Ethereum (ETH) leads the end of the weekly market recovery after he has finally broken above the resistance of $ 4,800. While the Cryptocurrency tries to reclaim this crucial area, some analysts suggest that a new all -time high (ATH) is imminent.
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Ethereum touches new multi -year high
On Friday, Ethereum broke over the resistance of $ 4,800 for the first time since 2021, scale A multi -year highlight of $ 4,834. The Cryptocurrency has more than 14% in the last 24 hours, powered by the annual address of the Federal Reserve chairman Jerome Powell in Jackson Hole.
In his speech, Powell indicated the possibility of reducing the interest rate and confirmed that “with the policy in restrictive areas, the baseline for views and the shifting risk balance can justify that our policy posture can be adjusted.”
After the comments from Powell, the market rose, with Bitcoin (BTC) from its local reach to the area of $ 117,000 jump. In the meantime, Ethereum initially climbed the $ 4,200 support to reclaim the crucial barrier of $ 4,700.
In one rack To CNBC, Jordi Alexander, CEO of Crypto -Handelsbedrijf Selini Capital, suggested that crypto traders were completely offside caught by Powell’s Dovish comments.
“The market positioning in recent sessions has seen a clear risk-off steps in assets such as crypto and technology, and setting up a September rate reduction causes a panic repositioning, which could continue by the Illiquid weekend while shorts are pressed,” he confirmed.
Meanwhile, Joseph Chalom, Co-CEO of Sharplink Gaming, claimed That “the markets love the dovish speech from Powell. September interest letings seem imminent. We are in the market cycle at a crucial moment.”
ETH ready for more?
It is remarkable that ETH has been established between $ 3,762 support and $ 4,631 resistance since the breakout of this week of this week of this week’s pullback.
On Friday afternoon, Ethereum continued its climb above the resistance of $ 4,800. This level was tested without success last week, when the King of Altcoins reached a local highlight of $ 4,788 before he was rejected.
Analyst Crypto Jelle marked A falling one-week wedge pattern on the graph of ETH, which was an outbreak in the field of $ 4,600- $ 4,800. After today’s price jumping, the analyst suggested that Ethereum is ready to focus his highest point of $ 4,878 after the outbreak.
Moreover, he noted that this month ETH has already broken from a bullish megaphone of 18 months, which is aimed at the level of $ 10,000. He explained that the cryptocurrency successfully recovered the most important resistance level, about $ 4,000, during this week’s pullback and “hardly resisted”.
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Nevertheless, he warned that a pullback will probably come after the massive pump, but added that “the intention is clear. This market wants higher.”
Likewise, Ted -cushions confirmed That volatility was expected after Powell’s speech and noted that it had happened in previous years. However, he suggested that a large ETH Rally will follow: “Just like the last time.”
Ethereum is currently being traded at $ 4,799, an increase of 32.6% in the monthly period.
Featured image of unsplash.com, graph of TradingView.com