The Square’s hot rankings are still saying “Ethereum breaks through $2,700,” but the latest market data has already slipped back below that level.
On September 25, from 12:00–16:00 UTC, the 4-hour candle peaked at 2,724 and closed at 2,686.90; from 16:00–20:00, that candle’s high was only 2,699.50, closing at 2,693.34. At 21:40 UTC, the spot price was 2,680.43, with a 24-hour change of -0.358%. From 17:00 to 21:00 UTC, the perpetual open interest decreased by about 0.49%.
Crossing above 2,700 is something that happened—not a situation that is already firmly established right now. What needs to be corrected is treating a single breakout or a trending hot-ranking headline as confirmation of a trend. Only if, going forward, multiple subsequent closed 4-hour periods stay above 2,700, while spot trading volume relative to a comparable baseline expands and open interest simultaneously rebounds, then the explanation should be updated; the current evidence still doesn’t support equating the “heat” directly with sustained follow-through.
$ETH
On September 25, from 12:00–16:00 UTC, the 4-hour candle peaked at 2,724 and closed at 2,686.90; from 16:00–20:00, that candle’s high was only 2,699.50, closing at 2,693.34. At 21:40 UTC, the spot price was 2,680.43, with a 24-hour change of -0.358%. From 17:00 to 21:00 UTC, the perpetual open interest decreased by about 0.49%.
Crossing above 2,700 is something that happened—not a situation that is already firmly established right now. What needs to be corrected is treating a single breakout or a trending hot-ranking headline as confirmation of a trend. Only if, going forward, multiple subsequent closed 4-hour periods stay above 2,700, while spot trading volume relative to a comparable baseline expands and open interest simultaneously rebounds, then the explanation should be updated; the current evidence still doesn’t support equating the “heat” directly with sustained follow-through.
$ETH