Ethereum breached $2,600 for the first time since early February on September 11, driven by a broader market rally following the release of U.S. Consumer Price Index data that aligned with economist projections. According to Bitstamp data, ETH reached a session high of $2,663 at 10 a.m. EST before retreating to find support above $2,500.
The rally occurred in two waves. In the first wave, ETH surpassed $2,500 but lost momentum near $2,510. In the second wave, the cryptocurrency added more than $150 in less than an hour to reach its multi-month peak. A market-wide downturn subsequently brought the price to $2,533 by 3 p.m. EST. Despite the pullback, ETH remained up nearly 3% over 24 hours with a market capitalization just under $310 billion.
The price movement trimmed Ethereum's year-to-date losses to 15%, raising prospects that it could finish 2026 in the green. The surge triggered $215 million in short liquidations alone, compared with $91 million in long liquidations. Bitcoin saw total liquidations of $211 million during the same period.
ETH accounted for approximately 40% of the total $758 million in liquidated positions over 24 hours, according to market data. Technical analysts identified $2,500 as a critical support level that must hold to maintain upward momentum. Some traders highlighted the relative strength of ETH compared to bitcoin and other altcoins as a potential signal of an altcoin rotation beginning. Price projections among traders ranged between $2,800 and $2,950 for September if the $2,500 support level is maintained.
