Ethereum Pulls Back Near $2,600 Amid Cooling Momentum

Ethereum’s price surged from roughly $2,360 on September 16 to a high of $2,668 before easing back to the $2,600 level, a price not seen since January. Despite the rebound, the asset remains about 47% below its October 2025 peak near $4,946.

Key Technical Levels

ETH is trading above its major daily moving averages, including the 50‑day SMA at $2,272.50 and the 200‑day SMA at $2,076.10. Immediate resistance lies in the $2,655‑$2,668 range, with a broader technical zone extending to $2,672. A sustained break above this area could open a path toward $2,800‑$3,000, while failure may pull the price back toward $2,400.

Analyst Price Targets

• Tom Lee (Fundstrat) projects ETH near $6,000 by December if Bitcoin reaches $150,000 and the ETH/BTC ratio climbs to 0.04.
• Arthur Hayes (BitMEX) suggests a speculative $10,000 target for the end of 2026, based on a major liquidity expansion.
• Geoff Kendrick (Standard Chartered) forecasts $4,000 by the end of 2026.
• Citi has previously set a 12‑month target as low as $2,240.

Factors Influencing Future Moves

Several elements are cited as critical for higher price levels:

• Continued demand for spot ETH ETFs, which hold about $16.7 billion in assets.
• Improvement in the ETH/BTC ratio, currently around 0.032, well below its 2021 high of 0.08.
• Macro‑economic conditions remaining stable.
• Progress on Ethereum’s upcoming upgrades.

Upcoming Glamsterdam Upgrade

The Sepolia testnet launch is scheduled for October 6, with the mainnet “Glamsterdam” upgrade expected in Q4. The fork aims to increase throughput, enable parallel execution, expand blob capacity, and modify block construction. While not a guaranteed price catalyst, a smooth rollout could reinforce Ethereum’s scaling narrative.

Outlook

Ethereum’s short‑term recovery to $2,600 provides a foothold, but reaching higher targets will require breaking through technical resistance, strengthening the ETH/BTC relationship, and delivering on the Glamsterdam upgrade. The next few weeks will likely define whether the asset can sustain its rally or retreat toward lower support levels.