BREAKING: Ethereum (ETH) Breaks All-Time High Price Record

According to breaking news, Ethereum ($ETH) has reached a new all-time high since 2021, surpassing $4868.

Chart with minute candles showing the recent rise in $ETH price.

The increase was driven by Fed Chair Jerome Powell's remarks at the Jackson Hole meeting. In his final speech of his term, Powell strongly signaled a potential interest rate cut in September, but he made no firm commitment. Powell's dovish tone whetted investors' appetite as markets sought to carefully balance labor market risks with ongoing inflation concerns.

Powell's speech triggered a wave of buying in risky assets. Investors anticipate increased liquidity with the start of interest rate cuts. However, some analysts caution that the risk of stagflation remains and that the market may be overly optimistic.

The sharp price movement triggered significant liquidations in leveraged positions. A total of $684.44 million worth of positions were liquidated in the cryptocurrency market in the last 24 hours. Of this, $220.64 million consisted of long positions and $463.80 million consisted of short positions.

In the case of Ethereum, liquidations reached $363.45 million. $76.75 million worth of long positions and $286.69 million worth of short positions were liquidated.

*This is not investment advice.