The price of ether rebounded to near-record levels on Friday after Federal Reserve Chair Jerome Powell hinted at upcoming rate cuts and investors returned to risk-on mode.

The second-largest cryptocurrency was last higher by 12% at $4,738.91, according to Coin Metrics. Last week, ether nearly touched its 2021 all-time high of $4,866.01, before falling as low as the $4,000 level this Tuesday.

Bitcoin rose 3% to $116,191.09. Stock Chart Icon Stock chart icon

Ether (ETH) bounces after Powell's Jackson Hole speech

The moves came during Powell's annual address from Jackson Hole, Wyoming . "With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance," said Powell.

"Traders seem to have been caug

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