Ethereum Smashes $2,600 Barrier Amid Broader Crypto Rebound

Ethereum's price surged past $2,600 for the first time in eight months on Friday morning, leading a broader rebound in major cryptocurrencies. The rally came after the Consumer Price Index (CPI) rose 0.3% month over month in August, above the 0.2% estimate.

Ethereum's price jumped more than 8% in the last 24 hours to touch $2,660, according to Coinbase data. This sharp move higher triggered a wave of liquidations across the crypto market, with about $665 million in crypto positions liquidated over the past 24 hours.

Ethereum accounted for about $250 million of these liquidations, more than Bitcoin's roughly $170 million. Crypto analyst Michael van de Poppe said 'the correction is over' and forecast that Bitcoin is about to set new highs.