Ethereum Price Breaks Past $2,600 Despite Fed Rate Hike Worries
Ethereum's price surged past $2,600 on September 11, marking its strongest performance since January. The surge was despite concerns about a potential Federal Reserve rate hike.
The Ethereum price momentarily reached $2,665 before settling back to approximately $2,510. This movement followed the publication of US Consumer Price Index figures, which revealed inflation increased by 0.4% on a monthly basis and 3.4% year-over-year, matching market forecasts.
Goldman Sachs revised its forecast to anticipate a 25 basis point interest rate increase at the September 16 Federal Reserve meeting. However, despite these macroeconomic headwinds, Ethereum maintained its position and advanced further. The upward momentum left numerous bearish traders exposed.