Can Ethereum clear US$2,672 this week and unlock a run to US$3,000?

Ethereum (ETH) has experienced a significant 8.79% gain over the past week, with Ether climbing to a current price of US$2,653.19, surpassing Bitcoin's modest 0.32% increase. This performance is part of a broader trend, with the crypto market as a whole rising 1.04% to US$2.81 trillion. The shift is particularly notable among smaller tokens, with Layer-1 and infrastructure projects seeing a surge in interest.

Ethereum's technical outlook is favorable, as it trades above its 50-week moving average near US$2,542, and its 24-hour trading volume has risen by 13.78% to US$11.11 billion. The RSI-14 stands at 66.12, indicating bullish momentum without being overbought. To move higher, ETH must first break above its immediate resistance at US$2,663.05, with key support identified between US$2,550 and US$2,575.

If ETH successfully clears this zone, the next target would be the US$2,950 to US$3,000 range. The weekly close relative to the US$2,672 Fibonacci level is particularly critical, as a close above this level could pave the way for a path toward US$3,000. Conversely, a close below US$2,550 would invalidate the current bullish structure and risk a deeper pullback toward US$2,400.

Institutional factors also support the rally, with the Fear & Greed Index at 73, indicating greed, and a steady increase in Bitcoin spot ETF assets under management (AUM) to US$98.78 billion. Additionally, the Glamsterdam network upgrade, scheduled for October 6, could provide further fundamental support for Ethereum. However, the outlook is conditional, as the broader market's performance, especially Bitcoin's behavior around US$81,000, will significantly influence ETH's trajectory.

A drop below this level could deflate the altcoin rotation and potentially pull ETH back to its US$2,550 to US$2,575 support zone. Therefore, while ETH's recent gains are impressive, their sustainability depends on maintaining a bullish stance on Bitcoin and a positive macro environment.