Crypto
Ethereum Breaks Out of Ascending Triangle Pattern, Surges Past $2,600
Ethereum (ETH) surged past $2,600 despite concerns about a potential Federal Reserve rate hike. The cryptocurrency's price momentum left short sellers exposed, with approximately $216 million in forced liquidations within a 24-hour period.
The upward trend was fueled by strong inflation data and technical analysis from market analysts. According to Ash Crypto, ETH had broken out of a bullish ascending triangle pattern, potentially paving the way for a price target between $2,800 and $3,400.
ETF products tracking Ethereum recorded net inflows of $216.41 million on September 11, exceeding two-week highs. This influx of capital was led by the BlackRock Ethereum Trust (ETHA), which attracted $148 million in net contributions.