Ethereum (ETH) prices soared above $2600 despite concerns about the Federal Reserve raising interest

Core Highlights

• ETF products tracking Ethereum recorded the strongest capital inflow in two weeks
• Analysis of major market trends and key price ranges
• Ethereum broke through the US$2,600 mark, setting its strongest performance since January
• Shorts encountered forced liquidation of approximately US$216 million within 24 hours
• September 11, ETF products tracking Ethereum recorded a net inflow of US$216.41 million, a two-week high.
• Goldman Sachs revised its forecast and expects the Federal Reserve to raise interest rates by 25 basis points at its September 16 meeting.
• Market analysts predict that if current support remains solid, ETH may climb to 2,800 - 3. US$400 Range

Macro Background and Market Reaction

On September 11, the Ethereum (ETH) price exceeded the US$2,600 mark, once touching US$2,665 in intraday trading, and then fell back to about US$2,510. This price fluctuation follows the release of U.S. Consumer Price Index (CPI) data, which shows that monthly inflation rose 0.4% month-on-month and 3.4% year-on-year, in line with market expectations.

Core inflation indicators, which exclude volatile food and energy components, showed a monthly increase of 0.3%, higher than the expected 0.2%. The higher-than-expected data prompted Goldman Sachs to revise its forecast, and analysts now expect the Fed to raise interest rates by 25 basis points at its September 16 policy meeting. According to CoinGape forecast market data, the probability of such a rate hike is 79%.

Despite these macroeconomic headwinds, Ethereum not only maintained a strong position, but also moved further. This upward momentum has put many bearish traders on a passive footing.

Technical Analysis and Short Clearing

Cryptocurrency market analyst Ash Crypto said on Platform X (formerly Twitter) that ETH successfully broke through the 21-day bullish rising triangle consolidation pattern and commented: "If this level is maintained, we can see a price of $2,800-$3,400 next." This technical breakthrough has intensified the optimism of market participants.

According to Coinglass data, this price surge resulted in approximately $216 million of short positions being liquidated within 24 hours. The largest of these individual liquidations occurred on the Hyperliquid platform, valued at nearly $20.3 million. At the same time, the number of open ETH contracts dropped to 12.5 million ETH contracts, a decrease of 1.5 million on the day.

Strong demand for ETF products

Ethereum-focused exchange-traded funds (ETFs) attracted $216.41 million in inflows on September 11, the strongest one-day inflow since August 27. BlackRock's Ethereum Trust Fund (ETHA) dominates with a net inflow of $148 million. The Bitcoin Ethereum ETF followed closely, recording an inflow of $29 million.

In contrast, the U.S. spot Bitcoin ETF recorded a total net outflow of US$13.29 million on September 11 (EST), extending the outflow trend into the fourth day. The total trading volume of all Ethereum ETF products exceeds US$2.56 billion, close to Bitcoin's daily trading volume of US$2.6 billion. Among all major crypto investment vehicles, Ethereum was the only one to record positive capital inflows, while products based on Bitcoin and Solana-experienced net outflows.

Goldman Sachs analyst Jonathan Shugar pointed out that despite the possible risk of interest rate hikes, risk-oriented assets may still appreciate, which may explain institutions 'continued appetite for ETH products.

Large households and key price ranges

Market analyst Ali Martinez pointed out on platform X that about 10 million ETH units changed hands in the price range of US$2,700 - 2,800, describing it as an important supply barrier. He said big players need to push prices beyond this range to pave the way to $3,000. Martinez further observed that Ethereum transactions worth more than $1 million increased by 14% on September 11, indicating increased whale engagement.

Analyst Ted Pillows predicts that if the weekly close stands above $2,550, it may push ETH towards the $3,000 level.

From a technical perspective, ETH continues to trade above the 20-day, 50-day, 100-day and 200-day exponential moving averages. The Relative Strength Index (RSI) hovers between 63 and 64, reinforcing the bullish argument. The main resistance areas are at $2,626 and $2,786. Support appears at $2,431, with additional buffers around $2,235 and $2,182.

If the daily closing price can be stabilized above US$2,516, it will clear the way to a supply concentration area of US$2,700 - 2,800, with the 161.8% Fibonacci expansion target at US$3,100.