📈 Ethereum price reaches an all-time high of nearly $5,000!

On August 24, 2023, the price of Ethereum (ETH) updated its multi-year highs, rising close to $5,000. This value became the highest since the end of 2021 and occurred against the backdrop of a decline in Bitcoin and the U.S. dollar index. However, a few hours after reaching the peak, the price of Ethereum fell by more than 6%.

The rise began on Friday evening after the speech of the head of the U.S. Federal Reserve, Jerome Powell, who outlined potential changes in monetary policy. A weak dollar index (DXY) also became an important factor contributing to the growth of cryptocurrency assets.

Interest in Ethereum is also reflected in the capital inflow into exchange-traded funds based on it. Nevertheless, last week saw an outflow of funds from Ethereum ETFs – $237 million, marking the third-largest outflow since their launch.

Despite the immediate rebound, experts assure that long-term trends remain positive due to stable demand for ETH as a reserve asset.

🔗 Please note that cryptocurrencies are highly volatile assets with potential risks of financial losses.

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