Ethereum (ETH) Achieves New All-Time High for the First Time since 2021

Ethereum (ETH) Achieves New All-Time High for the First Time since 2021

In an exciting turn of events, Ethereum (ETH) has reached a new record high of $4,885 at 21:08 UTC on the Bitstamp exchange, marking a significant milestone not seen in nearly four years. This surge in ETH's price has been more than 15% in a single day, according to U.TODAY's report.

Over the past 24 hours, a total of $287 million worth of Ethereum shorts have been liquidated, a figure significantly higher than the $67 million worth of Bitcoin shorts liquidated over the same period of time. The entities holding short positions on Ethereum and thus suffering losses during this price surge were largely institutional investors and speculative traders exposed to derivatives. Approximately $928 million in short positions were at risk of liquidation following key price rebounds, with $145 million in long liquidations reflecting forced selling near $4,600-4,200 support levels. Notable players include ETF inflows and large "whale" accumulations like BitMine Immersion Technologies and investors influenced by market makers such as Galaxy Digital.

The surge in ETH's price has also resulted in a high probability of it reaching significant levels. According to Polymarket bettors, ETH now has a 74% chance of hitting the $5,000 level this August, and a 29% chance of surging to the $5,400 level during the last week of this month. Additionally, the odds of ETH hitting $10,000 in 2025 currently stand at 16%.

Interestingly, this price surge came after Federal Reserve Chairman Jerome Powell explicitly signalled that there would be a rate cut next month. The report is from U.TODAY, as indicated by the title "#Ethereum News". A $10 million ETH liquidation order took place on the OKX exchange earlier today.

It's worth noting that Bitcoin's dominance has plunged to just 56.5%, according to CoinGecko data, but no new information about Bitcoin's dominance or liquidation of shorts is provided in this paragraph.

This new record high for Ethereum is undoubtedly a testament to its growing popularity and potential as a leading cryptocurrency. As always, investors are advised to conduct thorough research and consider their risk tolerance before making any investment decisions.

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