Ethereum (ETH) is leading the end-of-the-week market recovery after finally breaking above the $4,800 resistance. As the cryptocurrency is attempting to reclaim this crucial area, some analysts suggest that a new all-time high (ATH) is imminent.<\/p>\n
On Friday, Ethereum broke above the $4,800 resistance for the first time since 2021, hitting<\/a> a multi-year high of $4,834. The cryptocurrency has rallied over 14% over the past 24 hours, driven by Federal Reserve Chairman Jerome Powell\u2019s annual address at Jackson Hole.<\/p>\n In his speech, Powell signaled the possibility of an interest rate cut, affirming that \u201cwith policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.\u201d<\/p>\n Following Powell\u2019s remarks, the market soared, with Bitcoin (BTC) jumping<\/a> from its local range low to the $117,000 area. Meanwhile, Ethereum initially climbed from the $4,200 support to reclaim the crucial $4,700 barrier.<\/p>\n In a statement<\/a> to CNBC, Jordi Alexander, CEO of crypto trading firm Selini Capital, suggested that crypto traders were caught completely offside by Powell\u2019s dovish comments.<\/p>\n \u201cThe market positioning in recent sessions has seen clear risk-off moves in assets like crypto and tech, and today\u2019s setting up of a September rate cut is causing a panicked repositioning, which could continue through the illiquid weekend as shorts get squeezed,\u201d he affirmed.<\/p>\n Meanwhile, Joseph Chalom, Co-CEO of SharpLink Gaming, asserted<\/a> that \u201cthe markets are loving Powell\u2019s dovish speech. September rate cuts seem imminent. We\u2019re at a pivotal moment in the market cycle.\u201d<\/p>\n Notably, ETH has been consolidating between $3,762 support and $4,631 resistance since the early August breakout, retesting the $4,000-$4,100 mid-zone of this week\u2019s pullback.<\/p>\n On Friday afternoon, Ethereum continued its climb above the $4,800 resistance. This level was unsuccessfully tested<\/a> last week, when the King of Altcoins hit a local high of $4,788 before being rejected.<\/p>\n Analyst Crypto Jelle highlighted<\/a> a one-week falling wedge pattern on ETH\u2019s chart, which targeted a breakout to the $4,600-$4,800 area. Following today\u2019s price jump, the analyst suggested that Ethereum is ready to target its all-time high of $4,878 after the breakout.<\/p>\n Additionally, he noted that ETH already broke out of an 18-month bullish megaphone this month, which targets the $10,000 level. He explained that the cryptocurrency has successfully retested<\/a> the key resistance level, around $4,000, during this week\u2019s pullback and has \u201chardly any resistance left.\u201d<\/p>\n Nonetheless, he warned that a pullback is likely to come following the massive pump but added that \u201cthe intent is clear. This market wants higher.\u201d<\/p>\nETH Ready For More?<\/h2>\n