Ether (ETH) broke through the $4,900 barrier on Sunday, August 24, at 5:40 p.m. UTC, marking the first instance of this price point and surpassing its previous record of $4,867 set on November 8, 2021.
Ethereum’s journey into new price territories highlights a lack of historical overhead limits that traders lean on, as indicated by the five-year ETH-USD price chart from TradingView, which shows an undisputed multi-year breakout.
Highlights:
- Ether has entered a phase known as price discovery, indicating fresh market highs driven by psychological factors rather than previous chart resistance.
- The latest price action illustrates ETH pushing past $4,900 to an intraday peak of $4,946.90, showcasing a strong buying trend.
Analysts emphasize Bitcoin’s diminishing rally momentum while noting increased demand for Ether, which is occurring alongside dwindling exchange reserves. Some experts highlight a tendency for weekend breakout events to retreat in the early days of the week, possibly suggesting a pullback.
The market dynamics between Bitcoin and Ether are also notable, as analysts note that when Bitcoin shows fatigue, market participants often shift their attention toward Ether, which is demonstrating robust momentum and strength.
In summary, while Ether’s current price breakthrough is encouraging, market participants remain cautious about potential retracements as traditional liquidity returns on weekdays.
