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

Ethereum price surged 7.46% by the end of the September 11 trading week, reaching $2,619 as bullish momentum returned to the cryptocurrency market. ETH gained 6.62% over the full week, strengthening expectations that the second-largest cryptocurrency could extend its recovery.

Fundstrat co-founder Tom Lee described the latest market move as the beginning of a major “face-ripper rally,” suggesting traders betting against Ethereum could face further pressure. Lee’s outlook carries additional significance because Bitmine Immersion Technologies, where he serves as chairman, has become the world’s largest corporate Ethereum holder.

The rally accelerated following the release of August U.S. Consumer Price Index data. Annual inflation came in at 3.4%, matching forecasts, while Core CPI increased 0.3% month over month, slightly exceeding expectations. Markets initially reacted with volatility and higher Treasury yields before risk assets quickly reversed upward.

Fundstrat said investors had positioned defensively ahead of the inflation report. With the data proving less disruptive than feared, capital moved back into riskier assets, helping fuel gains across the crypto market. The sharp reversal also forced traders holding bearish positions to liquidate, adding further momentum to the Ethereum price rally.

The move could benefit Bitmine Immersion Technologies, which has steadily accumulated ETH under Lee’s “alchemy of 5%” strategy. The former mining company has been purchasing Ethereum weekly as it works toward controlling a significant portion of the cryptocurrency’s circulating supply.

By September 2026, Bitmine had accumulated approximately 5.9 million ETH, equivalent to roughly 4.9% of global Ethereum supply. Most of those holdings have reportedly been placed into staking to generate additional yield.

Bitmine’s continued Ethereum purchases have tightened the amount of ETH readily available to the market. Combined with renewed risk appetite and short liquidations following the CPI report, that supply strategy has helped create favorable conditions for Ethereum bulls while increasing pressure on bearish traders.