Ethereum Price Surges Near All-Time High Amid ETH/BTC Breakout

Ethereum's price has surged, reaching $4,837, close to its all-time high of $4,878. This increase follows Federal Reserve Chair Jerome Powell's indication of potential rate cuts.

ETH/BTC Breakout

Technical analysis shows Ethereum is breaking above a long-term descending trendline against Bitcoin.
The ETH/BTC pair was trading around 0.04077 after a 7% gain.
This breakout marks the first significant movement after eight years of resistance.
Confirmation of this breakout requires the 2-week candle to close above the resistance level.

$5,400 Price Target

Analyst Titan of Crypto identified a bullish setup on the 4-hour ETH/USD chart, indicating a breakout from a bull flag formation.
The breakout began when Ethereum surpassed $4,200 in August.
A price target of $5,400 to $5,477 suggests potential for new highs above $5,000.

As of the latest update, Ethereum is trading at $4,748.