Ethereum Price Surges to $2,667 on Inflation Data

Ethereum's price surged from $2,437 to $2,667 on September 11, driven by the release of US inflation data showing a 3.4% annual growth rate.

This sudden rise led to a liquidation of $211 million in short positions, indicating strong investor demand for the asset.

However, analysts warn that this breakout may be a bearish trap, with Ethereum's price potentially dropping towards $2,100 if it falls below $2,380.

Traders are advised to exercise caution as the bullish breakout failed to hold, suggesting potential downward pressure ahead.