Ethereum Price Rally Falls Short as Sellers Reclaim $2.5K

Ethereum's price surged by 10% to $2,667 on Friday after the Consumer Price Index (CPI) report showed inflation was at a 3.4% annual pace.

Crypto analyst Ali Martinez noted that this short-term price move followed the CPI report and stock futures rising ahead of it, which lit up short positions in the market.

The $2,530 level had been a hurdle for bulls to overcome since August 21st, with built-up long and short liquidations around the short-term range.

A recent UTXO Realized Price Distribution showed heavy accumulation in the $2,700-$2,800 area, which could be major resistance for Ethereum's price.