Ether notches first new record since 2021 after Powell speech teasing rate cuts 📈

Ether surged 15% on Friday, reaching $4,885, surpassing its previous record of $4,866 from November 2021 🔥. This spike followed a speech by Federal Reserve Chair Jerome Powell, where he hinted that the Fed might consider interest rate cuts soon.

In his Jackson Hole address, Powell mentioned that “the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” His comments sparked a rally as investors shifted back to risk-on assets like crypto 💰. Bitcoin also rose 4%, reaching $117,008.

Why Ether’s Price Jumped 🚀

Powell’s speech triggered a wave of short liquidations in the crypto market, with $120 million worth of short positions being cleared in just one hour, according to CoinGlass 📊. Traders who had bet against Ether had to buy back ETH to cover their positions, pushing the price even higher.

Shares of companies focused on Ether also jumped: Bitmine Immersion (+12%) and SharpLink Gaming (+15%). However, Peter Thiel-backed ETHzilla saw a 31% drop after offering millions of shares for resale 💸.

Ether's Leadership in Crypto 🌐

Ether has emerged as the leader in the crypto market over the last two months, fueled by regulatory changes and growing institutional interest. Stablecoins, which make up 40% of blockchain fees, are powered by Ethereum, giving it a strong position in the long-term macro trend 📉.

Fundstrat’s Tom Lee described Ether as “the biggest macro trade over the next 10-15 years,” likening it to the "Chat GPT moment" for crypto. The SEC's new projects, like the GENIUS Act, have also fueled optimism in the market 🔮.

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