Ethereum Surges Past $2,672 as Bitcoin-Driven Rally Continues

Ethereum has broken above $2,672, a level traders have closely monitored for weeks. This comes after a week where Ethereum closed at $2,644, just below this significant threshold.

The Fibonacci retracement analysis is crucial in identifying support and resistance levels. Traders had set a goal of achieving a weekly close above $2,672 to signal a potential run toward $3,000.

However, a Bitcoin short squeeze on September 21 led to Ethereum's price spike. During this hour, exchanges liquidated $313 million worth of positions, with 96% being short trades. This buying pressure pushed prices higher as each forced buy fueled more demand.

Ethereum is currently up 5.4% in the last 24 hours and has gained 7.6% for the week and 12.6% over the past 30 days, resulting in a market capitalization of about $332.5 billion. The next key resistance levels for Ethereum are $2,800, just 2.8% away, and the $2,950 to $3,000 area.