Ethereum has hit a record high today, spurred by a significant surge following Jerome Powell’s latest speech. Recent institutional investments are enabling it to challenge Bitcoin’s market supremacy.
Some analysts speculate that ETH’s performance might initiate an altcoin season soon. Currently, the token is experiencing considerable upward momentum.
Ethereum’s New Record High
Ethereum’s price has seen fluctuations recently, balancing high institutional inflows against substantial trader liquidations. However, today the token experienced a major price surge after Jerome Powell’s speech at Jackson Hole, marking a significant milestone for Ethereum as it reached a new all-time high:
Several factors contribute to Ethereum’s recent success. $5 billion in ETH and BTC options were due to expire around Powell’s speech, and Ethereum is currently poised to rival Bitcoin for market dominance. Today, $245 million worth of ETH short positions were liquidated as ETH reached this unprecedented high.
Additionally, CoinMarketCap is forecasting an imminent altcoin season, with ETH emerging as a leading candidate. With these factors in play, Ethereum appears well-supported and could surpass this latest high.
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