Ethereum broke above its previous all-time high on Coinbase on August 22, trading between $4,866 and $4,885 and surpassing the roughly $4,878 level reached in November 2021. The move followed Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium, which raised expectations of a potential interest-rate cut in September. ETH climbed nearly 15% within 24 hours, compared with Bitcoin’s roughly 4% gain, and later reached reported highs between $4,946 and $4,953. The rally comes after ETH entered 2025 up 45% year-to-date and follows major changes to Ethereum, including its shift to proof-of-stake (a system that validates transactions through staked tokens), which reduced ETH issuance and energy consumption. Corporate treasury accumulation and rising inflows into ETH-based ETFs indicate a broader buyer base than the retail-led speculation of 2021. Traders will be watching ETF flows: accelerating inflows alongside the breakout could support the rally’s durability, while flat or declining flows could suggest that retail enthusiasm is driving the move and make it less sustainable.