Ethereum (ETH) enters September trading at $2,452 after printing its first higher high of this cycle. The $2,438 Fibonacci level now decides whether the August breakout survives.

Ethereum Weekly Chart Confirms the Trendline Break

The weekly chart shows ETH breaking the descending trendline that capped every rally since the August 2025 peak at $4,958. That line had held for almost a year.

Two weeks ago, Ethereum printed a weekly candle worth more than 31%. The move produced the first higher high of this cycle, a shift that earlier breakout attempts failed to deliver.

Price is now testing the 0.618 Fibonacci retracement at $2,438.85 as support. A weekly close above it opens the 0.5 retracement at $2,919.89 as the next objective, roughly 19% higher.

The June low also carries weight. It landed inside a demand zone between $1,600 and $1,760 that previously absorbed selling in June 2023, October 2023, and April 2025.

Analyst Expects Chop Before Any Reversal

Not every reading is constructive. Analyst Ted Pillows notes that ETH tried to clear $2,550 and failed again. That ceiling sits on the 50-week moving average at $2,542.

Pillows therefore expects more sideways movement and a small capitulation before a genuine reversal. He marks $2,200 as the first support and $2,800 as the next resistance zone.

Leveraged positioning complicates that view. A whale recently opened a 10x long position in Ethereum worth $102.3 million, with a liquidation price of $2,241. Meanwhile, several trading firms still hold sizeable short exposure.

Ethereum Price Prediction for September 2026

The daily chart dates the breakout precisely. Volume spiked from Aug. 19 through Aug. 21, and the Aug. 21 session cleared the April 17 swing high near $2,400.

That region should now act as short-term support because it overlaps with the 0.618 retracement. The Supertrend indicator flipped bullish on July 12 and is currently near $2,220.

Daily volume has faded since the breakout, however, which argues for the consolidation Pillows describes. Institutional demand has offset some of that cooling.

Losing $2,438 would expose the Supertrend near $2,220. Below that sits the psychological $2,000 level, which ETH broke down from on June 2.

Holding $2,438 instead keeps $2,920 in play and strengthens the broader altcoin case.

September therefore reduces to one question. Bulls need a weekly close above $2,438, while bears need $2,550 to keep rejecting.

Source: BeInCrypto