Ethereum Breaks Above Key Fibonacci Level, But Road to $3,000 Unclear

Ethereum (CRYPTO:ETH) is up today after breaking above a key Fibonacci level, but it's not entirely clear if this signals a potential run towards $3,000.

The cryptocurrency surged 6% to $2,719, crossing the significant $2,672 threshold that traders have been monitoring closely. This follows a week where Ethereum closed at $2,644, just below that mark.

However, it's worth noting that this is not a weekly close above $2,672, but rather a mid-session touch. Chart analysts had set a threshold: a weekly close above $2,672 would signal a potential run towards $3,000.

The upward movement started with Bitcoin (CRYPTO:BTC), which soared from $84,000 to $85,257 on September 21. A short liquidation occurred during that hour, with exchanges buying back coins as traders' bets against the price failed. This buying pressure pushed prices higher, pulling Ethereum and other cryptocurrencies along with it.