Ethereum Surges Past $2,600 to Lead Rebound

Ethereum surged on Friday, 11 September, crossing $2,600 for the first time in more than seven months and leading a broader crypto market recovery. According to Coinbase data, the price jumped more than 8% over 24 hours to touch $2,660.

The advance outpaced major cryptocurrency peers over the same 24-hour period. Bitcoin rose around 2.7%, Solana gained 5.3%, and XRP climbed 4.2%, while the overall crypto market moved up 1.1% to roughly $2.75 trillion. Shares of Bitmine Immersion Technologies also rose more than 9% in morning trading.

The rapid ascent triggered broad market liquidations totaling about $665 million over 24 hours, including roughly $400 million in short positions. Ethereum accounted for about $250 million of these liquidations, exceeding Bitcoin's roughly $170 million.

The rally took place despite higher inflation data. In August, core CPI increased 0.3% month over month, exceeding the 0.2% consensus estimate, while annual core CPI stood at 2.4%. Headline CPI rose 0.4% from July and 3.4% year over year, both meeting forecasts, which lifted CME FedWatch rate hike probabilities to 88%.

Tom Lee, chairman of Fundstrat and Bitmine Immersion Technologies, noted that investors and the Federal Reserve had grown overly hawkish ahead of the data. Separately, MNFund founder Michael van de Poppe stated on X that the market correction is over and forecast that Bitcoin is preparing to set new highs.