Ethereum Soars Past $4,800: Is a New All-Time High Imminent?
Ethereum (ETH) has ignited the crypto market's end-of-week recovery, decisively breaking above the crucial $4,800 resistance level. This significant breach, the first since 2021, has sent a wave of optimism through the community, with many analysts now predicting the cryptocurrency is on the verge of setting a new all-time high.
The Fed's Influence Ignites Crypto Rally
The recent surge in Ethereum's price was largely catalyzed by remarks from Federal Reserve Chairman Jerome Powell at Jackson Hole, where he hinted at the possibility of interest rate cuts. This dovish sentiment sparked a broader market rally, seeing ETH hit a multi-year high of $4,834 and rallying over 14% in 24 hours. Bitcoin (BTC) also experienced a significant jump, pushing into the $117,000 range. Jordi Alexander, CEO of crypto trading firm Selini Capital, noted that many traders were caught off-guard by Powell's comments, leading to a "panicked repositioning" as short positions faced pressure. Joseph Chalom of SharpLink Gaming echoed this sentiment, calling it a "pivotal moment in the market cycle."
Technical Indicators Point to Further Gains
Ethereum's recent ascent follows a period of consolidation between $3,762 support and $4,631 resistance since early August. Despite an unsuccessful attempt to breach $4,800 last week, ETH's latest move has analysts like Crypto Jelle highlighting bullish technical patterns. Jelle pointed to a one-week falling wedge pattern that targeted the $4,600-$4,800 range, suggesting that with this breakout, ETH is now poised to challenge its all-time high of $4,878. Furthermore, the cryptocurrency had already broken out of an 18-month bullish megaphone earlier this month, a pattern that targets an ambitious $10,000 level. With key resistance around $4,000 successfully retested and "hardly any resistance left," the market's clear intent, despite potential short-term pullbacks, is for Ethereum to climb higher. Currently trading at approximately $4,799, ETH has already seen a remarkable 32.6% increase on the monthly timeframe.
