Ethereum is nearing its all-time high, driven by an intensive bullish market sentiment. The price of Ethereum was pumping past $4,400 and traders were anticipating an all-time high by August 31. Judging by how aggressively Polymarket bettors are betting on it, Ethereum is set to hit new all-time highs before the month’s end.
Ethereum is now just under 4% off its nearly $4,891 all-time high. The cryptocurrency’s one-year performance is currently at 77.8%, indicative of the cryptocurrency’s high-growth status and investor confidence. Making this bullish trend even better is the fact that Ethereum futures open interest hit an all-time high at $35.5 billion.
This massive futures open interest may be responsible for producing extreme price volatility of Ethereum. Short sellers of Ethereum have been feeling the squeeze as the price keeps rising. There are growing signs in today’s positive market conditions of an incoming altcoin season, headlined by Ethereum.
Users of Prediction market app Polymarket predict a 76% chance that Ethereum reaches new all time highs prior to August 31. The triplet of favorable market sentiment, healthy on-chain indicators, and rising institutional demand are pushing ETH’s price. Currently, the buy-the-dip levels that investors are eyeing are under threat even as Ethereum maintains its bullish momentum.
