Breaking: Ethereum (ETH) Suddenly Hits New ATH for the First Time Since 2021

Nearly $300 million worth of shorts get wiped out
$5,000 in sight?

Flagship altcoin Ethereum (ETH) has reached a new record high for the first time in nearly four years.

The token hit a new record peak of $4,885 at 21:08 UTC on the Bitstamp exchange, surging by more than 15% in a single day.

In the meantime, Bitcoin’s dominance has now plunged to just 56.5%, according to CoinGecko data.

As reported by U.Today, ETH’s monster surge came after Federal Reserve Chairman Jerome Powell explicitly signalled that there would be a rate cut next month.

Nearly $300 million worth of shorts get wiped out

CoinGlass data shows that a whopping $287 million worth of shorts have been liquidated over the past 24 hours. For comparison, only $67 million worth of Bitcoin shorts got wiped out over the same period of time.

A $10 million ETH liquidation order took place on the OKX exchange earlier today.

$5,000 in sight?

According to Polymarket bettors, ETH now has a 74% chance of hitting the much-coveted $5,000 level this August.

In fact, there is a 29% chance of the flagship altcoin surging all the way to the $5,400 level during the last week of this August.

The odds of ETH hitting $10,000 in 2025 currently stand at 16% on Polymarket.

Source: https://u.today/breaking-ethereum-eth-suddenly-hits-new-ath-for-the-first-time-since-2021