Ethereum’s $4,885 Surge: A New Dawn? 🐢💸

by

The venerable altcoin, Ethereum, has once again ascended to the zenith of its fortunes, a feat not witnessed since the fateful year of 2021. A veritable phoenix, it rose from the ashes of its four-year slumber, defying the skeptics with a flourish of digital feathers. 🦉

At the ungodly hour of 21:08 UTC, the token scaled a new peak of $4,885 on Bitstamp, its ascent a veritable tempest of 15% in a single day. One might say it danced with the angels-or at least with the algorithmic demons of the market. 🌪️

Meanwhile, the once-mighty Bitcoin, now reduced to a mere 56.5% of the market’s dominion, languishes in the shadow of its rival. A tale of two coins, one soaring, the other sighing. 😔

According to U.Today, this meteoric rise followed the Federal Reserve’s chairman, Jerome Powell, who, with a nod and a wink, hinted at an impending rate cut. A whisper in the wind, yet the market heard it-and danced accordingly. 🤝

Nearly $300 million worth of shorts get wiped out

CoinGlass data reveals a grim spectacle: $287 million in short positions lay in ruins, while Bitcoin’s shorts fared only slightly better, with $67 million lost. The market, a ruthless judge, metes out its verdict with unrelenting severity. ⚖️

A $10 million ETH liquidation order took place on the OKX exchange earlier today. One can only imagine the wails of the beleaguered traders, their portfolios weeping in unison. 🛑

$5,000 in sight?

Polymarket’s bettors, ever the optimists, now wager a 74% chance that ETH shall breach the elusive $5,000 threshold this August. A dream as tantalizing as a mirage in the desert. 🌵

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. A gamble as bold as a hare chasing a cheetah. 🐇

The odds of ETH hitting $10,000 in 2025 currently stand at 16% on Polymarket. A 16% chance-enough to keep the hopefuls awake at night, clutching their crypto wallets like talismans. 🔮

Read More

2025-08-23 00:56