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Analysts predict: Fed's dovish signals may push ETH to break through $5000.
On August 23, following Fed Chairman Powell's dovish signals at the Jackson Hole Economic Symposium, contrary to market expectations for a more hawkish stance, Crypto Assets surged on Friday night. As a result, asset managers predict that Bitcoin (BTC), Ethereum (ETH), and some alts will reach new highs.
Analysts at Monarq Asset Management predict that the price of Ether will rise above $5,000 in the coming days. Monarq Direction Fund's Chief Investment Officer Sam Gaer stated, "We maintain an overall bullish stance. The internal structure of the market remains healthy, with almost no signs of overheating, and as you pointed out, the path for BTC and ETH to reach new highs is very clear."
Gaer stated that the demand for ETH from over-the-counter trading platforms and market makers is stronger than that for BTC, which means Ethereum may outperform Bitcoin in the future. However, BTC itself is also showing strong momentum. Gaer pointed out: "Bitcoin has retraced about 9.6% from its historical peak, much less than the pullback earlier this year, indicating strong demand—whale wallets continue to accumulate around $113,000, which is proof of that."