Ethereum Surges on Inflation Report, Fundstrat Co-Founder Sees Massive Rally

Ethereum's price surged more than 7% to $2,619 after the US August inflation report, showing strong upward momentum. Fundstrat co-founder Tom Lee expects a massive 'face-ripper' rally, as his company Bitmine Immersion Technologies holds nearly 5% of global ETH supply.

The rally was triggered by inflation data slightly exceeding expectations, causing short sellers to liquidate positions and capital to flow into risk assets. This move intensified the price rebound and put pressure on skeptics holding cash.