Ethereum Hits All-Time High On Bullish Economic Outlook — One Investor Sees Path To $10,000

The second-most valuable cryptocurrency surged to an all-time high of nearly $4954 on Sunday before scaling back some gains. At the time of writing, it was trading at $4,718.26.

Ethereum prices surged to all-time highs over the weekend, aided by strong buying from corporate entities and higher odds of a rate cut following Federal Reserve Chair Jerome Powell’s Jackson Hole speech.

The second-most valuable cryptocurrency by market cap surged to an all-time high of nearly $4,954 on Sunday before scaling back some gains. At the time of writing, it was trading at $4,718.26.

Retail sentiment on Stocktwits Ether, the digital asset of the Ethereum blockchain, was in the ‘bullish’ territory at the time of writing.

Digital currencies rallied on Friday alongside equity markets after Powell hinted at a possible cut in benchmark interest rates amid “sweeping changes” in tax, trade, and immigration policies. Lower interest rates raise investor appetite for riskier assets.

Corporate investor inflows also continued to flood into Ether amid widespread optimism surrounding cryptocurrencies. “Dovish Powell and corporate demand are doing the heavy lifting,” Rachel Lucas, crypto analyst at BTC Markets, said.

According to a CNBC report, on Saturday, Bitmine Immersion Technologies, the ether treasury company chaired by Tom Lee, bought $45 million of Ether. According to CoinMarketCap data, Ether ETF net flows have stood at $337 million over the past month.

Investor Ted Pillows said in a post on X that Ether looks ready to hit $5,000 really soon.

“Ethereum will take a break before the next leg up. $10,000+ ETH is coming this cycle, and there's nothing stopping that,” Pillows said.

However, Bitcoin prices declined due to large selling by institutional investors.

Ether prices have surged 41.7% this year.

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