Ethereum Reaches All-Time High After Powell's Speech

Today, the price of Ethereum has reached an all-time high following Jerome Powell's recent speech, creating a surge. The influx of investment from institutions is allowing this coin to compete with Bitcoin's market dominance. The performance of ETH could even soon trigger an altcoin season, as some analysts have hypothesized. Currently, this token is experiencing strong growth momentum. Ethereum Reaches All-Time High The price of Ethereum has fluctuated recently, balancing between investment inflows from large institutions and a wave of massive liquidations from investors. However, today, this token has started to rise sharply following Jerome Powell's speech at Jackson Hole. This is a significant boost for Ethereum, which has just reached a new all-time high:

Several factors may help explain the recent performance of Ethereum. $5 billion in ETH and BTC options expired in or before Powell's speech, and Ethereum is fiercely competing with Bitcoin's current market dominance. $245 million worth of ETH short positions were liquidated today as Ethereum reached an all-time high. Moreover, CoinMarketCap predicts that an altcoin season may be on the horizon, and ETH is clearly a strong candidate for the leading position. Among these factors, Ethereum has a lot of supporting elements, and it may continue to grow beyond this all-time high.