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

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. 

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$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.