Ethereum Breaks Above $2,672 as Bitcoin Squeeze Continues

Ethereum's price has broken above $2,672, a level that traders have been watching for weeks. This comes after a week where Ethereum closed at $2,644, just below the mark.

The $2,672 threshold is based on Fibonacci retracement analysis, which helps identify support and resistance levels. Traders had set a key indicator: a weekly close above $2,672 would signal a potential run toward $3,000.

However, Ethereum missed this mark by closing the week of September 20 just $28 short. Today's jump is driven primarily by Bitcoin's squeeze, which saw exchanges liquidate $313 million worth of positions during that hour, with 96% of those being short trades.

The next key resistance levels for Ethereum are $2,800, just 2.8% away, and the $2,950 to $3,000 area. Ethereum ended 2025 at $2,967, so this region marks a crucial point for assessing its performance this year.