Ethereum ($ETH), the top altcoin, has recently hit another all-time high (ATH) mark amid the broader bullish sentiment. As per the latest market statistics, Ethereum ($ETH) has ultimately surpassed the $4,900 mark, claiming its exclusive ATH as the whales are continuously engaged in $ETH accumulation.
This development takes place after the U.S. Federal Reserve’s dovish signals, triggering optimism within the altcoin sector. In the meantime, Bitcoin ($BTC) has witnessed a massive decline, plunging below the $113K mark.
$ETH Jumps to New ATH of $4,950 after Fed’s Dovish Signals
As the market data suggests, the flagship altcoin has effectively jumped to the staggering $4,950, claiming its new ATH. This occurred after the remarks made by the SEC Chairman Jerome Powell at the Jackson Hole summit, signifying likely rate cuts in the next month. This led to a momentum shift, and $ETH rallied to its record high.
Keeping this in view, the prominent cryptocurrency has surged by 25% since the start of this month. Additionally, the spot $ETH ETFs have also witnessed up to $2.79B in net inflows in the meantime. On the other hand, spot $BTC ETFs display $1.2B in overall outflows during this period. This underscores a notable shift in the institutional interest from Bitcoin ($BTC) to Ethereum ($ETH).
Flagship Altcoin to Continue Upward Trajectory, Targeting $5,200-$5,500 Range
Adding to this, the market dominance of Bitcoin also slumped by 5.88% over thirty days as it now stands at 58.19%. Simultaneously, in line with the on-chain data, several traders have sold $BTC and bought $ETH, displaying confidence in the latter’s upside. Keeping this bullish trajectory in view, Ethereum ($ETH) is set to continue this bull run, and it is highly likely for it to soon surpass the psychological $5,000 mark.
Overall, while Bitcoin ($BTC) has dipped below $113K, Ethereum’s ($ETH) rise above $4,900 shows a noteworthy development that could lead to further highs. In this respect, the market onlookers look for the $5,200-$5,500 range as the new price target. However, the investors are advised to stay cautious as September often comes with pullbacks.
