Ethereum Surpasses $4,800 Resistance, Eyes New All-Time High
Ethereum (ETH) has surpassed the $4,800 resistance for the first time since 2021, reaching a multi-year high of $4,834. This increase follows Federal Reserve Chairman Jerome Powell's indication of potential interest rate cuts, contributing to a market rally. Key points include:
- ETH rallied over 14% in 24 hours, driven by Powell’s dovish remarks.
- Bitcoin (BTC) also rose, moving towards the $117,000 area.
- Analysts noted traders were unprepared for these comments, leading to a market repositioning.
- ETH has consolidated between $3,762 and $4,631 before breaking above $4,800.
- Technical analysis suggests ETH could target its all-time high of $4,878 following recent patterns.
- Despite the recent surge, analysts caution a pullback may occur but indicate bullish long-term sentiment.
As of now, Ethereum is trading at $4,799, reflecting a 32.6% increase over the past month.
