ETH is seeing another period of relative strength, trading up 7% this morning above $2,600, and still sitting around +4% on the day at the time of writing.
During this period, ETH has outperformed stable BTC (+0.33%) and hotter majors like SOL, HYPE, and ZEC (all of which are around +2% in the last 24 hours).
After a brief break, $ETH begins to surpass both $BTC and again the broader altcoin market.
I think this is just the start of a trend that will define much of 2027.
Crypto is simply a better market when ETH is leading.
More liquidity. No more rotation. More opportunities.… https://t.co/RcYgdx1wVr pic.twitter.com/ESuTP3EykW– Wolf 🐺 (@IamCryptoWolf) September 11, 2026
What’s the scoop?
- The backdrop: Friday’s CPI was mixed, meaning a warmer overall number softened by a cooler central number. Markets appear to have shrugged off this result as it had already been priced in, shifting the mood from the nervousness caused by Thursday’s IPP towards an appetite for risk.
- Secondary driver: This change in mood led to buying pressure, buying pressure led to a rebound, and the rebound led to a squeeze. As ETH shorts became a crowded market again, this rebound forced hundreds of millions of dollars in liquidations, with an outsized position wipe on Hyperliquid alone causing much of this damage.
- What to watch: Traders are now betting that the Fed will raise rates at next week’s FOMC meeting. Ratings jumped to 80% after Friday’s data, up from around 70% the day before. If this rate hike happens and the Fed signals that more are coming, ETH’s rally could stall. Yet if Fed Chairman Warsh appears less aggressive when he speaks next, ETH’s strength could just as easily endure.