Ethereum Mania Unleashed: ETH Shatters Records with Stunning New All-Time High!
Ethereum (ETH) has achieved a new record high of $4,885, its first in nearly four years, propelled by signals of an upcoming Federal Reserve rate cut. This significant price surge triggered nearly $300 million in short liquidations and sparked optimistic price predictions for the altcoin. Prominent figures like Peter L. Brandt and Coinbase CEO Brian Armstrong have recognized ETH's milestone, while Bitcoin's market dominance has concurrently decreased.
Flagship altcoin Ethereum (ETH) has soared to a new record high, reaching $4,885 on the Bitstamp exchange at 21:08 UTC. This marks the first time ETH has achieved such a peak in nearly four years, demonstrating a powerful surge of more than 15% in a single day. The significant rally was primarily fueled by Federal Reserve Chairman Jerome Powell's explicit signal that a rate cut is anticipated next month, a revelation that immediately stirred the crypto market.
The rapid price ascent led to substantial market liquidations, with CoinGlass data indicating that a staggering $287 million worth of Ethereum shorts were wiped out within a 24-hour period. For comparison, Bitcoin shorts experienced liquidations of only $67 million over the same timeframe, underscoring the particular intensity of ETH's upward momentum. Notably, a single $10 million ETH liquidation order was executed on the OKX exchange.
Optimism surrounds Ethereum's future price trajectory. Polymarket bettors currently assign a 74% chance for ETH to reach the highly anticipated $5,000 level this August. Furthermore, there is a 29% probability of the altcoin extending its surge to the $5,400 mark during the final week of August. Looking ahead to 2025, the odds of ETH hitting $10,000 are estimated at 16% on Polymarket.
Peter L. Brandt, an old-school commodity trader with experience dating back to the mid-1970s and now also involved in Bitcoin, commented on Ethereum's new historic price peak. Despite his past criticisms of ETH as an asset, Brandt affirmed his stance as a trader, indicating he would still trade it irrespective of his personal views. Sharing an X post by Cheds Trading that featured a breakout pattern of ETH on a TradingView chart, Brandt succinctly described the movement with the word “Powerful.” This reflects the more than 15% price surge that propelled ETH from $4,238 to $4,885, surpassing its previous all-time high recorded in November 2021.
Concurrently with Ethereum's impressive rally, Bitcoin's dominance in the market slipped to just 56.5%, according to CoinGecko data. While ETH captured headlines, BTC also saw a positive movement, adding 4.6% and momentarily hitting $117,420 before slightly settling to $115,700. Coinbase CEO Brian Armstrong also acknowledged and celebrated Ethereum's new historic price surge, sharing a congratulatory tweet with the community.