Ethereum ($ETH), the flagship altcoin, has recently attained its new all-time high (ATH) price. As per the reports, Ethereum ($ETH) skyrocketed to the $4,885 mark as its new ATH following the U.S. Federal Reserve’s Chairman, Jerome Powell, signaling potential rate cuts. In this respect, $ETH now accounts for a significant 15% upsurge over the past twenty-four hours. Keeping this in view, the $ETH traders are currently targeting $5,000 as the next key milestone.
Fed Chair’s Rate Cut Signal Leads $ETH to New ATH of $4885
Ethereum’s sudden price breakout reportedly took place as a result of the Fed Chair pointing toward probable rate cuts. Particularly, the top altcoin has claimed the $4,885 spot as its exclusive ATH. This denotes a growing optimism among the investors with the potential of additional liquidity inclusions into the market. Thus, the market onlookers consider $5,000 as the next crucial price target.
Bitcoin Dominance Slips Amid Ethereum’s Bull Run
In the meantime, Bitcoin ($BTC) has recorded a notable dip in its market dominance, reaching 56.5%. This development highlights that Ethereum ($ETH) is continuously cementing its market position as a primary momentum driver. At the same time, the institutional investors are also showing a renewed interest, fueling the ongoing Ethereum rally.
Apart from that, the massive price rally of Ethereum ($ETH) has also significantly impacted the short positions. Specifically, up to $300M was liquidated in crypto short positions over 24 hours, with $ETH accounting for a notable amount of it. In comparison with this, Bitcoin’s short positions saw just $67M in liquidations.
Flagship Altcoin Targets $5,000 as Next Crucial Price Target
According to the latest market data, after achieving the new ATH of $4,885, there is a noteworthy 74% chance for the flagship altcoin to reach the $5,000 by this month’s end. Moreover, some additionally bullish anticipates highlight the Â29% possibility of Bitcoin’s spike to even $5,400. However, currently, the investors are keenly watching for Ethereum’s ($ETH) upward trajectory until it reaches the $5K mark, as it is potentially preparing for that major jump.
