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 historic price action surpasses its previous all-time high, which was recorded in November 2021, marking a powerful resurgence in the altcoin market.

The remarkable surge in Ethereum's price was largely catalyzed by an explicit signal from Federal Reserve Chairman Jerome Powell, indicating an upcoming rate cut next month. This announcement triggered an immediate and strong reaction across the broader cryptocurrency market. Concurrently, Bitcoin's dominance experienced a notable dip, falling to just 56.5% according to CoinGecko data, as attention shifted towards the rapidly ascending altcoin.

The rapid price increase led to substantial liquidations in short positions for Ethereum. CoinGlass data revealed that an astonishing $287 million worth of ETH shorts were wiped out within a 24-hour period. In stark contrast, only $67 million worth of Bitcoin shorts were liquidated during the same timeframe, highlighting the intensity of Ethereum's upward movement. A single $10 million ETH liquidation order was also executed on the OKX exchange on the day of the surge, further underscoring the market's volatility.

Market sentiment, as reflected by Polymarket bettors, suggests strong confidence in Ethereum's continued ascent. There is a 74% chance that ETH will hit the coveted $5,000 level this August. Furthermore, a 29% probability exists for the altcoin to surge to $5,400 during the last week of August. Looking further ahead, the odds of Ethereum reaching $10,000 in 2025 currently stand at 16% on Polymarket, indicating sustained long-term optimism within the community.

Veteran commodity trader Peter L. Brandt, who has been active in the trading business since the mid-1970s and is now also involved with Bitcoin, acknowledged the