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Ethereum reached an all-time high today as Jerome Powell’s recent speech caused a major spike. Recent institutional inflows are allowing it to contest Bitcoin’s market dominance.
$ETH’s performance may even trigger an altcoin season soon, as some analysts have theorized. At present, the token has a lot of forward momentum.
Ethereum’s New All-Time High
Ethereum’s price has gone up and down lately, balancing rampant institutional inflows on one hand with massive trader liquidations on the other. Still, today, the token began a substantial price spike after Jerome Powell’s Jackson Hole speech. This was a big boost for Ethereum, which just reached a new all-time high:
A few factors can help explain Ethereum’s recent performance. $5 billion in $ETH and BTC options were set to expire during or before Powell’s speech, and Ethereum is seriously contesting Bitcoin’s market dominance right now. $245 million worth of $ETH short positions were liquidated today as Ethereum reached this all-time high.
Moreover, CoinMarketCap is predicting that an altcoin season may be imminent, and $ETH is a clear favorite to lead it. Between these factors, Ethereum has a lot of things supporting it, and it could keep growing past this all-time high.
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