Ethereum on the way to the magic threshold: price nears $5,000
Where Ether investors have waited a long time for, has finally happened: Ethereum hit a new all-time high yesterday, just under $4,900.
What Ether investors have waited a long time for has finally happened: Ethereum hit a new all-time high yesterday, just under $4,900. On a daily basis, the second-largest crypto coin logged almost ten percent gain. The symbolic $5,000 mark now appears within reach.
The catalyst for the sharp price jump was an unexpectedly dovish-sounding speech by Fed Chair Jerome Powell at the Jackson Hole symposium. His cautious tone sparked expectations that the U.S. central bank will cut rates in September and possibly laid the groundwork for a new altcoin season.
Still, the conditions for an ETH rally had already been favorable for weeks. Spot Ethereum ETFs saw billions of dollars in inflows. Only on August 11 more than $1 billion flowed into products from BlackRock and others, a new record. At peak moments, inflows into ETH funds were nearly six times higher than into Bitcoin ETFs.
Also Ethereum treasury investments from companies like BitMine and Sharplink Gaming contributed to the positive mood. At the same time, blockchain activity clearly rose. According to data from Nansen, the number of transactions on the Ethereum network rose 60% in the last 30 days. The number of active addresses grew 24% in the same period. Solana, by contrast, saw modest declines in both active addresses and transactions.
After months where Bitcoin set the tone, Ethereum now seems to be grabbing the spotlight. BitMEX co-founder Arthur Hayes even predicts a explosive rise toward $10,000 to $20,000 in this cycle. His statement is short but blunt: “The chart says it goes higher, you can't fight it.”
