Bitcoin and Ethereum are under strain ahead of today’s widely watched Jackson Hole speech by Federal Reserve Chair Jerome Powell. At present, Bitcoin is priced at $112,517.20, down 5.4% this week, while Ethereum is down 7.4% to $4,296.05. XRP is also showing weakness, down almost 9% over the same time.

Ethereum surged 10% to hit a new all-time high on Coinbase after Fed Chair Jerome Powell hinted at a possible rate cut.

Arthur Hayes discusses his Ethereum price prediction, suggesting a retest of $4,000 if Powell delivers hawkish remarks at Jackson Hole.