Ethereum spent most of the last three weeks doing very little, then packed an entire month of drama into a single session. On 11 September, $ETH ripped from roughly $2,437 to as high as $2,667, printed its first move above $2,600 in around eight months, and then handed most of it straight back. As of 14 September, the Bitstamp ETHUSD pair is trading near $2,505, up a rounding-error 0.19% on the session.
That combination, a violent spike followed by three days of nothing, is the whole story right now. $Ethereum has the buyers. What it does not yet have is the follow-through. Below is the macro picture and the technical picture, and where the two collide.
What Happened to the Ethereum Price This Week?
The trigger was the August US Consumer Price Index, released on 11 September. Headline inflation came in at 3.4% year over year, matching expectations, while core CPI rose 0.3% month over month, slightly hotter than forecast. On paper that is a mildly hawkish print. Crypto rallied anyway.
The reason is positioning, not economics. Traders had been leaning short into the data, and the move detonated them. Roughly $665 million in cr...
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