Ethereum Breaks $4,800 After Fed Dovish Signal, Targets ATH
Ethereum broke above its key $4,800 resistance for the first time since 2021, peaking at $4,834 following Fed Chair Jerome Powell’s dovish speech at Jackson Hole. The move kicked off a 14% rally in ETH over 24 hours. Bitcoin also climbed to around $117,000 on the same sentiment. Technical analysts point to a one-week falling wedge breakout and an 18-month bullish megaphone pattern, suggesting Ethereum could test its $4,878 all-time high and even target $10,000. After successfully retesting the $4,000 support zone, Ethereum has minimal resistance ahead. Traders brace for a possible short-term pullback but remain optimistic as rate-cut expectations build.
Bullish
Ethereum’s breakout above $4,800 reflects strong bullish momentum driven by dovish Fed signals. Jerome Powell’s speech at Jackson Hole prompted a broad crypto rally, as seen when Bitcoin surged to roughly $117,000. The combination of technical triggers—a one-week falling wedge and a long-term bullish megaphone—supports further upside for ETH, potentially revisiting its $4,878 ATH and even challenging $10,000 in a sustained bull run. Historically, Fed rate-cut expectations have triggered crypto buying sprees, notably in 2020 and early 2023. Traders should watch for a short-term pullback, a common occurrence after sharp rallies, but the overall trend remains upward as rate-cut outlooks firm.