Ethereum (ETH) Price Soars Past $2,600 Despite Federal Reserve Rate Hike Concerns

Key Highlights

• Ethereum climbed beyond $2,600, marking its strongest performance since January
• Short sellers faced $216 million in forced liquidations within a 24-hour period
• ETF products tracking Ethereum recorded $216.41 million in net inflows on September 11, a two-week peak
• Goldman Sachs revised its forecast to anticipate a 25 basis point interest rate increase at the September 16 Federal Reserve meeting
• Market analysts project ETH may climb to $2,800–$3,400 if current support zones remain intact

On September 11, Ethereum climbed above the $2,600 threshold, momentarily reaching $2,665 before settling back to approximately $2,510. This price movement followed the publication of US Consumer Price Index figures, which revealed inflation increased by 0.4% on a monthly basis and 3.4% year-over-year, matching market forecasts.

Ethereum (ETH) Price

The core inflation metric, excluding volatile food and energy components, registered a 0.3% monthly increase—exceeding the anticipated 0.2%. This stronger-than-expected reading prompted Goldman Sachs to adjust its forecast, with analysts now projecting a 25 basis point rate increase by the Federal Reserve during its September 16 policy meeting. According to CoinGape prediction markets, there’s a 79% likelihood of such a hike materializing.

Yet despite these macroeconomic headwinds, Ethereum not only maintained its position but advanced further. The upward momentum left numerous bearish traders exposed.

Cryptocurrency market analyst Ash Crypto shared on X that ETH had successfully escaped a 21-day bullish ascending triangle pattern, commenting: “If this level holds, we can see $2,800–$3,400 next.” This technical breakout intensified the optimistic sentiment among market participants.

Data from Coinglass indicates that the price spike resulted in approximately $216 million worth of short position liquidations across a 24-hour window. The most substantial single liquidation occurred on Hyperliquid, valued at nearly $20.3 million. Meanwhile, ETH open interest declined to 12.5 million ETH, representing a decrease of 1.5 million for that day.

ETF Products See Strongest Demand in Two Weeks

Exchange-traded funds focused on Ethereum attracted $216.41 million on September 11—representing the strongest single-day inflow since August 27. The BlackRock Ethereum Trust (ETHA) dominated with $148 million in net contributions. The Bitcoin Ethereum ETF followed with $29 million in inflows.

Combined trading volume across all Ethereum ETF products exceeded $2.56 billion, approaching Bitcoin’s daily volume of $2.6 billion. Ethereum stood alone among major cryptocurrency investment vehicles in recording positive flows, while Bitcoin and Solana-based products experienced net outflows.

Goldman Sachs analyst Jonathan Shugar indicated that risk-oriented assets might still appreciate despite a potential rate increase, potentially explaining the sustained institutional appetite for ETH products.

Large Holder Movement and Critical Price Zones

Market analyst Ali Martinez highlighted on X that approximately 10 million ETH had changed hands within the $2,700–$2,800 price band, characterizing it as a significant supply barrier. He indicated that large holders would need to drive prices beyond this zone to establish a path toward $3,000. Martinez further observed that Ethereum transactions exceeding $1 million in value increased by 14% on September 11, signaling heightened whale participation.

Analyst Ted Pillows forecasted that a weekly candlestick closing above $2,550 might propel ETH toward the $3,000 level.

From a technical perspective, ETH continues trading above its 20-, 50-, 100-, and 200-day exponential moving averages. The Relative Strength Index hovers around 63–64, reinforcing the bullish case. Primary resistance zones are located at $2,626 and $2,786. Support levels appear at $2,431, with additional cushions near $2,235 and $2,182.

A sustained daily close above $2,516 could clear the way toward the $2,700–$2,800 supply concentration, with the 161.8% Fibonacci extension target positioned at $3,100.

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