Ethereum reaches record levels as Powell softens stance — $10K on the horizon
Comments from Fed Chair Powell at the symposium in Jackson Hole helped Ethereum reach $4,800 for the first time in over four years.
ETF inflows of $9 billion and DAT acquisitions of 3 million ETH sent ETH up more than 100% since June.
After reaching an all-time high, ETH may confirm another bullish flag.
Binance reported that Ethereum (ETH) reached $4,868 for the first time since November 2021 on Friday.
The leading altcoin rose after softened comments from Fed Chair Jerome Powell at the economic symposium in Jackson Hole on Friday. "A shift in the balance of risks may require a policy position adjustment," Powell said, hinting at a Fed rate cut in September.
Ethereum has risen more than 100% since July and 200% since hitting $1,500 in early April.
Digital asset treasuries (DAT) and institutional investors have also contributed to the rapid growth of the leading altcoin.
SoSoValue data shows that institutional spot ETFs on Ethereum in the U.S. have received nearly $9 billion since June, which is about three times their total net inflow prior to this month.
Ethereum has changed due to regulatory achievements, including SEC clarifications regarding liquid staking and the GENIUS act focused on stablecoins.
Analysts at Standard Chartered raised their year-end forecast for ETH to $7,500 last week, citing institutional demand and regulatory events.
In the past 24 hours, Ethereum futures liquidated $345.16 million, $80.27 million in long positions and $264.89 million in short positions.
For the first time since November 2021, ETH reached a record high. This occurred after the leading altcoin bounced back from support at $4,100 earlier this week.
If ETH closes above its all-time high of $4,868, another bullish flag could lead to $6,000. The height of the flag is measured and projected upward from the likely breakout point to determine the target.
On the downside, ETH needs to hold $4,100 to remain positive.
If the daily candle closes below $4,100, the thesis will fail, and ETH could drop below $3,472.
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