Ethereum is tearing apart after Fed Chairman Jerome Powell said interest rates could be lowered during Jackson Hole's speech.
In the past 24 hours, trading for $4,630, but some analysts say it's just the beginning.
Maelstrom Chief Investment Officer Perennial Crypto Bull Hayes
“The chart says it's growing more and you can't fight the market,” Hayes said in an interview with Crypto Banter in a recent interview. “I think [Ethereum] Before the end of the cycle, the price is $10,000 and $20,000. ”
Hayes didn't say when it would end, but over the past two months, Ethereum has surpassed Bitcoin and other major cryptocurrencies such as Solana and XRP. Although prices nearly doubled this quarter, they are still below their all-time high of $4,878.
But market analysts including Geoffrey Kendrick, head of digital assets at the Standard Charter, predict that Ethereum will reach and exceed its all-time high.
Kendrick predicts Ethereum may hit $7,500 by the end of the year and up to $25,000 by 2028.
Hayes said in July that prices could be as high as $10,000 behind the massive U.S. credit expansion.
Institutional demand for Ethereum, especially through spot exchange trade funds, also surged in early August, with Ethereum ETF accumulating nearly $3 billion in net traffic, more than five times the $562 million of Bitcoin ETF.
This week, the wider market experienced a significant pullback, with large outflows of Ethereum and Bitcoin ETFs.
However, following Powell's speech seems to change the narrative.
Ethereum is above 8% above $4,600 after Powell's speech.
Although ETF traffic may disappear and flow, the Ethereum Treasury purchased by companies continues to surge. Coingecko data shows that over the past 24 hours, Ethereum Finance Corporation has increased its crypto hiding on its balance sheet by more than 4%.
The companies that Ethereum swallowed Ethereum’s publicly traded have now captured 2.3% of the total supply of cryptocurrencies.
Osato Avan-Nomayo is our Defi correspondent in Nigeria. He covers Defi and Tech. Is there a tip? Please contact him at osato@dlnews.com.