Ethereum ($ETH) Shatters Records with New ATH Following Fed Chair’s Dovish Rate Cut Signals
Ethereum rockets past previous milestones as macroeconomic winds shift dramatically.
The Catalyst: Powell's Pivot
Federal Reserve Chair Jerome Powell's unexpected hint at potential rate cuts sent shockwaves through traditional markets—and digital assets seized the momentum instantly. Ethereum didn't just climb; it exploded through resistance levels as traders priced in a friendlier monetary policy landscape.
Market Mechanics in Motion
Lower interest rates typically weaken the dollar, making non-yielding assets like Ethereum more attractive to institutional players. Suddenly, those 'digital gold' narratives don't sound so speculative—even if traditional finance pundits still can't decide whether crypto is a hedge or a gamble.
Where From Here?
With ETH claiming new heights, the question becomes sustainability. Can it hold these levels, or is this another classic crypto pump fueled by Fed whispers and leveraged dreams? One thing's certain: while Wall Street debates P/E ratios, Ethereum's proving that in today's market, code sometimes moves faster than capital.
Ethereum ($ETH), the flagship altcoin, has recently attained its new all-time high (ATH) price. As per the reports, ethereum ($ETH) skyrocketed to the $4,885 mark as its new ATH following the U.S. Federal Reserve’s Chairman, Jerome Powell, signaling potential rate cuts. In this respect, $ETH now accounts for a significant 15% upsurge over the past twenty-four hours. Keeping this in view, the $ETH traders are currently targeting $5,000 as the next key milestone.
Fed Chair’s Rate Cut Signal Leads $ETH to New ATH of $4885
Ethereum’s sudden price breakout reportedly took place as a result of the Fed Chair pointing toward probable rate cuts. Particularly, the top altcoin has claimed the $4,885 spot as its exclusive ATH. This denotes a growing Optimism among the investors with the potential of additional liquidity inclusions into the market. Thus, the market onlookers consider $5,000 as the next crucial price target.
Bitcoin Dominance Slips Amid Ethereum’s Bull Run
In the meantime, Bitcoin ($BTC) has recorded a notable dip in its market dominance, reaching 56.5%. This development highlights that Ethereum ($ETH) is continuously cementing its market position as a primary momentum driver. At the same time, the institutional investors are also showing a renewed interest, fueling the ongoing Ethereum rally.
Apart from that, the massive price rally of Ethereum ($ETH) has also significantly impacted the short positions. Specifically, up to $300M was liquidated in crypto short positions over 24 hours, with $ETH accounting for a notable amount of it. In comparison with this, Bitcoin’s short positions saw just $67M in liquidations.
Flagship Altcoin Targets $5,000 as Next Crucial Price Target
According to the latest market data, after achieving the new ATH of $4,885, there is a noteworthy 74% chance for the flagship altcoin to reach the $5,000 by this month’s end. Moreover, some additionally bullish anticipates highlight the 29% possibility of Bitcoin’s spike to even $5,400. However, currently, the investors are keenly watching for Ethereum’s ($ETH) upward trajectory until it reaches the $5K mark, as it is potentially preparing for that major jump.
