Ethereum Price Stalls at $2,600 as Fed Hike Looms

Ethereum's price reached $2,667 on September 11 before retreating to around $2,505 on the Bitstamp ETHUSD pair as of September 14.

The sharp increase followed the release of the August US Consumer Price Index, which showed a 3.4% year-over-year headline inflation rate and a 0.3% month-over-month core CPI rise, both in line with expectations.

Traders had been leaning short into the data, and the move caught them off guard, resulting in around $665 million in crypto positions being liquidated across the market in 24 hours, with about $400 million of that on the short side.

The Ethereum supply wall above $2,700 to $2,800 is also a concern, as it represents a heavy supply zone where holders are close to break-even and may sell.