Ethereum jumped 7.46% this week after a softer-than-feared inflation report, and a chart posted by a trader now shows the token retesting a resistance line for only the third time in its history. One analyst maps a path toward $15,000 if the level breaks, while Bitmine Immersion Technologies keeps adding to its position as the largest corporate holder of ETH.
By the end of the trading week on September 11, Ethereum's price had risen 7.46%, reaching $2,619.0, with the asset up 6.62% over the week as a whole. The move followed the release of the August U.S. Consumer Price Index. Core CPI came in at 2.4%, its lowest level in over five years, while headline inflation held at 3.4%, propped up largely by an oil price spike tied to the Iran war. Rate markets, however, reacted to a hotter monthly "supercore" services reading that rose 0.3% against a 0.2% forecast.
According to Fundstrat, investors had adopted extremely defensive positions ahead of the release. As a result, the relatively harmless data triggered a wave of forced short-position liquidations, and Fundstrat co-founder Tom Lee described the momentum as the start of a rally that would squeeze short sellers.
A third test of multi-year resistance
Trader Crypto Patel shared a chart tracing a descending trendline from 2018 to 2021 marked by three lower highs. According to Crypto Patel: "biggest breakout setup yet". The pattern now shows Ether retesting the same horizontal resistance that capped its 2021 peak and again near 2025 — the third touch of that line. Below it, a band the analyst calls the Best Accumulation Zone has caught every major pullback, with ETH sitting just above a rising support trendline around $2,460 on the chart's own reading.
Patel's roadmap lists $3,270 and $4,892 as the first two targets, with $5,500 also flagged before the path opens toward $10,000 and then $15,000. At the time of writing, spot ETH had changed little in 24 hours but was down about 1% on the week and roughly 44% below its year-ago level; over the past month, though, it was up 31%, still 50% below its August 2025 all-time high.
Bitmine keeps building its ETH stack
The rally also benefits Bitmine Immersion Technologies, the company Tom Lee has chaired since summer 2025 and which is now the world's largest corporate holder of Ethereum. The firm buys the second-largest cryptocurrency by market capitalization every week, and by September 2026 it had accumulated 5.9 million ETH, about 4.9% of the global supply, staking most of the coins to generate yield.
While skeptics waited out the inflation data in cash, Bitmine's steady weekly buying captured a share of ETH supply that turned the week's price reversal into a costly lesson for short sellers.
Sources: CryptoPotato, U.Today, Coinpedia Fintech News
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