Ethereum hits new all-time high, surpassing its 2021 peak on Coinbase

Ethereum finally did what its most loyal holders have been waiting nearly four years to see. On August 22, ETH broke past its previous all-time high on Coinbase, touching a range of $4,866 to $4,885 and eclipsing the roughly $4,878 mark set during the euphoric days of November 2021. The catalyst wasn’t a new DeFi protocol or a Vitalik Buterin keynote. It was Federal Reserve Chair Jerome Powell, speaking at the Jackson Hole symposium, dropping the kind of hint that makes risk assets do backflips: a potential interest rate cut in September. The Powell effect Powell’s comments at Jackson Hole landed like a match in a room full of dry tinder. Within 24 hours of his remarks, ETH ripped nearly 15% higher. Bitcoin, by comparison, managed a more measured gain of around 4%. Shortly after the initial breakout, ETH continued climbing. Various data providers reported the absolute high reaching the $4,946 to $4,953 range, pushing even further into uncharted territory. Why this time feels different from 2021 The last time ETH was trading at these levels, the world looked very different. November 2021 was the peak of a cycle fueled by near-zero interest rates, stimulus checks, and a general vibe ...