Ethereum reached its all-time high today after Jerome Powell's recent speech caused a sharp increase. Recent institutional inflows allow the coin to compete with Bitcoin's dominance in the market.
Ethereum's (ETH) performance may soon trigger a new altcoin season, as some analysts predict. Currently, the token enjoys significant forward momentum.
New all-time high for Ethereum
The price of Ethereum has seen ups and downs recently, achieving a balance between massive institutional inflows on one hand and huge liquidations by traders on the other. However, the price of the coin saw a sharp rise today after Jerome Powell's speech in Jackson Hole. This served as a strong boost for Ethereum, which recently reached its all-time high.
Ethereum price chart. Source: CoinGecko
Several factors may explain Ethereum's recent performance. The expiration of Ethereum and Bitcoin options worth $5 billion was scheduled during or before Powell's speech, and Ethereum is currently strongly competing with Bitcoin's market dominance. Today, Ethereum short positions worth $245 million were liquidated, as Ethereum reached its all-time high.
Furthermore, CoinMarketCap predicts that the altcoin season is approaching, with Ethereum considered the most likely candidate to lead this season. Among these factors, Ethereum has numerous supporting elements and may continue its growth beyond this record level.
