Ethereum Surpasses $2,600 as CPI Data Sparks Rally

Ethereum (ETH) broke above $2,600 on September 11, marking its first breach of that level since early February. The move was driven by a U.S. Consumer Price Index (CPI) report that aligned with economists’ expectations, sparking a broader market rally.

Price Action and Market Impact

According to Bitstamp data, ETH reached a session high of $2,663 at 10 a.m. EST before easing to around $2,533 by 3 p.m. EST. Despite the pullback, the cryptocurrency stayed up nearly 3% over the previous 24 hours, keeping its market capitalization just under $310 billion and trimming year‑to‑date losses to 15%.

Liquidations and Trading Activity

The surge triggered approximately $215 million in short‑position liquidations on Bitstamp, compared with $91 million in long‑position liquidations. Over the same 24‑hour period, total liquidations across Bitcoin and other assets exceeded $211 million.

Technical Outlook

Analysts highlighted the $2,500 level as a critical support point. Holding above this threshold is seen as essential for ETH to pursue projected targets near $2,800‑$2,950 for the month. Resistance appears around $2,650, where the price retraced after the initial spike.

Market Sentiment

Social‑media commentary noted ETH’s outperformance relative to Bitcoin and other high‑cap altcoins, suggesting the possibility of an “ETH season” or broader altcoin rotation. The consensus on X (formerly Twitter) remains optimistic but cautious, with traders watching the $2,500 support closely.