Ethereum Soars to New Heights: Historic Moments Unfold – ATH on the Horizon – Here’s Why and the Current Situation

The price of Ethereum (ETH) rose by 14.12% in the last 24 hours to reach $4,817.76. With this increase, Ethereum's market capitalization increased by $65 billion to $581.75 billion.

This is poised to go down as the second-largest daily price increase in Ethereum's history.

ETH is trading just 2.05% below its all-time high of $4,891.70 hit in November 2021.

Chart with minute candles showing the rise in ETH price.

The increase was driven by Fed Chair Jerome Powell's speech at the Jackson Hole economic symposium. In his final Jackson Hole speech, Powell strongly hinted at a potential interest rate cut in September, but he made no firm commitment. His remarks were aimed at balancing the risks of a weakening labor market with inflationary pressures.

Expectations for a rate cut rose sharply following Powell's remarks. Before Powell's speech, investors had seen a 70% chance of a quarter-point rate cut in September, but after his speech, that probability rose to 89%.

Expectations of interest rate cuts have led investors to shift to riskier assets. This development has created a strong bullish wave not only for Ethereum but also for the cryptocurrency market in general.