Ethereum Price Teeters on Threshold as Bulls Eye $3,000
The price of Ethereum has been hovering around $2,672 since September 19, leaving many traders on edge. This level is significant because it corresponds to a Fibonacci retracement of Ethereum's decline from its October 2025 peak of $4,946 to its January 2026 trough.
As the weekly candle is set to close on September 20, traders are closely monitoring this threshold. A weekly close above $2,672 would target the next major resistance in the $2,950 to $3,000 range, indicating a potential 12% gain for Ethereum.
Ethereum's price has been steadily rising over the past four trading sessions, starting from a close of $2,416.57 on September 16 and reaching a high of $2,646.55 on September 18. This uptrend can be attributed to two key factors: traders covering their shorts as Bitcoin surged past $80,000, and significant inflows into spot Ethereum ETFs totaling $143.8M.
The upcoming weekly close is crucial in determining the next direction of Ethereum's price. If it closes above $2,672, analysts will target $2,950 to $3,000. However, a close below $2,672 would reinforce this level as a ceiling, resetting the potential for upward movement.