Ethereum Struggles Below $2,500 Amid Strong ETF Inflows
Ethereum's price has been stuck below $2,500 for several days, despite strong ETF inflows. On September 8, ETH traded at around $2,480 on CoinGecko, down 1% from the previous day. The token is still up 0.8% over the past seven days, trading between approximately $2,375 and $2,525 during that period.
The lack of direction comes as traders prepare for the US August Consumer Price Index report on September 11, a key inflation reading before the Federal Reserve's policy meeting. Markets are pricing in a near 60% chance of a rate hike this month following stronger US employment figures.
US employers added 162,000 jobs in August, while the unemployment rate remained unchanged at 4.1%. Average hourly earnings increased 0.3% from July and 3.1% from the previous year. The jobs report pushed Treasury yields higher, adding pressure on risk assets ahead of the CPI release.
Fed Governor Christopher Waller has tied his position on a September increase to the upcoming inflation numbers. He would support keeping rates unchanged if inflation continues to ease, while a stronger reading could lead him to back an increase.