ETH's price jumped 13% to $4,788 following Federal Reserve Chair Jerome Powell's dovish remarks at the Jackson Hole speech, suggesting potential interest rate cuts. This shift increased the odds for a rate cut at the upcoming FOMC meeting to 91.5%. The bullish sentiment around Ether is further supported by enduring institutional demand, with significant inflows into spot ETFs. Ethereum's balances on exchanges have reached a nine-year low, indicating a trend of holders opting to stake ETH long-term, potentially leading to a supply shortage. Analysts note a bullish pattern on the daily chart, indicating potential targets above $6,000. Some traders suggest that breaking a four-year downtrend could propel ETH to as high as $10,000. Despite the volatility, sentiment remains positive, with several indicators suggesting continued growth in Ether's price over the coming weeks.

Source 🔗