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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 prominent golden Ethereum coin, featuring its logo and the text 'ethereum', is stacked among several other golden coins on a reflective dark surface. In the background, dark cryptocurrency market charts with red and green candlesticks depict price movements, and a large, bright green upward-pointing triangle symbolizes growth.
Golden Ethereum coins sit against a backdrop of market charts and a prominent green upward arrow, symbolizing the cryptocurrency's recent price rally as it breaks key resistance levels. © 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 who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing

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