Flagship altcoin Ethereum (ETH) has achieved a significant milestone, reaching a new record high for the first time in nearly four years. The token hit a peak of $4,885 at 21:08 UTC on the Bitstamp exchange, demonstrating a surge of over 15% within a single day. This impressive ascent was primarily triggered by Federal Reserve Chairman Jerome Powell's explicit signal of an upcoming rate cut next month, which had an immediate and profound impact on the cryptocurrency market.

The surge in Ethereum's price led to substantial market activity, including the liquidation of a whopping $287 million worth of shorts over the past 24 hours, according to CoinGlass data. In comparison, Bitcoin shorts only accounted for $67 million in liquidations during the same period, highlighting the intensity of ETH's upward movement. A notable $10 million ETH liquidation order was also observed on the OKX exchange.

Amidst Ethereum's powerful rally, Bitcoin's dominance experienced a dip, plunging to just 56.5% according to CoinGecko data. While ETH soared, Bitcoin also saw an increase, adding 4.6% to hit $117,420, though it later slightly rebounded to change hands at $115,700.

The new historic price peak for Ethereum garnered attention from prominent figures in the trading and crypto communities. Old-school commodity trader Peter L. Brandt, a veteran since the mid-1970s and now involved with Bitcoin, acknowledged the new all-time high, despite his past criticisms of ETH. Sharing an X post by Cheds Trading that showcased ETH's breakout pattern, Brandt succinctly described the surge as