Eutelsat jumps 23%: Can Starlink concerns fuel lasting comeback?
Eutelsat is back in focus as renewed concerns over Starlink revive the case for European satellite autonomy. The next test is whether the news-driven rebound can hold above €1.69 and extend toward €1.80.
Eutelsat shares jumped roughly 23% on 14 October following reports of restrictions affecting Starlink and Starshield services for Ukraine. Investors began pricing in a stronger possibility that European governments may seek to reduce their dependence on US satellite infrastructure, with OneWeb emerging as one of the main alternatives.
Traders Union had previously noted that sudden changes to Starlink access create a reputational risk for SpaceX as a strategic partner. For Eutelsat, that weakness at a major competitor has become an additional catalyst, strengthening the perceived value of its own European LEO network.
OneWeb cannot yet be viewed as a full replacement for Starlink, however. Its terminals are larger and more expensive, while the network itself has limitations. The latest rally therefore reflects expectations of new European government and commercial contracts far more than any replacement of Starlink that has already taken place.
Eutelsat needs €1.69 to hold before another €1.80 test
The news-driven move sent Eutelsat sharply higher and pushed the shares up to the 50-day SMA near €1.80. At the same time, ETL moved decisively out of extremely oversold territory on RSI (14), materially improving the short-term technical picture.
For the advance to continue, the price now needs to move back above €1.69 and establish a sustained hold there.
That would put €1.80 back in play as the first target. A break through that level would create room for a further move towards €1.96.
Because much of the current momentum is being driven by headlines, continued demand could make the move develop faster. In that case, the next major technical target would be the 200-day SMA near €2.30.
A fall and sustained move below €1.57 would invalidate the setup. Such a reversal would suggest that buyers failed to preserve most of the news-driven gains and would revive the risk of a decline towards the local low around €1.37.
The rally now needs commercial follow-through
OneWeb’s strategic significance is already priced in by the market, which means that extending the rally may be dependent on how Eutelsat manages to convert its argument for European satellite independence into concrete business deals.
The first important test will come on 29 October when Eutelsat is expected to announce Q1 2026/27 revenues. Following such an aggressive reaction, there will be keen interest in whether there is any growth in the LEO segment and if demand is actually picking up momentum rather than just being priced into the shares.
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