Ethereum remained under pressure after hotter US producer inflation lifted rate expectations and pushed investors away from risk assets. ETH tested USD 2,400 after the PPI release and stayed inside the USD 2,370 to USD 2,550 range. Meanwhile, developers set October 6 as a tentative Sepolia testing date for Glamsterdam.
US producer prices rose 0.4% in August from the previous month and increased 5.4% from a year earlier. Those readings accelerated from 0.1% and 4.8%, respectively. Energy drove much of the increase. Producer energy prices climbed 4.2%, while diesel prices jumped 24.1%. Rising inflation expectations and Treasury yields then increased pressure across risk markets.
Markets also raised expectations for tighter Federal Reserve policy after the PPI report. Futures priced roughly a 70% probability of a September rate increase ahead of the Fed’s September 16 decision.
Attention now turns to August CPI. That report could materially change rate expectations before the Fed meeting and influence demand for Ethereum and other risk assets.
The source of inflation adds another complication. Much of the latest pressure comes from oil and the energy shock linked to the war with Iran rather than stronger economic demand.
Institutional demand also showed renewed weakness. US spot Ethereum ETFs recorded USD 29.7 million in net outflows on September 10, according to SoSoValue data. ETH tested USD 2,400 after the PPI release. Still, the asset remained inside the previously identified USD 2,370 to USD 2,550 trading range.
A sustained move above USD 2,550 would increase the probability of a push toward USD 2,600 to USD 2,700. This area contains a significant liquidity zone. On the downside, USD 2,370 remains the key boundary. A sustained break below that level would open the path toward USD 2,200 as inflation pressure and elevated oil prices weigh on risk appetite.
Several macro events could keep volatility elevated over the coming days. As a result, market reaction near both boundaries of the current ETH range remains important.
Ethereum developers have tentatively targeted October 6 at 13:53 UTC for activating Glamsterdam on the Sepolia testnet. The target replaces an earlier September 28 date discussed by core developers.
The October test still depends on developers completing a stable Glamsterdam devnet transition. Ethereum’s roadmap targets a fourth-quarter 2026 mainnet release without specifying an activation date.
Developers plan to complete Sepolia and Hoodi testing before they commit to the mainnet schedule. Glamsterdam introduces enshrined proposer-builder separation, known as ePBS, as its headline consensus change.
Also Read: Ethereum’s Race Against Quantum Computing: What to Expect by 2029
The change brings interactions between validators and block builders directly into Ethereum’s protocol. Today, validators commonly use external infrastructure when they outsource block construction.
Earlier testing exposed a builder-deposit caching bug that caused non-finality during a Glamsterdam devnet transition. Client teams developed fixes, but developers want another clean transition before Sepolia testing.
The Ethereum Foundation has also launched Platåberget, a longer-running public testing environment. It gives applications and infrastructure additional exposure to Glamsterdam before testing advances through Sepolia and Hoodi.
Ethereum faces two major near-term drivers as inflation pressures risk assets while developers advance Glamsterdam testing. ETH remains between USD 2,370 and USD 2,550, while October 6 marks the tentative Sepolia target. CPI and subsequent Fed expectations could shape the next price move.