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Ethereum (ETH) price fell 1.53% on September 28 to around $2,665 as weakness across the broader cryptocurrency market weighed on risk assets. Rising oil prices and stalled U.S.-Iran negotiations have added to market uncertainty, pushing ETH below the key $2,700 support level.
Despite the bearish Ethereum price action, co-founder Vitalik Buterin has outlined a major transformation for the blockchain. Buterin said Ethereum’s Hegota upgrade, expected in 2027, will represent the network’s final “normal fork,” meaning its technology will still appear broadly familiar compared with Ethereum’s early architecture.
After Hegota, Ethereum development is expected to shift toward more advanced technologies, including recursive STARKs, automated formal verification, optimized consensus mechanisms and quantum-resistant cryptography. Buterin has previously discussed making Ethereum’s Layer 1 fully resistant to quantum computing threats by the end of 2029.
Meanwhile, signs of overheating in the altcoin market are creating additional uncertainty for ETH. CryptoQuant data shows altcoin inflows have surged 45% in recent months to more than $371 billion. Analyst Darkfost noted that 87% of Binance-listed altcoins are displaying bullish momentum, suggesting elevated market euphoria.
However, weakening momentum and a bearish RSI divergence across the total altcoin market capitalization could indicate that the rally is losing strength.
Ethereum’s technical outlook remains mixed. On the four-hour chart, ETH generated a buy signal after the RSI crossed above its signal line. The cryptocurrency is now testing descending trendline resistance near $2,703.
A sustained close above $2,703, accompanied by stronger RSI momentum, could open the door for Ethereum price to target the psychological $2,800 resistance level.
Downside risks remain significant. Negative red bars on the Awesome Oscillator indicate persistent bearish pressure. If ETH fails to reclaim $2,700, particularly amid retail selling and increased Ethereum ETF outflows, the price could retreat toward the next major support level around $2,500.
