PANews reported on August 14th that, according to Cointelegraph, ETH's recent rise to over $4,700 is primarily driven by market expectations that the U.S. Federal Reserve will cut interest rates in September. Cryptocurrency analysts warn that if the rate cut fails to materialize, the consequences could be dire. According to data from the CME Watch Tool, market participants are pricing in a 95.8% probability of a September Fed rate cut.

Pav Hundal, chief analyst at Swyftx, said: "The main problem right now is that the entire market trend is based on the assumption that the Federal Reserve will cut interest rates next month." Charles Edwards, founder of Capriole Investments, said he is very optimistic about Ethereum and expects its price to rise further, but he also believes that the Fed's unexpected move may have an impact, which may "lead to a liquidity panic, resulting in capital freezing and capital flow cessation." Although Edwards would not "rule out any possibility", he said that as long as institutional demand exceeds the supply of Bitcoin and ETH, he remains bullish.