Ethereum (ETH) is leading the end-of-the-week market recovery after finally breaking above the $4,800 resistance. As the cryptocurrency is attempting to reclaim this crucial area, some analysts suggest that a new all-time high (ATH) is imminent.
Ethereum Hits New Multi-Year High
On Friday, Ethereum broke above the $4,800 resistance for the first time since 2021, hitting a multi-year high of $4,834. The cryptocurrency has rallied over 14% over the past 24 hours, driven by Federal Reserve Chairman Jerome Powell’s annual address at Jackson Hole.
In his speech, Powell signaled the possibility of an interest rate cut, affirming that “with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
Following Powell’s remarks, the market soared, with
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