Ethereum (ETH) has continued its impressive rally yet again crossing a major milestone today. The coin managed to breach the psychological $4,000 on Friday August 8. Today, ETH has pushed upwards to $4,200, reaching this level for the first time since December 2021. 

The recent surge places Ethereum approximately 14% below its all-time high of $4,867 set back in November 2021. Amid this rally, the top altcoin by market cap, has resulted in $200 million liquidations. 

Ethereum is Now Up to $4,200

According to data by Coingecko, Ethereum is trading at $4,210 as of this writing following an impressive surge of 7.9% over the last 24 hours. On a bigger timeframe, ETH is up by over 21% on the weekly chart and over 52% on the monthly chart. This surge, reinforces the coin’s bullish momentum. 

Crypto market analysts are now eying ETH to move further upwards with liquidity shifting to the altcoin. Some analysts even believe that the biggest altcoin season in history is now very close. 

“ETH is pumping hard against Bitcoin. Now all the liquidity is flowing into ETH. Next it will flow into Alts which will start the biggest Altseason in crypto history,” Ash Crypto said. 

Why is the Price of Ethereum Surging? 

Strong conviction from both institutions and retail seems to be backing the recent rally. As reported by Blockchain News recently, Ethereum treasuries now target $30.4 billion in ETH holdings. Current holdings for these firms including SharpLink, GameSquare and others, is $7.59 billion. 

Ethereum ETFs have also seen major inflows lately, even surpassing Bitcoin ETFs in recent weeks. The US spot Ethereum ETFs  have attracted nearly $5 billion over the last month alone. This is majorly contributed by the total net inflow of about $9.82 billion, since ETH ETFs hit the market in July 2024, as per SosoValue. 

On the other hand, retail is also stacking up Ethereum. As identified on X by Cas Abbé, a whale purchased 10.4K ETH worth $40.5 million via over-the-counter (OTC) deal, on August 8. This whale purchase shows that retail traders are also not left behind in the new wave of Ethereum accumulation. 

$229 Million-Worth ETH Positions Liquidated; Eric Trump Rejoices

Over the last 24 hours, Ethereum liquidations have totaled to $230 million as per data by Coinglass. These liquidations came as Ethereum rallied above $4,200 fueled by strong optimism. 

Out of this value, $210 million worth of shorts were liquidated. Long position liquidations only totaled to $20.32 million. 

For the general crypto market, the liquidations total to $390.52 million, meaning that ETH is accounting for 58.76% of all liquidations over the last 24 hours. In particular, the largest liquidation came from an ETH-USDT-SWAP on OKX, whereby the investor lost $10.63 million. 

Following these liquidations for short positions, President Donald Trump’s son, Eric Trump, expressed criticism to those betting against Bitcoin and Ethereum, while advising them not to bet against the two coins. 

“It puts a smile on my face to see ETH shorts get smoked today. Stop betting against BTC and ETH – you will be run over,” Eric Trump posted on X. 

With Ethereum now above $4,200, stronger conviction could push the coin towards $4,500 or even to a new all-time high. However, a wave of profit-taking could delay the surge or wipe out the recent gains. But for the moment, Ethereum seems to be taking one ‘stair’ at a time.