Ethereum's Price Hinges on a Single Threshold: Can It Clear $2,672?

Ethereum's price has been on an upward trajectory over the past four sessions, reaching as high as $2,646.55 on September 18 before closing at $2,619.71. This recent rally marks a remarkable recovery of nearly 70% in a short span, with Ethereum having reached a low of $1,550.59 on July 1.

The crucial question now is whether Ethereum can close above the pivotal $2,672 Fibonacci level, which would open the door to the $2,950 to $3,000 range as the next major resistance. A weekly close above this threshold would target a 12% increase from the current price of $2,629.80.

However, given the thin Sunday volume and the stalled intraweek high of $2,647, it seems unlikely that Ethereum will clear $2,672 by the end of the week. A close below this level on September 20 would enforce the line as a ceiling, resetting the potential for upward movement to a lower base.