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Ethereum Price Almost Hit ATH as Fed Chair Jerome Powell Signals September Rate Cut
The Ethereum price has taken a remarkable leap, reaching almost its all-time high value of $4,834. The sudden surge is attributed to the positive remarks from Federal Reserve Chairman Jerome Powell, hinting at the possibility of a 25 basis point rate cut in September. This development has sent shockwaves throughout the cryptocurrency market, causing many analysts to predict an imminent altseason.
The ETH price jumped by over 13 percent on Friday, surpassing even Bitcoin’s (BTC) performance. The top-tier altcoin continued its winning streak into the Asian trading session, defying expectations of a sell-off. Market participants are now factoring in this potential rate cut, with many short traders reeling from massive losses.
The surge has led to a significant increase in demand for Ethereum-based assets, particularly ETFs. Institutional investors have begun rotating their capital from Bitcoin’s ETFs to those tied to the ETH market. This shift in investor sentiment is expected to continue, further propelling the asset’s value.
Despite the excitement surrounding this development, experts caution that consolidation might be necessary before the price enters its next phase of growth. However, the fundamentals point towards a parabolic rally in the coming weeks as capital continues to rotate into the Ethereum market.
In conclusion, it is crucial for investors and traders alike to monitor market developments closely to determine whether this upward momentum will continue or if there will be a minor correction before we see ETH break its ATH once again.
Source: coinpedia.org
