Ethereum is sitting around $2,695, but one macro indicator could become important for the next major move: the U.S. ISM Manufacturing PMI. September’s ISM came in at 54.5, slightly below the 54.8 forecast and down from 54.6. The important level traders are watching is 56. That level matters because previous strong ETH cycles coincided with ISM moving above 56. It doesn’t prove that history will repeat, but if manufacturing activity keeps accelerating toward 60, it could signal a stronger economic expansion and potentially a more favorable backdrop for risk assets. ETH is also sitting near its monthly 50 MA, making the current setup one worth watching. ISM above 56 could be the confirmation bulls are waiting for. If it happens, ETH and the wider altcoin market could have a much bigger macro tailwind heading into 2027. #BTC Price Analysis# #Macro Insights# $ETH $BTC