$ETH Ethereum reached a new all-time high after Jerome Powell's speech, which triggered a sharp rise. Institutional inflows are strengthening its position in competition with Bitcoin.
Some analysts believe that the successes of ETH could soon lead to an altcoin season. The token currently has every chance for further growth.
New all-time high for Ethereum
The price of Ethereum recently fluctuated due to institutional inflows and liquidations of traders. However, today the token sharply increased in price after Powell's speech in Jackson Hole, reaching a new all-time high:
Several factors explain the recent rise of Ethereum. Options worth $5 billion in ETH and BTC were set to expire during or before Powell's speech, and Ethereum is actively competing with Bitcoin. Short positions in ETH worth $245 million were liquidated today as Ethereum reached this historic high.
Additionally, C********p forecasts that an altcoin season may begin soon, and ETH is the clear favorite for its leadership. With these factors, Ethereum has every chance to continue its growth and surpass its all-time high.
