Ethereum has seen a significant price surge, nearing its previous all-time high of $4,878. On August 22, ETH jumped nearly 15%, spurred by indications from Federal Reserve Chair Jerome Powell about potential interest rate cuts. However, the price peaked just below the prior record, leading to substantial liquidations in the derivatives market. Over the last 24 hours, approximately $259 million in Ethereum short positions were liquidated, adding to a total of more than $340 million across all crypto positions. Despite the bullish market sentiment and regulatory developments favoring Ethereum, traders struggled to push the price beyond the critical threshold. The soaring prices reflect a growing interest in Ethereum, backed by corporate purchases and ETF inflows, yet the market remains cautious amid macroeconomic uncertainty. This price action indicates a volatile yet watchful environment as attention remains on Ethereum's performance and potential to break its four-year-old high.

Source 🔗