Ethereum gained approximately 5% on Thursday, September 4, reaching $2,508 and nearing the $2,560 resistance level after an extended consolidation range between $2,400 and $2,560. The move was driven by broader market catalysts rather than Ethereum-specific developments, including easing concerns about the Iran conflict and reduced expectations for Federal Reserve rate increases. Federal Reserve Governor Christopher Waller said, "Give disinflation a chance. We can wait one meeting," while weak employment data showed that U.S. private-sector employers added 38,000 jobs in August, below the 47,000 forecast and the weakest result since January. The market-implied probability of a September rate increase fell from 70% to 50%. Spot Ethereum ETFs (funds holding Ethereum directly) in the United States recorded $141.39 million in net inflows on September 3, reversing a $48.08 million outflow on September 2. BlackRock's ETHA attracted $72.07 million and Fidelity's FETH received $65.11 million, while Grayscale's ETHE saw $6.07 million in outflows. Cumulative inflows across all Ethereum exchange-traded products reached $13.17 billion. ETH derivatives volume rose 17.84% to $57.18 billion, and open interest increased 5.36% to $34.13 billion. Short liquidations (forced closures of bearish positions) totaled $82.41 million, compared with $20.76 million for long positions, indicating a pronounced short squeeze. However, hourly data showed $193,090 in long liquidations versus $33,200 in short liquidations, pointing to increased two-way volatility. Ethereum remained above its 20-, 50-, 100- and 200-period exponential moving averages, with immediate technical targets at $2,560 and then $2,600. Ted Pillows said a weekly close above $2,550 could quickly lift Ethereum toward $3,000, although the level has rejected advances since August 27.