Ethereum (ETH) price has seen a substantial recovery of 23% from its August 5 bottom of $2,111. This recovery is primarily attributed to the recent bounce in Bitcoin (BTC) prices.
Moreover, large holders of ETH, often referred to as whales, have been buying ETH during recent price slumps, which has further contributed to the price recovery.
The recent US Consumer Price Index (CPI) data came in cooler than expected, supporting the Federal Reserve's dovish monetary policy stance.
