TLDR
- ETH briefly surged above $2,600, reaching its highest level since January
- The move triggered $216 million in short liquidations in 24 hours
- Ethereum ETF inflows hit a two-week high of $216.41 million on September 11
- Goldman Sachs now expects a 25 basis point rate hike at the September 16 FOMC meeting
- Analysts say ETH could reach $2,800–$3,400 if key levels hold
Ethereum pushed above $2,600 on September 11, briefly touching $2,665 before pulling back to around $2,510. The move came after US CPI data was released, showing inflation rose 0.4% month-on-month and 3.4% year-on-year, in line with expectations.
Core CPI, which strips out food and energy, came in at 0.3% month-on-month — above the 0.2% forecast. That reading pushed Goldman Sachs to revise its call, with the bank now expecting the Federal Reserve to hike rates by 25 basis points at the September 16 FOMC meeting. CoinGape prediction markets put the probability of a hike at 79%.
Despite that macro pressure, Ethereum held its ground and actually moved higher. The rally caught a lot of short traders off guard.
Crypto analyst Ash Crypto posted on X that ETH had just broken out of a 21-day bullish ascending triangle consolidation, saying: “If this level holds, we can see $2,800–$3,400 next.” The breakout added fuel to the bullish sentiment circulating among traders that day.
$ETH just broke out of a 21-day bullish ascending triangle consolidation.
If this level holds, we can see $2,800-$3,400 next. https://t.co/sULMGv6k9o pic.twitter.com/PgT1QvStRr
— Ash Crypto (@AshCrypto) September 11, 2026
According to Coinglass data, the surge triggered roughly $216 million in short liquidations over 24 hours. The largest single liquidation order was worth nearly $20.3 million and took place on Hyperliquid. ETH open interest dropped to 12.5 million ETH, down 1.5 million for the day.
ETF Inflows Hit Two-Week High
Ethereum ETFs pulled in $216.41 million on September 11 — the highest inflow since August 27. The BlackRock Ethereum Trust (ETHA) led the pack with $148 million in inflows. The Bitcoin Ethereum ETF came in second with $29 million.
Bitcoin ETFs See $13.29M Net Outflows on September 11 (ET), Extending Outflow Streak to Four Days; Ethereum ETFs See $216M Net Inflows
According to SoSoValue data, U.S. spot Bitcoin ETFs recorded total net outflows of $13.29 million on September 11 (ET), marking the fourth… pic.twitter.com/nkDVAk5opU
— Wu Blockchain (@WuBlockchain) September 12, 2026
Total value traded across all Ethereum ETFs topped $2.56 billion, nearly matching Bitcoin’s $2.6 billion for the day. Ethereum was the only major crypto fund to record inflows, with Bitcoin and Solana seeing outflows.
Goldman Sachs analyst Jonathan Shugar suggested that risk assets could still gain even with a rate hike, which may explain why ETF demand stayed strong.
Whale Activity and Key Price Levels
Analyst Ali Martinez noted on X that 10 million ETH had traded in the $2,700–$2,800 range, calling it a supply wall. He said whales would need to push price above that zone for ETH to reach $3,000. Martinez also pointed out that ETH transactions worth more than $1 million rose 14% on September 11, suggesting whale-driven buying.
4/5 Despite the sharp rally, Ethereum is now approaching major resistance.
More than 10 million $ETH were previously traded between $2,700 and $2,800, creating a significant supply wall.
This is the key range that whales must break to allow Ethereum to rise to $3,000. pic.twitter.com/ymvjLHF0Qc
— Ali Charts (@alicharts) September 11, 2026
Analyst Ted Pillows predicted that a weekly candle close above $2,550 could send ETH toward $3,000.
On the charts, ETH remains above its 20-, 50-, 100-, and 200-day EMAs. The RSI sits at around 63–64, supporting a bullish outlook. Key resistance sits at $2,626 and $2,786. Support levels are at $2,431, with deeper support near $2,235 and $2,182.
A daily close above $2,516 could open the path toward the $2,700–$2,800 supply wall, with the 161.8% Fibonacci level sitting at $3,100.
