- Ethereum hit $4,956, entering price discovery as trading volume surged 125% in 24 hours.
- Derivatives data showed ETH futures volume up 162% and $301M short liquidations in one day.
- Analysts report ETH rally reducing Bitcoin dominance, fueling expectations of an Ethereum-led altseason.
Ethereum has reached a new milestone as $ETH smashed a fresh all-time high and entered price discovery. Vitalik’s creation is now displaying unstoppable strength while dragging Bitcoin dominance lower as capital rotates into Ethereum and altcoins. Analysts say this could be the start of an Ethereum-led altseason.
Ethereum Price Performance and Market Activity
Ethereum’s weekly chart from 2021 to 2025 recorded multiple periods of volatility with repeated upward and downward moves. Prices peaked in late 2021 before declining sharply in 2022 and consolidating through most of 2023. By 2024, upward momentum returned, with Ethereum recovering substantial losses and pushing higher into 2025.
At the time of writing, $ETH traded at $4,635.39, representing a 6.87% gain in seven days. According to CoinMarketCap data, Ethereum’s market capitalization stands at $559.52 billion, supported by a circulating supply of 120.7 million ETH. Trading volume surged 125.28% in the last 24 hours to $63.9 billion.
Analysts observed strong participation as Ethereum tested resistance near $4,953, with price briefly touching $4,956 before retracing. According to Alex Clay, “ETH just smashed a new all-time high, showing unstoppable strength and exploring price discovery.”
Derivatives Growth and Altseason Outlook
Derivative markets confirmed Ethereum’s strength, with Coinglass data showing derivatives trading volume rising 162% to $210.71 billion. Options volume grew 221%, reaching $2.96 billion, while open interest climbed to $20.01 billion. The long-to-short ratio remained tilted toward longs, reflecting trader positioning aligned with upward momentum.
Liquidation activity also expanded, with $301.02 million cleared in 24 hours, mostly from short positions as bears faced heavy losses. According to Lark Davis, during the 2021 bull run, ETH hovered near its ATH before breaking into price discovery. He noted that this cycle could repeat, with Ethereum consolidating briefly before extending higher.
According to analysis prepared by multiple experts, Ethereum’s rally continues to attract capital from Bitcoin, reducing BTC dominance and fueling altcoin markets. Many analysts see the current setup as the beginning of an Ethereum-led altseason with growing institutional adoption and increasing ETF inflows.
