Ethereum Price Treadmill: Will CPI Report Break the Stalemate?

Ethereum price has been moving sideways in recent days, trading around $2,464. The market is watching closely as Fed rate hike odds climb, with a 69.6% chance of a 25 basis point hike at the September 16 meeting.

This uncertainty has contributed to the decline in spot demand, which has dropped to levels not seen in a while. Additionally, Ethereum spot ETFs have seen notable net outflows this week.

The upcoming CPI report on Friday is expected to be a significant catalyst for Ethereum's price movement. A cooler-than-expected number could ease rate hike fears and give the price room to bounce.