Ethereum Price Surges Over 14% to New All-Time High of $4,878

The cryptocurrency market gained momentum on August 22 following a positive address from US Federal Reserve Chairman Jerome Powell, with Ethereum (ETH) leading the performance among top assets. ETH's price surged over 14% in one day and surpassed its previous all-time high of $4,878 from 2021.

Future Projections for ETH

Joao Wedson, CEO of Alphractal, shared insights on social media about ETH's potential trajectory. Key points include:

ETH may face another fear-driven scenario before re-accumulation if it does not exceed its former record high.
Algorithmic trading could cluster around the $7,000 - $7,500 range, indicating a possible reaccumulation phase.
ETH's price movements align with Bitcoin’s market dominance cycles, typically absorbing capital flow from BTC after 28 days of consolidation.
Current market data suggests a potential rally for ETH in the coming months.

The price of ETH now stands at approximately $4,716, marking a nearly 9% increase in the last 24 hours and over 11% growth in the past week.

Ethereum price