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ETH spiked sharply after US Federal Reserve Chair Jerome Powell hinted at potential interest rate cuts, sending the token up nearly 8% within an hour.

Ethereum has surged to fresh heights just two days after breaking past its all-time high set nearly four years ago.
Ethereum has surged to fresh heights just two days after breaking past its all-time high set nearly four years ago. The world’s second-largest cryptocurrency on Sunday touched $4,948, according to CoinMarketCap, before falling by nearly 3.5% to trade at $4,606 at 2:15 pm on Monday.
The recent rally follows Ethereum’s breakout above its previous record of $4,878 from November 2021. On Friday, ETH spiked sharply after US Federal Reserve Chair Jerome Powell hinted at potential interest rate cuts, sending the token up nearly 8% within an hour. By late Friday, Ethereum was trading 15% higher on the day, pushing past its long-standing peak.
Multiple tailwinds have fuelled Ethereum’s run. US spot Ethereum ETFs recently drew over $1 billion in daily inflows for the first time since their debut last year, outperforming Bitcoin ETFs in recent weeks. Corporate treasuries have also been active buyers: BitMine Immersion now holds over $7 billion worth of ETH, while SharpLink Gaming has accumulated more than $3.6 billion.
Regulatory clarity has added to the momentum. The US Securities and Exchange Commission (SEC) has allowed liquid staking providers to distribute rewards without requiring agency registration, a notable shift from the earlier restrictive stance under President Trump. Meanwhile, the passage of the GENIUS Act has introduced a stablecoin framework—significant given that most dollar-pegged stablecoins run on the Ethereum blockchain.
Raj Karkara, chief operating officer of ZebPay, said, “Crossing an all-time high of above $4,900 is not just a milestone for Ethereum; it’s a testament to the robustness of the underlying network and the accelerating adoption of decentralised applications. This achievement reflects growing institutional confidence, the maturation of Layer 2 scaling solutions, and the efficiency gains delivered by the Merge, subsequent upgrades, and the upcoming Fusaka upgrade which will enhance data availability and scalability through innovations like PeerDAS.”
As the ecosystem continues to expand with innovations such as rollups and on-chain liquidity protocols, we are witnessing Ethereum cement its position as the foundational layer for Web3. The price action underscores the market’s recognition of its utility-driven value proposition and long-term scalability, he added.
Bitcoin Price Today
BTC crossed $117,000 on late Friday after Federal Reserve Chair Jerome Powell hinted at a potential September interest rate cut during his speech at Jackson Hole. After that prices trended lower, eventually breaking below the $114,000 area.
“A sharp flush later drove BTC down to the $112,000 zone before buyers stepped in, helping the market recover modestly back toward $113,300. ETH hit a fresh all-time high on Friday, breaking its nearly four-year record by crossing the $4,920 mark. It has since pulled back slightly and is now trading near $4,750, though it remains up 9.3% over the past week,” according to CoinSwitch Markets Desk.

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
Read More