Ethereum is trading near $2,690 after another failed attempt to hold above $2,800, leaving ETH at an interesting point in its recovery.
The bigger question is no longer simply whether Ethereum can reach $3,000. It is whether ETH can continue outperforming Bitcoin after a summer in which that relative trade finally started working.
An analysis by Richard Salmond found that, from early June through mid-September, ETH had gained about 25%, compared with roughly 5% for Bitcoin. He linked that divergence to stronger capital inflows and changes aimed at improving Ethereum’s network economics and institutional appeal.
That makes Ethereum’s next move more important than another isolated resistance test.
Ethereum’s Lead Over Bitcoin Is Being Tested
ETH’s relative strength has been real, but it has not been smooth.
Bitcoin recently surged to an eight-month high above $87,000, helped by ETF demand, improving liquidity and short covering. That rebound narrowed some of Ethereum’s earlier advantage and showed that capital can rotate back toward BTC quickly when broader crypto sentiment improves.
Ethereum, meanwhile, has struggled repeatedly around the $2,800 area. A recent Coinpaper ETH breakout analysis highlighted the same resistance after several failed attempts to secure a convincing close above it.
ETF Flows Still Favor the Ethereum Bull Case
One reason ETH may still have room to outperform is institutional demand.
U.S. spot Ether ETFs recorded another $87 million net inflow on Sept. 25, led by BlackRock’s ETHA, following several strong sessions earlier in the week.
That follows a period when Ethereum funds were attracting capital even as Bitcoin funds were seeing withdrawals. In one recent week, Bitcoin ETFs lost about $463 million while Ether products brought in roughly $197 million.
Still, our recent Ethereum ETF analysis showed the central problem: fund inflows have not automatically translated into a clean price breakout.
$2,800 Remains the Immediate Test
Reuters technical analysis recently identified a bullish continuation setup after ETH broke above roughly $2,661, with a potential path toward $3,050 if momentum holds. It also flagged $2,775–$2,825 as the immediate consolidation zone.
That makes $2,800 the key level for the relative trade as well.
If Ethereum can reclaim that area and hold it while Bitcoin remains below its recent highs, ETH could extend its outperformance. If ETH stalls again while BTC continues recovering, the summer rotation toward Ethereum may start losing momentum.
For now, Ethereum still has the stronger multi-month relative trend. The next question is whether that advantage survives Bitcoin’s comeback.
