The price of Ethereum has fluctuated recently, balancing rampant institutional inflows on one side with massive trader liquidations on the other.
Still, today, the token began a substantial price increase after Jerome Powell's speech at Jackson Hole. This was a major boost for Ethereum, which has just reached a new all-time high.
Several factors may help explain Ethereum's recent performance. Nearly 5 billion dollars in ETH and BTC options were scheduled to expire during or before Powell's speech, and Ethereum is seriously competing with Bitcoin's market dominance at this moment.
On the other hand, 245 million dollars in ETH short positions were liquidated today when Ethereum reached this all-time high.
Additionally, CoinMarketCap is predicting that an altseason could be imminent, and ETH is a clear favorite to lead it. Among these factors, Ethereum has plenty of support, and it could continue to grow beyond this all-time high.