Ethereum Price Nears Its All-Time High After Powell’s Speech
The post Ethereum Price Nears Its All-Time High After Powell’s Speech appeared on BitcoinEthereumNews.com.
Powell’s Jackson Hole remarks lift Ethereum near 2021 peak with 9.7% daily gain. Trading volume surges 127% to $80.59B, signaling strong investor activity in ETH. Ethereum nears $5K resistance as supply, staking, and burn mechanisms shape tokenomics. Ethereum’s price surged Friday after Federal Reserve Chair Jerome Powell signaled that the central bank could consider rate cuts as early as September. The comments, delivered at the annual Jackson Hole symposium, sparked a broad rally across crypto markets and pushed Ethereum close to its 2021 all-time high. Powell Flips the Script on Rate Cuts Powell told the audience that “the shifting balance of risks may warrant adjusting our policy stance,” a statement that immediately altered market sentiment. His comments were a sharp reversal from the anxiety that had built earlier in the week, when investors had briefly pulled back after the Bureau of Labor Statistics reported a 0.9% increase in the producer price index fueling concerns that rate cuts might be delayed. Related: Ethereum Leads a Market-Wide Rally After Powell’s “Dovish” Jackson Hole Speech After his speech, CME’s FedWatch tool showed the probability of a September cut rocketing to 85%, up from 72% just before he spoke. Ethereum Price and Volume Surge Ethereum rose by 9.7% at the time of writing, reaching $4,716.13 according to CoinMarketCap. Binance data showed the token climbing above $4,814, within reach of its all-time high of $4,878 recorded in November 2021. The rally lifted Ethereum’s market capitalization to $569.27 billion, consolidating its position as the second-largest cryptocurrency. Trading activity also increased, with 24-hour volume climbing to $80.59 billion, a 127% increase from the previous session. The volume-to-market cap ratio stood at 14.15%, indicating strong turnover relative to valuation. Supply and Market Dynamics Ethereum’s circulating supply is reported at 120.7 million ETH, which is equal to its total…
