Peter Brandt Calls Ethereum Rally ‘powerful’ Despite Years of Skepticism

Ethereum has smashed through its previous all-time high for the first time since 2021, soaring over 15% in a single day and briefly touching $4,885.

The surge followed remarks from Federal Reserve Chair Jerome Powell, who confirmed that a U.S. interest rate cut is scheduled for next month. The policy shift ignited fresh momentum across both traditional and crypto markets, sending traders rushing into risk assets.

Veteran commodities trader Peter L. Brandt, known for his often skeptical takes on Ethereum, marked the moment with a single word: “Powerful.” Despite past criticism of ETH, Brandt has admitted he would trade it as an asset whenever conditions align, a nod to Ethereum’s growing relevance in the trading world.

Ethereum’s rally has also shifted broader market dynamics. Bitcoin dominance dipped to 56.5%, underscoring ETH’s relative strength as capital rotated toward the second-largest cryptocurrency. Bitcoin itself climbed as high as $117,420 before retreating to around $115,700 at the time of writing.

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The milestone drew attention from industry leaders as well. Coinbase CEO Brian Armstrong publicly congratulated the Ethereum community, calling the breakout a major achievement for the ecosystem.

Currently, Ethereum is consolidating near $4,739, with traders closely eyeing the $5,000 level as the next psychological barrier. A successful breakout above that mark in September could reinforce ETH’s growing narrative as both a technological backbone for decentralized finance and a serious contender to Bitcoin’s dominance.