, declined. Inflation concerns then softened while global stock markets recovered. Earlier market caution had helped build large short positions in Ethereum derivatives. 

SEC Pathway and Network Activity Add Support

The SEC development added another catalyst for Ethereum-linked activity. The regulatory pathway covers tokenized US stocks and gives the emerging market a clearer operating route. The agency’s action focuses on tokenized National Market System stocks and on-chain trading venues.

The regulatory development coincided with stronger risk appetite across the Ethereum ecosystem. Institutional and retail demand also recovered alongside the six-day price advance. At the same time, Ethereum transaction volume increased sharply, adding another measure of stronger market participation.

Network activity improved beyond spot trading. Transaction volumes and total value locked across Ethereum Layer 2 networks, including Base, Arbitrum, and Optimism, continued to recover. 

Meanwhile, DeFi activity, real-world asset tokenization, and stablecoin issuance expanded. Those trends increased demand for Ethereum network usage and supported expectations for greater token burning.

Capital rotation provided another source of support. Bitcoin had already posted a substantial rally before entering consolidation, while Ethereum remained below its earlier highs. This gap encouraged traders to seek catch-up opportunities in large-cap assets. The ETH/BTC pair then rebounded after a prolonged period of weakness, helping Ethereum advance against Bitcoin.

Technical Levels Put USD 2,741 and USD 3,000 in Focus

Technical indicators remained constructive near USD 2,700. On the hourly chart, ETH held above the Ichimoku Kijun level at USD 2,637. It also remained above the MA-20 at USD 2,628 and MA-50 at USD 2,623. Meanwhile, the daily MA-200 remained much lower at USD 2,077.

Momentum readings also pointed to continued buying strength. MACD and ADX supported the bullish trend, while RSI stood at 59.95 in a buy zone. CCI also maintained a bullish reading. Stochastic RSI showed oversold conditions, suggesting limited immediate downside. Bull/Bear Power showed intraday overbought conditions, while the Awesome Oscillator stayed neutral.

Also Read: Can Ethereum Break Higher as Institutional Interest Continues to Build?

Those readings created some divergence because short-term overbought signals appeared alongside persistent bullish momentum. Even so, ETH remained above nearby moving averages and immediate support. As a result, the current setup continued to favor buyers while price remained above USD 2,637.

The short-term volatility band sits between USD 2,556 and USD 2,741. ETH could continue trading inside this range unless buyers clear the upper boundary. A move above USD 2,741 would strengthen the breakout setup. In contrast, a fall below USD 2,637 would weaken the immediate bullish structure, although the supplied assessment considers this scenario less probable.

Beyond USD 2,741, Ethereum could meet selling pressure near the USD 2,800 Fibonacci resistance area. Holding above USD 2,700 keeps the USD 3,000 psychological milestone within reach before month-end. Price action around USD 2,741 and USD 2,800 will therefore remain central to the next short-term move.