Key Highlights
- Ethereum climbed past $2,600, marking its strongest performance since January
- Short sellers faced $216 million in forced liquidations within a single day
- ETF products recorded $216.41 million in net inflows on September 11, a two-week peak
- Goldman Sachs forecasts a 25 basis point interest rate increase at the upcoming September 16 Federal Reserve meeting
- Technical observers suggest ETH may target $2,800–$3,400 should current support zones remain intact
On September 11, Ethereum climbed beyond the $2,600 threshold, momentarily reaching $2,665 before settling back to approximately $2,510. This upward movement followed the release of US Consumer Price Index figures, which indicated a 0.4% monthly inflation increase and a 3.4% annual rise, matching analyst forecasts.
The core inflation metric, excluding volatile food and energy components, registered 0.3% month-over-month—exceeding the anticipated 0.2%. This stronger-than-expected figure prompted Goldman Sachs to adjust its forecast, now anticipating a 25 basis point rate increase from the Federal Reserve during its September 16 policy meeting. According to CoinGape prediction markets, traders assign a 79% likelihood to this outcome.
Even with this macroeconomic headwind, Ethereum maintained momentum and continued climbing. The swift price action left numerous bearish positions vulnerable.
Market analyst Ash Crypto shared observations on X, noting that ETH had completed a breakout from a 21-day ascending triangle formation, stating: “If this level holds, we can see $2,800–$3,400 next.” This technical development reinforced the optimistic atmosphere among market participants.
Data from Coinglass reveals that approximately $216 million in short positions were forcibly closed during the 24-hour period. The most substantial individual liquidation exceeded $20.3 million and occurred on the Hyperliquid platform. Meanwhile, ETH open interest contracted to 12.5 million tokens, declining by 1.5 million throughout the trading session.
Record ETF Capital Flows
Ethereum-focused exchange-traded funds attracted $216.41 million on September 11—representing the strongest single-day performance since August 27. The BlackRock Ethereum Trust (ETHA) dominated with $148 million in net contributions. The Bitcoin Ethereum ETF secured second position 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. Among major cryptocurrency investment vehicles, Ethereum stood alone in recording positive flows, while Bitcoin and Solana products experienced withdrawals.
Goldman Sachs analyst Jonathan Shugar proposed that risk-oriented assets might continue advancing despite tighter monetary policy, potentially accounting for the sustained ETF appetite.
Large Holder Movements and Technical Markers
Market observer Ali Martinez highlighted on X that 10 million ETH changed hands within the $2,700–$2,800 price corridor, characterizing it as a significant resistance zone. He indicated that substantial holders would need to drive prices through this barrier for Ethereum to approach $3,000. Martinez further observed that transactions exceeding $1 million increased by 14% on September 11, pointing to institutional accumulation.
Trader Ted Pillows projected that a weekly closing price above $2,550 might propel ETH toward the $3,000 milestone.
From a technical perspective, ETH currently trades above its 20-, 50-, 100-, and 200-day exponential moving averages. The Relative Strength Index hovers around 63–64, indicating continued bullish momentum. Primary resistance zones are positioned at $2,626 and $2,786. Support structures exist at $2,431, with additional floors near $2,235 and $2,182.
A sustained daily close beyond $2,516 could establish a trajectory toward the $2,700–$2,800 resistance cluster, while the 161.8% Fibonacci extension level targets $3,100.
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