- Powell speech ignites bullish sentiment, he hints that September rate cuts are certain.
- This speech led Ethereum to finally break past the $4,800 price range.
- Bitcoin’s pump was minor compared to ETH’s, allowing the altcoin to outperform.
The crypto market experienced a bullish surge in prices, as the price of ETH reclaimed a crucial price region and altcoins followed its lead. In detail, the Powell speech ignites bullish sentiment, leading Ethereum to break past the final boss, the $4,800 price region, bringing it closer than ever to its previous ATH set just below the $4,900 price range. With rate cut expectations next month, the crypto market experiences a pump.
Powell Speech Ignites Bullish Sentiment
A few hours ago, Federal Reserve Board Chairman Jerome Powell made a speech that ignited strong bullish sentiment for crypto prices. In detail, his speech allowed positive sentiment to take over, allowing the price of ETH to finally break past the $4,800 price target and let altcoins take the lead. However, his speech only brought BTC prices back up to the $117,000 price range, once again showing that Ethereum is outperforming Bitcoin.
To highlight, Powell’s speech spoke of several factors that will inevitably lead to higher crypto prices across the crypto market. However, the main focus of his speech was centred around a rat cut announcement. Powell practically confirmed that September will experience rate cuts, and that the market is aware of this inevitable rate cut announcement. Most traders and analysts know that a rate cut will lead to a spike in prices.
President Trump, in particular, has been pressuring Powell to announce rate cuts for months. Specifically, he wants Powell to announce a 3-point rate cut that could save the USA billions in debt. When Powell refused to announce rate cuts last month, Trump gave Powell the title of ‘Too Late’ Powell. As for why rate cuts were delayed, Powell had made it very clear before that rate cuts would come only if certain criteria were met, and it looks like this criterion has now been met.
Ethereum Finally Breaks Past $4,800 Price Target
In detail, following the speech, the price of BTC went from $113,000 to $117,000 and is now trading at $115,000. Meanwhile, the price of Ethereum ran from $4,300 to past $4,800, bringing ETH price just $110 away from its previous ATH price of $4,891.70. The price of ETH is now trading at the $4,700 price range. While ETH has yet to enter price discovery and set a new ATH price, Powell’s speech has reignited bullish sentiments for this probability.
Despite these bullish pump expectations following rate cuts, one reputed and silver-tongued crypto analyst remains adamant that September will still be a bearish red month . Despite rising prices, this analyst, Doctor Profit , continues to hold the prediction that the price of BTC will fall to below $100,000. At the moment, he says that a sell the news pump is prevailing in the crypto market, but September’s bear signals will bring BTC to 5-digit prices, before recovering and pumping after September.
