$ETH Ethereum reached an intraday high of $4,935 on Sunday, fueled by optimism regarding interest rate cuts, strong inflows into ETFs, and significant institutional interest.
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Ethereum (ETH) rose to an intraday high of $4,935, continuing the rally as traders actively acquired the second-largest crypto asset by market capitalization.
The growth follows statements by Federal Reserve Chairman Jerome Powell in Jackson Hole this week, which indicated a possible interest rate cut in September, increasing risk appetite in the markets.
The growth of Ethereum is also explained by the fact that exchange-traded funds (ETFs) recorded hundreds of millions in inflows last week, increasing the total assets of ETH ETFs above $30 billion.
Institutional players, including actions by B*****e over the weekend, are reported to have increased allocations, reflecting growing confidence in Ether as an investment and treasury reserve. Analysts at S******d C*******d raised their year-end price forecast for Ether to $7,500, suggesting that today's rally could mark the beginning of a broader bullish phase. At the time of publication at 2:08 PM Eastern Time on Sunday, ETH was trading at $4,923 per unit.
