Ethereum Shatters Records, Soars to Stunning $4,957 High on Sunday
Ethereum rockets past all previous benchmarks in a historic surge.
Breaking the ceiling
The digital asset smashed through resistance levels that had traders scratching their charts—no fancy algorithms needed when pure momentum takes over. It hit that eye-watering $4,957 mark and didn’t look back.
What’s fueling the fire?
Speculation’s running wild, as usual. Some point to institutional interest; others whisper about network upgrades. Meanwhile, traditional finance guys are still trying to figure out what a gas fee is.
Where to from here?
Nobody really knows—welcome to crypto. Bulls are betting on five digits; skeptics wait for the 'correction.' Either way, it’s a show worth watching. Just maybe don’t bet the farm on it—unless you’re into that sort of thrill.
Fed comments erase shorts, Ethereum explodes
CoinGlass data tracked $120 million in Ethereum short liquidations in just one hour surrounding the speech, as Leveraged short positions started collapsing when Ethereum surged too fast.
Traders who borrowed to bet against it had to buy ETH quickly to limit their losses, which pushed prices even higher. That panic-buying loop crushed them.
Meanwhile, Bitmine Immersion and SharpLink Gaming, two companies holding or accumulating ETH, both rallied hard—12% and 15%, respectively. Bitmine had just posted its first red week in three, falling over 7%, but flipped back green as Ethereum powered upward.
On the other hand, ETHzilla, backed by Peter Thiel, collapsed. It nosedived more than 31% at one point during Friday’s session after the firm offered 74.8 million shares for resale. That MOVE spooked traders. ETHzilla ended the day down 31.4%, tanking hard as Ethereum rose and Powell’s speech rattled sentiment.
Elsewhere, DeFi Development, a treasury group tied to Solana, spiked 21% on the day. Coinbase and Strategy, often seen as a Bitcoin stock proxy, both tacked on 6%. Ethereum wasn’t the only crypto asset catching a bid, but it was leading the pack by a mile.
Over the last eight weeks, Ethereum has become the center of the crypto market’s momentum. That momentum has been powered by institutional hunger for stablecoins. These tokens now account for 40% of all blockchain fees, and more than half of them run on Ethereum’s rails. That demand isn’t slowing. Ethereum’s role in the financial system is expanding fast, and big money knows it.
Tom Lee, head of Fundstrat, put it like this on CNBC’s “Worldwide Exchange”: “Ether is the biggest macro trade over the next 10 to 15 years and a lot of it has to do with the fact that stablecoins have become the ChatGPT moment for crypto.”
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