All-time High for Ethereum

The price of Ethereum has recently risen and fallen, balancing between massive institutional inflows on one hand and huge liquidations of traders on the other. However, today, the token began a significant price increase following Jerome Powell's speech in Jackson Hole. This was a big boost for Ethereum, which has just reached its all-time high:

Several factors may help explain Ethereum's recent performance. Options worth $5 billion of ETH and BTC are set to expire during or before Powell's speech, and Ethereum is seriously competing for Bitcoin's market dominance now. ETH short positions worth $245 million were liquidated today as Ethereum reached this record level.

Furthermore, CoinMarketCap expects that an altcoin season may be imminent, and ETH is the clear favorite to lead. Among these factors, Ethereum has plenty of support and could continue to grow after this record level.