Ethereum's price action turned bullish as ETH broke above its $2,550–$2,575 resistance zone on September 20. The level now acts as support after the asset successfully retested it, capping a three-month climb that has carried the token from $1,510 to $2,650 — a gain of more than 75%, according to on-chain analyst Darkfost.

The mechanics are a staple of technical analysis: when a price clears a ceiling and holds it on a retest, the same zone becomes the reference traders use to judge whether the breakout remains in force.

ETH trades at $2,637.24 at the time of writing, up 0.41% over 24 hours and 4.60% across seven days, according to CoinGecko market data. Trading volume stands at roughly $11.4 billion. Market participants now track $2,760 as the next target, while some traders point to $3,000 and beyond.

Analyst Confirms Breakout, Eyes $2,760

Ali Charts, an analyst who publishes technical chart analysis on X, labeled the setup a confirmed Ethereum breakout. In a post on September 20, he stated that ETH broke above $2,560, retested it as support, and is now pushing higher. He noted that the breakout is holding and that he is watching $2,760 as the next major target:

ETHEREUM BREAKOUT CONFIRMED $ETH broke above $2,560, successfully retested it as support, and is now pushing higher. With the breakout holding, I'm watching $2,760 as the next major target. pic.twitter.com/j1pP0i6H8b — Ali Charts (@alicharts) September 20, 2026

Separate market commentary places the resistance band between $2,550 and $2,575, a zone that had capped ETH before the breakout. Ali Charts' $2,560 level sits inside that band. The Ethereum price moved through the range on September 20, and the former ceiling now acts as support. That makes the reclaimed band the near-term watch item: as long as ETH holds it, the breakout structure described by analysts stays intact, and the same zone is where that reading would be called into question if it failed.

Beyond $2,760, other traders are eyeing $3,000 as the next level. Some predict $3,500 by the end of October, while others expect new all-time highs by year-end. Each of these targets sits above current trading levels, and the forecasts vary in both price and timeframe, underscoring the range of views on where ETH goes next.

Second-Best Quarter on Record as ETF Inflows Top $10 Billion

The quarter's strength has not been limited to chart patterns. Ethereum's price gains this quarter rank as the second-best on record. Reports attribute the advance to clean technical breakouts, while rising DeFi activity has also supported move. Together, these factors shaped the token's third-quarter performance.

Institutional demand has remained visible throughout the quarter. Institutional ETF inflows have topped $10 billion, a total the report lists among the drivers of the quarter's gains. Exchange-traded fund flows are widely watched as a measure of institutional participation in crypto markets — ETF shares are backed by purchases of the underlying asset — and the figure reflects sustained institutional involvement.

On-chain analyst Darkfost outlined the scale of the rise in a CryptoQuant quick take. The Ethereum price moved from $1,510 to $2,650 in three months, he noted — a gain above 75% that cleared April's high and broke the prevailing trend.

Binance ETH Withdrawals Point to Accumulation

Darkfost also pointed to rising accumulation on Binance, one of the world's largest cryptocurrency exchanges, whose withdrawal data is closely watched as a gauge of holder behavior. Exchange flows are a staple of on-chain research, because deposits and withdrawals are recorded on the blockchain and exchanges typically hold customer coins in pooled wallets. He described the buildup as silent and at a three-year high. The monthly average of ETH withdrawal transactions from the exchange has surpassed 90,000 — the highest level since 2023 and double the figure recorded at the start of the year. The increase came fairly suddenly, he noted.

Withdrawals of this kind often suggest investors are moving coins into private custody. Such behavior is associated with medium- to long-term holding, as coins held in private custody are generally not available for immediate sale on exchanges.

Compared with Bitcoin, ETH has taken a slight lead in this trend. In contrast, Bitcoin has yet to establish itself durably above its May high. Darkfost added that the Ethereum price trend is currently stronger than Bitcoin's.

Source: Blockonomi