ETH updates its historical record and... goes down

Ethereum (ETH) broke through the $4,900 mark on Sunday, thus setting a new price record. The previous maximum value was set at $4,867 on November 8, 2021. This happened after the US Federal Reserve’s dovish signals of a rate cut. Meanwhile, bitcoin (BTC) suffered a significant drop, falling below $111 thousand.

Bitcoin’s market dominance has fallen by 5.88% over the past month and now stands at 58.19%. At the same time, several large traders sold BTC and bought ETH. Analysts pointed out that Bitcoin is exhausted by the long-term price growth, while ETH is not.

But as soon as the euphoria began, ETH rebounded sharply to $4700, in just a few minutes. And it is currently trading at $4,593.

Coinglass data showed, if Ethereum falls below $4600, the liquidation of long positions on the largest CEXes will reach $726 million. If the price of Ethereum exceeds $4800, the total liquidation of short positions will amount to $924 million.