Ethereum Soars to All-Time High as It Approaches $5,000

Just two days after breaking its previous all-time high from November 2021, Ethereum reached a new peak on Sunday.

On Sunday, Ethereum climbed as high as $4,945 according to CoinGecko, while CoinMarketCap recorded an even higher price of $4,948. Currently, ETH is trading at $4,935, reflecting a 4% increase on the day, as per CoinGecko.

The latest surge follows ETH’s surpassing of the previous record of $4,878 from November 2021. Ethereum’s price skyrocketed on Friday, fueled by Federal Reserve Chair Jerome Powell’s comments hinting at possible interest rate cuts.

Following these remarks, Ethereum surged nearly 8% within an hour, with the entire crypto market reacting positively. By late Friday afternoon, when ETH surpassed its prior record, it had gained 15% for the day.

Ethereum’s recent success can be attributed to several factors. U.S. spot Ethereum ETFs have seen unprecedented interest, with more than $1 billion in inflows in a single day since their launch last year. These funds have been outpacing Bitcoin ETFs, reversing previous trends of BTC dominance.

Additionally, increased corporate accumulation has played a role. BitMine Immersion has acquired over $7 billion in ETH, while SharpLink Gaming has amassed more than $3.6 billion in cryptocurrency.

Positive regulatory developments have also enhanced Ethereum’s outlook. The SEC clarified its stance on staking services, permitting liquid staking providers to distribute rewards without requiring agency registration—marking a shift from the prior administration’s more stringent policies.

Moreover, the passing of the GENIUS Act has established a regulatory framework for stablecoins in the U.S., many of which utilize the Ethereum blockchain and are typically pegged to the U.S. dollar.

Will Ethereum continue to rise and surpass the $5,000 threshold for the first time? Users on Myriad believe it’s highly probable, with 94% anticipating this milestone will be reached by the end of 2025. (Disclaimer: Myriad is a product of Decrypt‘s parent company, DASTAN.)