Ethereum Surges Past $2,700 as ETF Money Returns
Ethereum's price rose to $2,700 before pulling back to around $2,659, as investors returned to the market following a brief period of low activity. The token gained approximately 6% over seven days and is now trading above its recent consolidation range.
The return of ETF money, with US spot Ethereum exchange-traded funds recording $143.8 million in net inflows on September 18, contributed to the price increase. Additionally, short liquidations increased, with CoinGlass data showing over $79 million in Ethereum shorts were liquidated over 24 hours.
The Federal Reserve's interest rate hike last week had caused oil prices to surge, putting pressure on risk assets. However, Brent crude fell by around 2% to $101.71 a barrel on Monday as Saudi exports recovered and markets assessed the prospect of improved oil flows from the Middle East.