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Ethereum faces a $2800 supply wall after ETF inflows soared to $216 million

2026-09-12 18:45:23
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Ethereum breaks through the US$2,600 mark: Spot ETF inflows hit a two-week high

Ethereum prices strongly break the US$2,600 mark as U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) inflows hit their highest level in two weeks. Although Goldman Sachs warned that the risk of a possible Federal Reserve raising interest rates remained, market sentiment remained optimistic.

Core Points

  • Strong inflows: On September 11, the U.S. spot Ethereum ETF attracted a net inflow of US$216.41 million, the strongest single-day inflow since August 27.
  • Price dynamics: Ethereum prices briefly touched US$2,665, and then traded around US$2,515, up about 2%. Analysts pointed to the $2,700 to $2,800 range as the next major area of supply resistance.
  • Macro background: Despite the macro risk of a 25 basis point rate hike by the Federal Reserve, analysts are still optimistic about Ethereum's path towards $3,000.

Ethereum ETF Fund Flow Analysis

On September 11, driven by U.S. inflation data in line with market expectations and accelerated demand for spot Ethereum ETF, the price of Ethereum briefly hit US$2,665, and then fell back to approximately US$2,515, with an overall increase of about 2%.

Data showed that SoValuedata showed that the Ethereum ETF received a net capital inflow of US$216.41 million that day, the highest single-day total since August 27. Among them, BlackRock's ETHA fund led the way with inflows of approximately US$148 million, with the second-largest fund with inflows of approximately US$29 million.

It is worth noting that in this report, Ethereum Fund is the only major cryptocurrency ETF category to record capital inflows. In contrast, Bitcoin (BTC) and Solana (SOL)-related products saw outflows, while XRP funds remained flat. The total trading volume of the Ethereum ETF reached approximately US$2.56 billion, close to the approximately US$2.6 billion recorded by Bitcoin funds.

Goldman Sachs warns of macro risks and interest rate expectations

While funds are flowing in, Goldman Sachs pointed out that as the core consumer price index (CPI) rose 0.3% month-on-month, higher than the expected 0.2%, the Federal Reserve may raise interest rates by 25 basis points at its September 16 meeting. CoinGape predicts that the market will set the probability of a rate hike at 79%.

Despite this, Goldman Sachs analyst Jonathan Shugar said that even if the Fed chooses to raise interest rates, risky assets are likely to continue to rise. In addition, after the European Central Bank raised interest rates by 25 basis points, the Bank of Japan also expects to raise interest rates on September 16.

On-chain activities and technical outlook

On-chain activity has brought new tests to this rebound. Analyst Ali Martinez pointed out that more than 10 million Ethereum units were traded in the price range of $2,700 to $2,800, creating a "supply wall" that buyers had to clear before seeing a target price of $3,000.

Martinez also mentioned a 14% increase in trading volume worth more than $1 million on September 11, and linked this increase to the activity of whales (large holders) during periods of market volatility. Another analyst, Ted Pillows, said that if Ethereum's weekly closing price stabilizes above $2,550, it will open the way to move towards $3,000.

From a technical perspective, Ethereum broke through the consolidation resistance level near $2,516. The article pointed out that US$2,390 is the key downtrend line, and if it breaks below this level, the bullish pattern will be weakened. Looking back at a similar breakthrough in August 2026, a 31% increase followed, so the current range is also a critical moment to test whether recent momentum can continue rather than fade.

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