ETH Near $4,900 ATH as Sherrod Brown Backs Crypto & Spot XRP ETFs
Ethereum (ETH) hit a new all-time high (ATH) just shy of $4,900, delivering double-digit gains over the past 24 hours and a 220% surge since April lows. The ETH ATH rally was fueled by Federal Reserve Chair Jerome Powell’s Jackson Hole address, which signaled that interest rate cuts could come later this year and squeezed leveraged shorts.
In a surprise move, U.S. Senator Sherrod Brown voiced support for cryptocurrencies, marking a rare bipartisan endorsement that may influence future regulation. Traders are also gearing up for the imminent launch of spot XRP ETFs. Approval of Spot XRP ETFs is expected to drive fresh institutional inflows into the XRP market and could reshape altcoin portfolios.
Key takeaways:
- ETH ATH near $4,900 underscores strong momentum for Ethereum.
- Jackson Hole comments revive dovish Fed outlook and boost risk assets.
- Sherrod Brown’s pro-crypto stance may ease regulatory concerns.
- Spot XRP ETFs on the horizon point to significant XRP demand.
- Dollar-cost averaging (DCA) remains a resilient strategy amid volatility.
As ETH ATH levels climb and Spot XRP ETFs approach approval, traders should monitor macro cues, regulatory developments, and ETF filings to position for continued upside.
Bullish
This news is bullish for the crypto market because an ETH ATH near $4,900 reflects strong demand and positive sentiment. Jerome Powell’s dovish signals at Jackson Hole relieved rate-hike pressures, historically boosting risk assets like Ethereum. Sherrod Brown’s bipartisan endorsement may lead to more favorable regulation, reducing policy uncertainty. The imminent launch of Spot XRP ETFs is expected to open institutional channels for XRP, similar to how Bitcoin ETFs spurred BTC inflows in 2021. In the short term, these factors can drive momentum trading and FOMO, while in the long term they support broader adoption and capital formation in the crypto sector.