Ethereum Price Surges Amid Rising Futures Contracts

According to BlockBeats, Ethereum's price surged by 11.7% between September 17 and September 19, reaching a three-week high of $2,572. This price movement coincided with an increase in Ethereum futures open interest, which soared to a 20-month high. As a result, traders are concerned that the higher leverage might amplify potential price volatility. Lower interest rates have supported Ethereum's bullish momentum, but risks in the U.S. economy remain. The recent rise in Ethereum's price aligns with an overall 8.3% increase in the cryptocurrency market, driven by U.S. interest rate cuts and strong labor market data. This momentum also propelled the S&P 500 to a record high on September 19. Lower interest rates reduce the cost for companies to issue new debt, alleviating concerns about a potential stock market pullback.