Ethereum (ETH) briefly reached $2,665 on September 11 amid a surge in inflows to spot Ethereum ETFs. At the time of reporting, ETH traded at $2,515, up 2% on the day.
ETH ETFs See Strongest Inflows in Two Weeks
Ethereum ETFs recorded $216.41 million in inflows on September 11, marking the highest inflow since August 27. The BlackRock Ethereum Trust (ETHA) led with $148 million in inflows, followed by the Bitcoin Ethereum ETF with $29 million. Total trading volume across all Ethereum ETFs reached $2.56 billion.
Ethereum was the only cryptocurrency fund to record inflows on the day. Bitcoin and Solana saw outflows, while Ripple recorded zero flows.
Fed Rate Hike Looms
Goldman Sachs warned that the Federal Reserve could raise rates by 25 basis points at the September 16 FOMC meeting. The forecast followed the release of the US CPI print, which came in line with expectations, though core CPI rose 0.3% month-on-month, above the expected 0.2%.
Prediction markets showed a 79% chance of a Fed rate hike at the September meeting. Goldman Sachs analyst Jonathan Shugar noted that risk assets could still gain despite a hawkish Fed outlook.
Technical Levels and Supply Pressure
Ethereum price moved above the $2,516 resistance level of a consolidation channel. Analyst Ali Martinez identified a supply wall between $2,700 and $2,800, where 10 million ETH traded historically. Breaking above this level could target $3,000.
Whale activity increased on September 11, with transactions worth more than $1 million rising by 14%. The RSI reading of 63 suggested bullish momentum, though a breakdown below $2,390 could invalidate the uptrend.
