🚨Yesterday's cryptocurrency markets saw a significant rebound, with Ethereum leading the charge in a powerful rally. The world's second-largest cryptocurrency surged, gaining over 14% in a 24-hour period to break above the $4,800 resistance level and hit a multi-year high of $4,834. This impressive performance was fueled by a broader shift in market sentiment following a key speech from Federal Reserve Chair Jerome Powell.🌍

👨‍🎤Powell's unexpectedly dovish remarks at the Jackson Hole economic symposium, which hinted at potential interest rate cuts as soon as September, reignited investor appetite for riskier assets. This "risk-on" environment, coupled with strong technical indicators for Ethereum, created a perfect storm for the rally. Analysts also pointed to a significant influx of institutional capital into Ethereum-related exchange-traded funds (ETFs) and a consistent trend of ETH being withdrawn from exchanges, signaling long-term bullish accumulation rather than short-term selling.🌍

🔼This combination of macro-economic tailwinds and strong on-chain data suggests that the rally may have deeper roots than a simple speculative spike, with some analysts now eyeing a potential new all-time high for Ethereum.🌍