Today, the price of Ethereum reached an all-time high following Jerome Powell's recent speech, creating a surge. Investment inflows from institutions have recently allowed this coin to compete with Bitcoin's market dominance. ETH's performance may even soon trigger an altcoin season, as some analysts have hypothesized. Currently, this token is experiencing strong growth momentum.
Ethereum Reaches New All-Time High
The price of Ethereum has fluctuated recently, balancing between investment inflows from major institutions and a wave of liquidations from investors. However, today, this token has started to rise sharply following Jerome Powell's speech at Jackson Hole. This is a significant boost for Ethereum, which just reached a new all-time high:
A few factors may help explain Ethereum's recent performance. $5 billion in ETH and BTC options expired during or before Powell's speech, and Ethereum is fiercely competing with Bitcoin's current market dominance. $245 million worth of ETH short positions were liquidated today as Ethereum reached its all-time high.
Furthermore, CoinMarketCap predicts that an altcoin season may be approaching, and ETH is clearly a strong candidate to lead. Amid these factors, Ethereum has a lot of support elements, and it could continue to grow beyond this all-time high.
