Will Ethereum Re-challenge $3,000?…Falling Oil Prices Support the Rally

▲ Ethereum (ETH) ©

Ethereum (ETH) has reclaimed $2,700 for the first time since last January, with $3,000 now being discussed as the next target. Amid a broader market rebound where Bitcoin (BTC) rose to $85,000, Ethereum also surged 13% over the past month. However, geopolitical tensions and the potential for a resurgence in energy prices have been identified as variables threatening the continuation of the rally.

According to the cryptocurrency media outlet Watcher.Guru on September 22 (local time), Ethereum recovered the $2,700 mark for the first time since January 2026. Based on CoinGecko data, its recent weekly increase was 9.2%, and its monthly increase was 13%. During the same period, the cryptocurrency market rebounded across the board, with Bitcoin also rising to the $85,000 level.

This surge occurred despite previous negative factors that pressured the market. Following the failure of the cloture vote on the U.S. cryptocurrency market structure bill, the Clarity Act, in the U.S. Senate, and the U.S. Federal Reserve's (Fed) 25bp interest rate hike to combat inflation, factors continued to exert downward pressure on the market. However, Ethereum and the broader cryptocurrency market subsequently showed a rebound.

Watcher.Guru cited the recent decline in international oil prices as one of the reasons for the rise. It explained that expectations that falling energy prices could ease inflation might have formed, and such expectations likely influenced Ethereum's recovery to $2,700. As Ethereum has already climbed to its January level, there is a possibility it could retest $3,000 if the upward trend continues.

However, whether it will reach $3,000 is still uncertain. Although Ethereum last surpassed $3,000 in January of this year, the media pointed out that bearish factors in the market remain strong. In particular, with U.S. President Donald Trump mentioning the possibility of a renewed escalation of war between the U.S. and Iran, an actual re-escalation of tensions could burden the overall market.

The media explained that if the U.S.-Iran conflict escalates again, energy prices could surge and inflationary pressures could intensify once more, which could limit the upward momentum of the cryptocurrency market. Ultimately, the analysis suggests that whether Ethereum can surpass its $2,700 recovery and rise to $3,000 depends on the direction of the falling oil prices that led the recent rebound and the trajectory of geopolitical risks.

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