Ethereum’s price has significantly risen following recent statements by Jerome Powell at the Jackson Hole Symposium, reflecting market sentiment shifts and increasing interest in cryptocurrencies.
Ethereum Price Surge Post Powell's Speech
Jerome Powell's remarks regarding a potential Fed rate cut in September sparked interest in risk assets. Following his speech, the chance of a rate cut jumped from 74% to 90%, leading to Ethereum's price jumping 13% in just one day, hitting $4,933. Ethereum ended the month with a 29% gain and 78% year-to-date.
Technical Levels and Market Reaction
Ethereum's price broke above its 7-day simple moving average of $4,382 and the Fibonacci 23.6% level of $4,524. However, the Relative Strength Index (RSI) is around 69, suggesting overbought conditions. The MACD histogram shows slowing momentum, which may indicate consolidation before a further push.
What's Next for ETH?
With increased adoption, institutional support, and favorable macro conditions, Ethereum is back in the spotlight. Holding above $4,700 is seen as an important signal, with analysts believing it could target the next Fibonacci extension at $5,299. This raises its prospects for reaching a new all-time high.
This recent price surge highlights how sensitive markets are to Federal Reserve statements. With increasing institutional interest and a favorable economic environment, the path to a new all-time high for Ethereum now seems more likely.
