Ethereum Price Soars as World's Largest Corporate Holder Predicts 'Face-Ripper Rally'

The price of Ethereum on Bitstamp has surged by 7.46% to $2,619.0 as of September 11, marking a significant increase in its value.

Fundstrat co-founder Tom Lee describes this momentum as the beginning of a massive 'face-ripper rally' for short sellers.

Lee's company, Bitmine Immersion Technologies (BMNR), is the world's largest corporate holder of Ethereum, with 5.9 million ETH on its balance sheet, representing approximately 4.9% of the global supply.

The surge in Ethereum's price was triggered by the release of the August U.S. Consumer Price Index (CPI) data, which showed a slight increase in core inflation, exceeding forecasts.