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Why Is Ethereum Up Today? It Just Broke Above $2,672, Opening the Door to $3,000

Ethereum just crossed a Fibonacci level traders have watched for weeks, and whether it holds could determine if a run toward $3,000 is real or just a Bitcoin-driven blip.

By Sam Daodu
Published September 21, 2026, 9:40am ET · 3 min read

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A close-up shot of several gold Ethereum coins on a reflective black surface, creating a mirrored effect. The central coin prominently features the Ethereum logo and text. In the dark background, a financial candlestick chart displays both red and green bars. A large, bright green triangle pointing upwards is superimposed on the right side, symbolizing growth.
Golden Ethereum coins are depicted against a backdrop of market charts and a prominent green arrow, illustrating the forward-looking AI price predictions for the cryptocurrency by the end of 2026. © Jin Odin / Shutterstock.com

Ethereum (CRYPTO:ETH) is trading at $2,725 today, which is a 5.4% increase in the last 24 hours, 7.6% for the week, and 12.6% over the past 30 days, resulting in a market capitalization of about $332.5 billion. 

The Ethereum price crossed the significant $2,672 threshold, a level traders have monitored closely over the past month. This follows a week when Ethereum closed at $2,644, just below that mark.

Ethereum Crossed $2,672 During the Session But Not on the Weekly Close

A silver and gold Ethereum cryptocurrency coin is prominently displayed in the foreground, with its distinct triangular logo and 'ethereum' text visible. It rests on a dark, reflective surface, surrounded by several other blurred gold and silver crypto coins. The background features a deeply blurred blue screen showing abstract red and cyan lines, representative of a stock or crypto market chart.

Zephyr_p / Shutterstock.com

The $2,672 level comes from Fibonacci retracement analysis, which traders use to identify support and resistance. This Fibonacci level has been a critical point for Ethereum, and it has oscillated around this value for weeks. 

Chart analysts had set a threshold: a weekly close above $2,672 would signal a potential run toward $3,000. However, Ethereum missed this mark by closing the week of September 20 just $28 short, at $2,644.

Since a mid-session touch is viewed differently than a weekly close, today’s spike is still a work in progress. For traders, a daily close above $2,800—2.8% higher than the current price—would indicate that the Ethereum price has maintained its upward momentum post-squeeze. Meanwhile, the upcoming weekly close on September 27 will determine if $2,672 is truly reclaimed.

A Bitcoin Short Squeeze Caused the Ethereum Price Spike

A close-up photograph of a blue digital screen showing a list of cryptocurrency names: Zcash, Ripple, Bitcoin, and Ethereum, in white text. A faint world map overlay and white grid lines are visible in the background. To the right of the names, green upward-pointing and red downward-pointing triangular arrows indicate market trends.

D-Keine / Getty Images

The upward movement started with Bitcoin (CRYPTO:BTC), which soared from $84,000 to $85,257 on September 21. According to CoinGlass, exchanges liquidated $313 million worth of positions during that hour, with 96% of those being short trades. A short liquidation occurs when exchanges buy back coins as traders’ bets against the price fail. This buying pressure pushes prices higher as each forced buy fuels more demand.

Ethereum climbed alongside Bitcoin during the broader market rally, gaining 5.4%. Other cryptocurrencies also benefited, with XRP (CRYPTO:XRP) increasing by 6.4% and Solana (CRYPTO:SOL) by 6.6%. Thus, Ethereum’s gain reflects a general market squeeze rather than isolated demand.

$3,000 Is 10% Away, and the Year Turns Flat at $2,967

Ethereum coin against the background of the graph of price changes on the crypto exchange

GDmitry / Shutterstock.com

From its current price of $2,725, the next key resistance levels for Ethereum are $2,800—just 2.8% away—and the $2,950 to $3,000 area, which was the goal originally implied by breaking above $2,672. Ethereum ended 2025 at $2,967, so this region marks a crucial point for assessing its performance this year. 

Currently, Ethereum is down about 8% for 2026, and if it falls below $2,616, support levels at $2,600 and $2,405 come into play, returning the price to its August trading range. This quarter has seen significant positive movement for Ethereum, which has gained 73% since July 1, with the spot Ethereum ETFs as the main regulated route for that buying.  

Looking ahead, the key event on Ethereum’s calendar is the Glamsterdam Sepolia test on October 6, a rehearsal for an upcoming network upgrade that will occur after the key weekly close.

Does the Move Above $2,672 Open Up $3,000?

To potentially reach $3,000, Ethereum needs a weekly close above $2,672. So far, the only close has been $28 below that threshold. Today’s jump is driven primarily by Bitcoin’s squeeze, suggesting Ethereum’s rise wasn’t solely due to its own buying momentum. Despite this, the overall trend remains positive.

In summary, Ethereum is up today on a major Bitcoin short squeeze that benefited multiple cryptocurrencies, including Ethereum. For now, all eyes will be on whether the Ethereum price can achieve a close above $2,672 in the week ahead. If it does, the path toward the $2,950 to $3,000 area could open up. If it dips below $2,616, it may revert to previous trading ranges.

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Sam Daodu

Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.

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