Ethereum (ETH) climbed to an intraday high of $4,935, extending its rally as traders piled into the second-largest crypto asset by market value. The advance follows Federal Reserve Chair Jerome Powell’s Jackson Hole remarks this week that signaled a September rate cut may be on the table, boosting risk appetite across markets.

ETH/USD 1-hour chart via Deribit.

Ethereum’s climb also comes as exchange-traded funds (ETFs) recorded hundreds of millions in inflows last week, pushing total ETH ETF assets above $30 billion. Institutional players, including Bitmine’s weekend action, have reportedly increased allocations, pointing to rising confidence in ether as both an investment and a treasury reserve. Analysts at Standard Chartered raised their year-end ether forecast to $7,500, suggesting today’s rally may mark the beginning of a broader bullish phase. At press time at 2:08 p.m. Eastern time on Sunday, ETH is trading for $4,923 per unit.

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