Ethereum price showed strength in September, but data suggests holding above $2,600 will be a challenge.
Ether (ETH) is trying to maintain its position above the $2,600 resistance level following a 15.1% gain between Sept. 18 and Sept. 23. Recent macroeconomic data indicating a weakening economy has fueled a rally in the stock market, increasing demand for short-term government bonds. In this context, traders are betting that the upcoming $2.78 billion monthly Ether options expiry on Sept. 27 could solidify the current bullish momentum.
The surge in Ether’s price has been primarily driven by a cut in US Federal Reserve interest rates, signaling a shift toward a more accommodative monetary policy. As a result, the S&P 500 index hit an all-time high on Sept. 24. Further bolstering this outlook, a drop in the S&P Global Manufacturing PMI on Sept. 23 heightened investor concerns about the health of the economy.
Ether/USD (blue) vs. US 2-year Treasury yield (magenta). Source: TradingView
