According to Woofun AI, as the end of the third quarter of 2026 approaches, market optimism noticeably faded in the final week of September, with ETH encountering resistance at the core $2,800 level and triggering widespread doubts over whether the potential $3,400 target can still be reached.
Looking back at September's price action, BTC and ETH both staged notable rebounds, but momentum has weakened recently. BTC climbed from below $80,000 to $87,000, and although it did not break through the $88,000 threshold, experts predict it could reach $79,000, with the current trading price around $83,000. As for ETH, its price rose from below $3,500 and at one point approached $2,800, ultimately holding near $42,700, failing to achieve a weekly close above $2,800.
Data compiled by Woofun AI shows that CoinMarketCap statistics indicate ETH fell more than 2.7% over the past 24 hours and 2.24% over 7 days, but its 30-day gain still stands at 8.5%, reflecting significant overall progress in September. However, the current price has retreated to above $2,700, and market attention has shifted to the effectiveness of short-term support.
Technical analysis reveals that after ETH failed to break through the $2,800 resistance level, the risk of a pullback intensified. A breakout above that level had been expected to open the way toward the $3,000 and even $3,400 resistance targets, but in reality the price edged lower, following BTC's trajectory and facing pressure to retreat toward the $2,600 range. Although this pullback has been limited in scope, the persistent downward trend suggests a larger correction may lie ahead. The $2,700 level serves as the current key support, and whether it holds will determine whether ETH can maintain its upward structure; if it is lost, $2,600 will become the next line of defense.
It is worth noting that repeated failed tests of the $2,800 resistance level have undermined bullish confidence, and the path to achieving the $3,400 target has therefore become unclear. Looking ahead to the closing battle of the third quarter of 2026, market developments before the end of September will be crucial. Can BTC complete its pullback and resume its rally before month-end? Can ETH outperform BTC and establish altcoin dominance? If other altcoins outperform BTC and ETH in the final quarter of the year, an "altcoin season" may arrive early.
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