Key Takeaways
- On Sept. 11, ETH surged past $2,600 for the first time since February following U.S. CPI data.
- ETH sparked $215 million in short liquidations on Bitstamp and trimmed year-to-date losses to 15%.
- Analysts view holding the $2,500 support level as key to reaching target projections near $2,950.
CPI Catalyst
On Friday, Sept. 11, ether (ETH) breached $2,600 for the first time since early February, reviving hopes that the number two cryptocurrency could end the year in the green. The surge accompanied a broader market rally triggered by new U.S. Consumer Price Index data that matched economists’ projections.
According to Bitstamp data, ETH rallied to a session high of $2,663 at 10 a.m. EST before gradually retreating and eventually finding support above $2,500. Before the CPI-inspired rally, ETH was stuck in the $2,450 range and appeared to lose ground moments before its sudden spike.
In the first of two rallying waves, ETH breezed past $2,500 before losing momentum after reaching $2,510. However, in the second wave, the cryptocurrency added more than $150 (6.5%) in less than an hour to reach a multi-month peak before a market-wide downturn saw its price drop to $2,533 by 3 p.m.
Despite the reversal, ETH remained up nearly 3% over 24 hours, keeping its market capitalization just under $310 billion. The gains trimmed its year-to-date losses to 15%, raising prospects that the cryptocurrency could finish 2026 in the green.
Meanwhile, the cryptocurrency’s market-beating performance triggered $215 million in short bets liquidations alone, compared with $91 million in long bets. For context, during the same period, liquidations on bitcoin, both longs and shorts, topped $211 million.
Market Sentiment
ETH’s apparent emergence from a long hiatus during which other altcoins like HYPE and ZEC have hogged the limelight has excited the cryptocurrency’s faithful supporters. On the social media platform X, analysts noted that ETH had outperformed bitcoin and many other high-cap altcoins. Some traders highlighted this relative strength as a potential signal that “ETH season” or an altcoin rotation could be starting.
A central talking point was the aggressive squeeze on short positions, as ETH accounted for approximately 40% of the total $758 million in liquidated positions over 24 hours.
However, technical traders pointed out that while the spike was explosive, the quick retracement down toward $2,500–$2,530 showed resistance near $2,650. Current sentiment views $2,500 as the critical support ETH must hold to maintain its upward momentum.
The overall tone on X is optimistic but watchful. Crypto traders see the $2,600 breakout as a strong sign indicating that the months-long consolidation phase may be ending, with target price projections ranging between $2,800 and $2,950 for September if ETH holds above $2,500.
