Ethereum Hovers Below $2,672 as Traders Await Weekly Close

Ethereum ($ETH) is trading near $2,630, sitting roughly $100 below a critical resistance level at $2,672 as the weekly candle approaches its close on September 20, 2026. This threshold represents a Fibonacci retracement of Ethereum's decline from its October 2025 peak of $4,946 to its January 2026 trough, making it a focal point for traders assessing the asset's next directional move.

The market is currently monitoring whether Ethereum can secure a weekly close above this barrier. A successful close above $2,672 would target the next major resistance zone in the $2,950 to $3,000 range, a move that analysts calculate could represent a potential 12% gain. Conversely, if the price fails to break through and closes below the level on September 20, it would reinforce $2,672 as a ceiling, potentially resetting upward momentum from a lower base. Weekly closes are considered more significant than daily ones by swing traders and institutional investors because they filter out short-term volatility and inform broader strategy recalibrations.

Over the past four trading sessions, Ethereum has experienced a steady uptrend. The price rose from a close of $2,416.57 on September 16 to $2,445.44 on September 17, then peaked at $2,646.55 on September 18. On September 19, ETH closed at $2,619.71 after hovering within $42 of the $2,672 mark without breaching it. As of the latest data, the asset is trading at $2,629.80 with the weekly session still open.

The recent price appreciation has been driven by two primary factors. First, Bitcoin surged past $80,000, forcing traders who had positioned for a downturn to cover their shorts. Second, spot Ethereum ETFs saw significant inflows totaling $143.8 million, led by BlackRock's ETHA fund which attracted $114.32 million. These inflows signaled renewed investor interest following three consecutive sessions of outflows between September 15 and 17.

This activity pushed Ethereum above its 50-week moving average near $2,542, a level that had previously acted as resistance. The current rally marks a recovery of nearly 70% from the asset's low of $1,550.59 on July 1. However, market participants note that weekend volume is generally insufficient to propel stalled price trajectories. While the bullish momentum from ETF inflows and the close above the 50-week average remains intact, Ethereum is considered unlikely to close above $2,672 this week unless it reverses its fortunes in the remaining time of the Sunday session.