Crypto
Ethereum Price Surges to $2,667 on CPI Report
Ethereum's price surged to $2,667 on Friday, September 11th, after the CPI report showed inflation at a 3.4% annual pace. This move liquidated $211 million in short positions for the day.
The rally was attributed to the coiled price action beneath the $2,530 high, which had been a point of resistance since August 21st. The stock futures rising ahead of the report likely lit the spark that led to these overhead short liquidations being hunted down.
The UTXO Realized Price Distribution shows heavy accumulation in the $2,700-$2,800 area, making it major resistance. There was also an increase in whale activity over the past couple of days, despite a lack of a strong price trend.