Powell goes "dovish" at Jackson Hole! Clear signals for a rate cut in September, Ethereum responds by soaring past $4887 to reach a new high, but an unusual calm appears on-chain.

On the evening of August 22, Eastern Time, Federal Reserve Chairman Powell delivered a key speech at the annual Jackson Hole symposium titled "Monetary Policy and the Federal Reserve's Assessment Framework," directly releasing clear guidance for a rate cut in September, while announcing the Fed's revised monetary policy framework, injecting strong confidence into the market.

Huatai Securities interpreted in their research report that based on Powell's statement, they maintain their prediction for two more rate cuts this year, and pointed out that non-farm payroll data will become a core reference indicator for the Fed's subsequent rate cut path, with every move affecting market nerves.

Driven by this macro-positive news, the crypto market reacted quickly. On August 23, Ethereum's price surged strongly, setting a historical high of $4887.59, marking an important milestone in the crypto field. However, unusually, the on-chain excitement that typically accompanies such price surges did not occur—according to BlockBeats data, current Ethereum on-chain activity is particularly calm, with the average Gas price at only 0.4 gwei, raising market concerns about the stark contrast between hot and cold.

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