Ethereum (ETH) made headlines on September 11, surging above $2,600 and briefly hitting $2,665, marking its highest level since January. This remarkable price movement occurred in the wake of the US Consumer Price Index (CPI) data release, which indicated a monthly inflation rise of 0.4% and a year-on-year increase of 3.4%, aligning with analysts’ expectations.
As inflation data emerged, Goldman Sachs adjusted its projections, now predicting a 25 basis point interest rate hike at the upcoming Federal Open Market Committee (FOMC) meeting on September 16. The market sentiment reflected this shift, with CoinGape prediction markets estimating a 79% probability of a rate increase.
Despite these macroeconomic pressures, Ethereum’s price continued its upward trajectory, catching many short traders off guard. According to data from Coinglass, the surge triggered approximately $216 million in short liquidations within just 24 hours, with the largest liquidation order reaching nearly $20.3 million on the Hyperliquid platform.
ETF Inflows Reach New Heights
In a notable trend, Ethereum ETFs experienced significant inflows, totaling $216.41 million on the same day—marking the highest level since August 27. The BlackRock Ethereum Trust led the charge with $148 million in inflows, followed by the Bitcoin Ethereum ETF at $29 million. This influx occurred amidst a backdrop of net outflows from Bitcoin ETFs, which recorded $13.29 million in outflows on September 11, extending a four-day streak.
Total trading volume across all Ethereum ETFs reached $2.56 billion, nearly matching Bitcoin’s $2.6 billion for the day. Analysts like Goldman Sachs’ Jonathan Shugar remarked that risk assets could still thrive even with anticipated rate hikes, potentially explaining the sustained demand for Ethereum ETFs.
Whale Activity and Price Levels Under Scrutiny
Market analysts have been closely monitoring whale activity, with Ali Martinez noting that over 10 million ETH had traded within the $2,700–$2,800 range, creating a significant supply wall that must be breached for Ethereum to approach $3,000. Additionally, ETH transactions exceeding $1 million increased by 14% on September 11, indicating intensified buying activity from high-net-worth individuals.
With Ethereum now facing critical resistance levels, analysts are keenly observing the charts. Ted Pillows predicted that a weekly candle close above $2,550 could propel ETH towards $3,000. Currently, ETH remains above its 20-, 50-, 100-, and 200-day EMAs, with an RSI reading of around 63–64, suggesting a bullish outlook. Key resistance levels are identified at $2,626 and $2,786, while support levels are positioned at $2,431, with deeper support near $2,235 and $2,182.
A daily close above $2,516 could pave the way for Ethereum to challenge the $2,700–$2,800 supply wall, while the 161.8% Fibonacci retracement level sits at $3,100, setting the stage for potential price movements in the coming weeks.
