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Quick Read
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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.
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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.
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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.
Source: finance.yahoo.com