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

Quick Read

• Ethereum surged 6% to $2,719, breaking above the key $2,672 Fibonacci level intraday, but the weekly close on September 20 came in at $2,644, below the trigger.

• A Bitcoin-led short squeeze force-liquidated $300 million in short positions in one hour, pulling ETH and the broader crypto market higher rather than Ethereum-specific demand.

• A daily close above $2,800 and the September 27 weekly close are the two remaining gates before the zone between $2,950 and $3,000 opens.

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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

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.