Ethereum Price Jumps 7% as Tom Lee Signals ‘Face-Ripper Rally'

Ethereum experienced a sharp 7.46% rally by the close of the trading week ending September 11, reaching $2,619 and registering a 6.62% weekly gain. The renewed upside momentum followed the release of the August U.S. Consumer Price Index report, which showed headline inflation meeting expectations at 3.4% year-over-year while Core CPI rose 0.3% month-over-month. After an initial spike in Treasury yields, investors rapidly rotated capital back into risk assets as inflation figures proved less disruptive than anticipated, prompting a cascade of short liquidations across crypto derivatives markets. Fundstrat co-founder Tom Lee highlighted the move as the onset of a major rally, noting that short sellers face mounting squeeze risks. Market dynamics are further supported by structural supply constraints driven by Bitmine Immersion Technologies, where Lee serves as chairman. By September 2026, Bitmine had accumulated roughly 5.9 million ETH—representing about 4.9% of circulating supply—most of which is committed to staking. The reduction in freely floating ETH combined with returning institutional and retail risk appetite continues to provide tailwinds for the asset.