Flagship altcoin Ethereum (ETH) has achieved a significant milestone, reaching a new record high for the first time in nearly four years. The cryptocurrency surged by over 15% in a single day, hitting a peak of $4,885 at 21:08 UTC on the Bitstamp exchange. This monumental price movement for ETH came on the heels of Federal Reserve Chairman Jerome Powell explicitly signaling an upcoming rate cut, a development that instantly invigorated the crypto market.

The impact of Ethereum's surge was also reflected in the broader market dynamics, as Bitcoin's dominance experienced a notable plunge, settling at just 56.5% according to CoinGecko data. This shift underscores the growing influence and independent momentum of altcoins like Ethereum within the digital asset ecosystem.

The rapid price appreciation led to substantial market liquidations, with CoinGlass data revealing that a staggering $287 million worth of ETH shorts were wiped out over a 24-hour period. In stark contrast, Bitcoin short liquidations amounted to only $67 million during the same timeframe, highlighting the intense pressure on those betting against Ethereum. A specific incident included a $10 million ETH liquidation order executed on the OKX exchange earlier in the day.

Looking ahead, market sentiment appears overwhelmingly optimistic, with Polymarket bettors assigning a 74% chance for ETH to reach the coveted $5,000 level this August. Furthermore, there's a 29% probability of the flagship altcoin climbing even higher to the $5,400 mark during the last week of August. Long-term projections also show considerable confidence, with 16% odds of ETH hitting $10,000 by 2025.

Veteran commodity trader Peter L. Brandt, who has been active in the trading business since the mid-1970s and is also involved with Bitcoin, weighed in on Ethereum's new historic price peak. Despite his past criticisms of ETH as an asset, Brandt, acknowledging his role as a trader, commented on the surge by sharing an X post from Cheds Trading, which featured a breakout pattern of ETH on a TradingView chart. His succinct observation: