Ethereum Soars 5% on Cooling Inflation and Weakened Fed Rate Hopes

Ethereum surged over 5% following June's U.S. Consumer Price Index report, which showed inflation at 3.5%, below market forecasts.

This easing of pressure on the Federal Reserve to raise interest rates further boosted risk assets like cryptocurrencies.

Ethereum broke the key $1,800 resistance, causing about $300 million in short contracts to be liquidated, with ETH accounting for over a third of these.