Ethereum (ETH) is nearing an all-time high price of $5,000, opening the door for even higher forecasts in the coming months. The asset has been outperforming Bitcoin (BTC) throughout the Summer, with institutional interest rising and ETH whales constantly active. Following the Jackson Hole Economic Policy Symposium, where Fed Chair Jerome Powell hinted that interest rate cuts may be in the cards before 2025 ends. The news sent stocks and the crypto market higher on Friday, leaking into this weekend’s gains.

The second-largest digital asset by market value jumped from roughly $4,400 to $4,800 in less than three hours on Friday, a surge of about 9%. Bitcoin also rose in tandem, returning to $116,000. In addition, on-chain data reveals that Trump’s World Liberty recently bought 1,076 ETH for 5.025 million USDC for $4,670. Large institutional-style purchases like that often reflect growing confidence in Ethereum’s value, and send the asset higher.

Ethereum’s performance now shows a 23% gain over the past month and a 76% increase year-on-year. Over five years, the ETH price has gone up by more than 1,100%, positioning itself among the top-performing global assets. Once the coin reaches $5K in a matter of days, it sets the stage for a climb to $6k immediately, although that timeline is up for debate. CoinCodex analysts anticipate Ethereum’s price to continue rallying over the next few months beyond the $6k mark as soon as September. Indeed, the platform predicts the asset to hit a new all-time high of $7229.16 on Nov. 17. Hitting $7229.16 from current price levels will entail a rally of about 68.05%.

Also Read: Could Ethereum Be Wall Street and AI’s Biggest Game-Changer?

Meanwhile, former BitMEX CEO Arthur Hayes has dished his two cents on Ethereum’s future, suggesting BTC-like surges in the next few years. Hayes recently shared his thoughts about Ethereum, adding how the token is meant to scale higher in the long haul. His latest Ethereum prediction is surprising, stating how ETH may score a new high of $20K this cycle. Speaking about this recent crypto inclination, Hayes shared how he is currently overweight on ETH rather than Solana, thus the bullish forecast.

Ethereum is also playing a key role in RWA tokenization, with anticipations of the chain rising to be a leading component spearheading this change. Moreover, ETH is also emerging to be a building block for stablecoins, as the GENIUS Act makes way for stablecoins to become a leading US priority.