Quick overview

Live ETH/USD Chart

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Ethereum broke its previous peak on Friday following US Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole.

The altcoin experienced a significant surge over the last day. The cryptocurrency surpassed its previous peak of $ 4,869 in November 2021 to reach an all-time high of $ 4,880 on Binance.

ETH is currently trading just below $4,900 with a respectable 10% increase over the last seven days. It has risen by over 35% in the past month, making it one of the best-performing digital assets.

There was temporary selling pressure brought on by significant institutional movements, such as the reported sale of 59.6 million ETH by an institutional manager. Buyers on the chain swiftly absorbed such selling pressure, creating a backdrop of tighter supply. The recent surge is the result of significant institutional investments in the biggest altcoin. Spot ETH-based exchange-traded funds saw a record inflow of more than $1 billion just a few weeks ago, with BlackRock’s ETHA fund alone setting a record of over 150,000 ETH.

It’s not just ETFs, though. In keeping with Michael Saylor’s Strategy, publicly traded corporations using the same approach

. Bitmine, led by Tom Lee, became the first company to amass a staggering 1,000,000 ETH in treasury. ETH was essentially caught between companies hoarding it for their treasuries and institutional demand, while the entire cryptocurrency community had been predicting an altcoin season for months.

Many are now speculating $10,000 and even higher amounts are not unrealistic because ETH’s fundamentals are far stronger this time around than they were in 2021.