Ethereum Surges Past $2,600 Amid US Inflation Data

Ethereum's price surged over 6.5% in under an hour to reach $2,663, its highest since February, after US Consumer Price Index data met expectations.

This rally triggered $215 million in short position liquidations and reduced ETH's year-to-date losses to 15%, raising hopes for a positive end to the year.

Analysts emphasize the importance of ETH holding above $2,500 to sustain momentum, with price targets between $2,800 and $2,950 predicted for September.