Ethereum Price Surges Above $2,490 Amid Softer Fed Rate Expectations

Ethereum's price has been on the rise, climbing above $2,490 as of September 6. This increase comes as investors reassess their expectations for US monetary policy following recent comments from Federal Reserve Governor Christopher Waller.

Waller's remarks have reduced concerns about an immediate rate hike, improving sentiment across risk assets and supporting Ethereum's recovery. The cryptocurrency has also received a boost from continued interest in US spot Ethereum ETFs, with strong weekly inflows cited by market reports.

Ethereum's price action is still cautious, however, as the cryptocurrency repeatedly moves between the low-$2,400s and the $2,500-plus region. Traders are watching the $2,530 area as an important level that could determine whether ETH extends its recovery or returns to lower support levels.

The next major test for Ethereum is whether buyers can push the cryptocurrency decisively through $2,530. A sustained break above that area could strengthen the bullish setup and bring the $2,700 level into focus. However, traders still need to watch the downside, as a move below the $2,350-$2,400 support area could increase liquidation pressure and weaken the current recovery.