Ethereum surged past $2,600 on September 11, momentarily reaching $2,665 before retreating to approximately $2,510. The price movement followed the release of US Consumer Price Index data showing inflation increased 0.4% monthly and 3.4% year-over-year, matching forecasts.
Core inflation, excluding food and energy, registered a 0.3% monthly increase, exceeding the anticipated 0.2%. This stronger-than-expected reading prompted Goldman Sachs to adjust its forecast, projecting a 25 basis point rate increase by the Federal Reserve during its September 16 policy meeting. According to CoinGape prediction markets, there is a 79% likelihood of such a hike.
Despite these macroeconomic headwinds, Ethereum advanced further, leaving bearish traders exposed. Data from Coinglass indicates the price spike resulted in approximately $216 million worth of short position liquidations within a 24-hour window, with the largest single liquidation on Hyperliquid valued at nearly $20.3 million.
ETF Demand Reaches Two-Week Peak
Exchange-traded funds tracking Ethereum attracted $216.41 million on September 11, the strongest single-day inflow since August 27. The BlackRock Ethereum Trust led with $148 million in net contributions, while the Bitcoin Ethereum ETF followed with $29 million in inflows.
Combined trading volume across Ethereum ETF products exceeded $2.56 billion, approaching Bitcoin's daily volume of $2.6 billion. Ethereum was the only major cryptocurrency investment vehicle recording positive flows on the day, while Bitcoin and Solana-based products experienced net outflows.
Technical Levels and Analyst Commentary
From a technical perspective, Ethereum continues trading above its 20-, 50-, 100-, and 200-day exponential moving averages. The Relative Strength Index hovers around 63–64. Primary resistance zones are located at $2,626 and $2,786, while support levels appear at $2,431, with additional cushions near $2,235 and $2,182.
Market analysts identified approximately 10 million ETH traded between $2,700–$2,800 as a significant supply barrier. A sustained daily close above $2,516 could clear the way toward this concentration zone, with the 161.8% Fibonacci extension target positioned at $3,100.
ETH transactions exceeding $1 million in value increased by 14% on September 11, signaling heightened whale participation. ETH open interest declined to 12.5 million ETH, representing a decrease of 1.5 million for the day.
