3 hours ago
Ethereum (ETH) recorded a blistering rally of implicit 15% successful the past 24 hours and surpassed its 2021 all-time precocious of $4,869.47 connected Aug. 22.
As of property time, the second-largest crypto was trading astatine a precocious of $4,888 and was continuing to determination upward.
Federal Reserve Chair Jerome Powell prompted the terms summation aft signaling imaginable involvement complaint cuts astatine the Jackson Hole symposium. After Powell’s dovish remarks successful Wyoming, the crypto marketplace rallied much than 4% wrong the hr to reclaim the $4 trillion mark.
The Fed Chair stated that “the baseline outlook and the shifting equilibrium of risks whitethorn warrant adjusting our argumentation stance,” sparking wide speculation astir September complaint cuts.
Odds connected Polymarket of a potential 25 ground constituent cut successful Sept. 17 jumped from 57% to 79% successful a fewer hours aft Powell’s speech.
UBS analysts noted that Powell’s dovish remarks correspond “the framing and justification of an inflection successful argumentation bias,” with the Fed Chair shifting mandate accent from ostentation to employment concerns.
Market-Wide Rally
Bitcoin jumped much than 4% implicit the past 24 hours, climbing to astir $117,000 arsenic of property time.
Major headdress altcoins followed Bitcoin and Ethereum. BNB recorded a caller all-time precocious of $900 and is priced aft climbing implicit 7% implicit the period, portion XRP, Solana, and Dogecoin posted double-digit percent gains.
Traditional markets mirrored crypto’s performance, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average each rising astir 2%.
The US dollar weakened against golden and different large assets arsenic investors anticipated easier monetary conditions.
Recovering from multi-year lows
Ethereum’s breakthrough marks a important reversal from its multi-year debased of $1,385.41 reached successful April 2025, the token’s lowest terms level since March 2023.
The rally damaged leveraged traders, with Coinglass information revealing implicit $553 cardinal successful liquidated positions during the past 24 hours.
Short sellers bore the brunt of losses, accounting for $308 cardinal successful liquidations, portion agelong positions shed astir $325 million. Ethereum dominated liquidation volumes with $251 cardinal erased, followed by Bitcoin astatine $102 million.
The Fed’s imaginable September complaint chopped could grow liquidity further, perchance extending crypto’s existent momentum arsenic markets stay intimately tied to US monetary argumentation decisions.
The station Ethereum breaks supra 2021 all-time precocious aft blistering 15% rally appeared archetypal connected CryptoSlate.
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