Ethereum (ETH), the flagship altcoin, has achieved a new record high for the first time in nearly four years, reaching $4,885 at 21:08 UTC on the Bitstamp exchange. This monumental surge, exceeding 15% in a single day, comes after Federal Reserve Chairman Jerome Powell explicitly signaled an upcoming rate cut, prompting an immediate and powerful reaction in the cryptocurrency market. The token's previous all-time high was recorded in November 2021.

The market's enthusiasm for Ethereum was evident in significant liquidations, with CoinGlass data revealing a staggering $287 million worth of shorts wiped out over the past 24 hours. For comparison, only $67 million in Bitcoin shorts were liquidated during the same period. A notable $10 million ETH liquidation order occurred on the OKX exchange, further highlighting the volatility and swift market shift.

Following this price milestone, market sentiment suggests further gains for Ethereum. Polymarket bettors assign a 74% chance of ETH hitting the coveted $5,000 mark this August, and a 29% chance of it reaching $5,400 during the last week of the month. Looking further ahead, the odds of Ethereum touching $10,000 in 2025 currently stand at 16%.

Renowned old-school commodity trader Peter L. Brandt, who has been in the trading business since the mid-1970s and is also involved in Bitcoin, commented on the new historic price peak. Despite his previous criticisms of ETH, Brandt, viewing it purely as a trader, described the surge as