Summary
- Ethereum at one point surpassed $4,880, reaching an all-time high.
- Cointelegraph projected that Ethereum could soon break $5,000, citing a surge in on-chain indicators on the Ethereum network, strong futures open interest, and changes in the Fed’s interest rate policy.
- Ethereum has shown a 33% increase over the past 30 days, and remarks hinting at a September rate cut at the Jackson Hole Meeting contributed to the continued uptrend.
Ethereum (ETH), which at one point surpassed $4,880 to reach an all-time high, is now expected to soon break through $5,000.
On the 23rd (local time), Cointelegraph analyzed, "Considering the Federal Reserve (Fed)’s shift in interest rate policy, the sharp rise in Ethereum network on-chain indicators, and the strength in futures open interest, Ethereum could break the $5,000 mark in the near term."
According to the media outlet, Ethereum has risen 33% over the past 30 days, currently trading around $4,800. Chair Jerome Powell’s remarks at the Jackson Hole Meeting the previous day, which suggested a potential interest rate cut by the Fed in September, further fueled the rally.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
