Following recent statements from Powell, the surge in cryptocurrencies has propelled Ether to a new dimension. We had mentioned that ETH could surpass its all-time high (ATH) level shortly, and as this article was prepared, it happened. We might see it exceed $5,000 shortly. If there are no sudden sell-offs, Ether has entered the price discovery phase.
Ethereum (ETH) Rising
As the largest altcoin by market value, ETH recently reached a new all-time high of $4,887. ETH had previously hit its ATH in 2021 and had subsequently dipped below $1,000 in recent years. After years of persistent declines, ETH investors are finally seeing a positive return on their investment.
This development suggests that altcoins may perform better over the weekend. If ETF inflows reach satisfactory levels in the coming hours, the upward momentum could accelerate. Daily gains are currently over 15%. Moreover, the eagerly anticipated 0.042 level in the ETHBTC pair is about to be breached.
Potential Breakthroughs in ETHBTC Pair
In this pair, which has experienced almost constant declines for nearly 1,200 days, reclaiming the 0.044 level would target the critical 0.05 support. Reaching this milestone could attract more buyers, establishing a new cycle peak for ETH.
The ETH rally has been catalyzed by treasury companies committing to billions of dollars in purchases. The announcement of two companies’ desire to acquire over $25 billion and their initial steps to raise capital have sparked excitement. Of course, Powell’s unexpectedly dovish statements, when hawkish tones were anticipated, came as a major surprise and were the primary short-term driver of the uptick.
