Ethereum has broken past its previous record for the first time since 2021, surging more than 15% in a single day and reaching as high as $4,885.
The rally came shortly after Federal Reserve Chair Jerome Powell confirmed that a rate cut is scheduled for next month, sparking a wave of bullish momentum across crypto markets.
Veteran trader Peter L. Brandt, who has been in the commodities and trading space since the 1970s and is now an active voice in the Bitcoin community, bto the milestone with a single word: “Powerful.” Brandt has often been critical of Ethereum, but he noted in the past that as a trader, he would not hesitate to trade it despite personal reservations about the asset.
Ethereum’s breakout also pushed Bitcoin dominance down to 56.5%, underlining ETH’s strong performance relative to the broader market. While Ethereum soared to its new peak, Bitcoin also enjoyed a boost, climbing to $117,420 before easing back to around $115,700.
The rally has not gone unnoticed by industry leaders. Coinbase CEO Brian Armstrong highlighted Ethereum’s record-breaking move on social media, congratulating the community on the achievement.
At press time, Ethereum is consolidating around $4,739, with traders watching closely to see if bullish momentum can carry it past the $5,000 threshold in September.
