Ethereum Price Grinds Sideways as Path to $3,000 Unfolds

Ethereum (ETH) had a strong start to the week, rising from around $2,575 on September 20 to a weekly high near $2,800 on September 22. However, the price gave back half of its gain and settled into a range between $2,650 and $2,700, where it currently trades at about $2,687.

The rejection at $2,800 was sharp, but the pullback stopped well above the $2,600 level that has held since the breakout. Sellers took profit, while buyers absorbed the loss, resulting in a grind sideways ever since.

Looking at the bigger picture, the chart for Ethereum is clearly bullish. The 200-day EMA at $2,250 is far below the price and now rising, confirming the trend change. Additionally, the Relative Strength Index (RSI) sits at 63, just above its signal line and well below overbought readings from early September.

The path to $3,000 for Ethereum runs through $2,800, which rejected the price once. A daily close above this level would turn the current consolidation into a continuation pattern, with $3,000 as the obvious magnet both as a round number and as the next major level on the chart.