Ethereum Price Tests $2,600 Floor Amid Hawkish Inflation Data
Ethereum's price has been volatile after surging to $2,667 on September 11 following the US Consumer Price Index release. However, it failed to sustain the spike and slid back below the $2,600 level, with traders reacting to hawkish inflation data.
The single session saw $250 million in Ethereum liquidations, significantly higher than Bitcoin's $170 million in liquidations. Transfers of ETH exceeding $1 million jumped 14% on that same day.
On-chain data shows that whale accumulation provides a structural floor for Ethereum, with the realized price for accumulation addresses climbing from $1,560 in June to nearly $3,000. Bitmine, chaired by Tom Lee, holds 5.9 million ETH, accounting for 4.9% of the total circulating supply.
The market remains stuck in a range between $2,450 and $2,600 as traders wait for the Fed decision on interest rates. If the price closes below $2,400, it would break both the horizontal support and the 200-period EMA, invalidating the higher-low structure built since September 3.