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

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

Sam Daodu

Mon, September 21, 2026 at 4:40 PM GMT+3 5 min read

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.

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

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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

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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