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.
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.”
“The market positioning in recent sessions has seen clear risk-off moves in assets like crypto and tech, and today’s setting up of a September rate cut is causing a panicked repositioning, which could continue through the illiquid weekend as shorts get squeezed,” he affirmed.
Notably, ETH has been consolidating between $3,762 support and $4,631 resistance since the early August breakout, retesting the $4,000-$4,100 mid-zone of this week’s pullback.
Nonetheless, he warned that a pullback is likely to come following the massive pump but added that “the intent is clear. This market wants higher.”
As of this writing, Ethereum is trading at $4,799, a 32.6% increase in the monthly timeframe.
