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Jerome Powell’s Rate Cut Speech Pump is Over
Ethereum has officially receded from its high level and lost all the pump it had managed from Fed Chairman Jerome Powell’s recent Jackson Hole speech. The comments from the central bank’s top executive indicated that the regulatory organization was considering a rate cut, and the market responded immediately; however, the move appeared to be short-lived.
According to popular crypto analyst Ted, the pump from Jerome Powell’s rate cut suggestion is now over, but the long-term goal of a $10,000 Ethereum is still in place. He tweeted:
“$ETH has fully retraced Powell’s Jackson Hole speech pump.
This doesn’t happen during market strength and people need to understand it.
 
Once data turns in favour of markets, I’ll become bullish.
Remember, I’m not long-term bearish but only short-term bearish.
Ethereum to $10,000 is programmed this cycle.”
Crypto Market Rejects Powell’s Hints at Low Interest Rate
The indication from the market is that it didn’t buy Powell’s hint at lowering the interest rate in the USA. He is currently under immense pressure from President Donald Trump, who believes that Powell is deliberately slowing down the economy.
Powell, on the other hand, has repeatedly asserted that inflation remains relatively high in the country, and the overall economic situation is precarious, to put it mildly. This is why he is not taking Trump’s directives in this regard, and he is legally entitled to do so, as the Federal Reserve is an independent private institution with a fixed term. Trump is apparently frustrated by this lack of control and has resorted to attacking Powell on X.
Now, it seems that Powell might be open to the idea, either under pressure from the presidency or due to some positive indicators.
The Future
The market is now eagerly awaiting the next FOMC meeting, scheduled for September 16-17. A rate cut is likely to impact the markets, including cryptocurrencies positively, and could catalyze a major end to the 2024-2025 bull market. ETH’s $10,000 price target is very much in play at the moment, and the crypto could be in for a grand finale in these last 3-4 months of the calendar year.
Source: https://zycrypto.com/ether-loses-powell-speech-pump-but-10000-eth-price-target-remains-in-play/