Ethereum Skyrockets on Eased Tensions and Rate Hike Fears

Ethereum's price jumped about 5% to $2,508 on September 4 as concerns over a US-Iran conflict eased and expectations for a Federal Reserve rate hike decreased.

The sharp increase in Ethereum's price has also led to renewed investor interest, with spot Ethereum ETFs seeing a reversal of inflows totaling $141.39 million, mainly driven by BlackRock and Fidelity products.

This development comes as analysts note that a weekly close above the key resistance level at $2,560 could trigger a rally towards $3,000.