Ethereum reached its all-time high after Jerome Powell's speech in Jackson Hole.
Institutional flows and trader liquidations contributed to the rise of the ETH market.
Analysts expect an imminent altcoin season, with the possibility that Ethereum will lead.
Ethereum reached its all-time high today as Jerome Powell's recent speech caused a significant spike. Recent institutional flows allow it to compete with Bitcoin's market dominance.
The performance of ETH may trigger the start of an altcoin season soon, as some analysts theorize. Currently, the token has a lot of future momentum.
New all-time high for Ethereum
The price of Ethereum has risen and fallen recently, balancing between massive institutional flows on one hand and the huge liquidation of traders on the other. However, today, the token began a significant price increase after Jerome Powell's speech in Jackson Hole. This was a major boost for Ethereum, which has just reached its all-time high:
Ethereum Price Chart.
Several factors may help explain the recent performance of Ethereum. Options worth $5 billion in ETH and BTC were set to expire during or before Powell's speech, and Ethereum is seriously competing with Bitcoin's market dominance now. $245 million worth of short positions in ETH were liquidated today as Ethereum reached this benchmark level.
Moreover, CoinMarketCap predicts that an altcoin season may be imminent, and Ethereum is the clear favorite to lead it. Among these factors, Ethereum has a lot of support and could continue to grow after this benchmark level.
#Ethereum #ETH🔥🔥🔥🔥🔥🔥 #BinanceSquare #BinanceExplorers #BinanceArabia
