Ethereum News Today: Ethereum Surpasses $4000 As $105M In Short Positions Liquidated

Ethereum (ETH) surged past $4,000 on August 8, marking a significant milestone not seen since late 2021, with the asset briefly hitting $4,200 [1]. The rally triggered the liquidation of approximately $105 million in short positions, reflecting a shift in market sentiment favoring bulls [1]. Institutional support for the move was evident, with $222 million in ETH ETF inflows over two days, led by BlackRock’s ETHA product [1]. This influx has intensified speculation about whether ETH could begin to close the gap on Bitcoin’s market dominance in the near term [1].

Alongside ETH’s price action, trading volumes spiked to three times the average daily level, reinforcing the strength of the move [1]. The broader market is also seeing a rotation into altcoins, with Bitcoin’s dominance dropping below 60%—a clear indicator of altseason dynamics [1]. Solana (SOL) saw its price climb nearly 10% over the past week to $180.49, driven by infrastructure upgrades and growing network adoption, with the $200 level viewed as the next key target [1]. Bitcoin, meanwhile, remains near $117,000, with analysts suggesting a breakout above $120,000 could attract additional buying pressure [1].

In parallel, early-stage altcoin MAGACOIN FINANCE is gaining traction among traders who previously capitalized on meme coin surges such as PEPE and SHIB. These investors are now reallocating capital to MAGACOIN FINANCE, drawn by its unique positioning at the intersection of political meme culture, verified smart contract security, and a rapidly expanding community [1]. Analysts note that rising wallet activity, whale accumulation, and a fast-moving presale are all contributing to the project’s growing appeal [1]. The project’s early-stage nature and potential for outsized returns have led some to speculate that it could deliver a 20x upside, though such projections are not tied to specific analysts or models [1].

The ETH rally has had a cascading effect across the crypto market, with Bitcoin, Solana, and Ethereum Layer-2 networks all seeing increased activity and investor interest. The momentum is also extending to smaller altcoins, as traders seek to capitalize on the broader bullish sentiment. As the market continues to evolve, attention is increasingly turning toward low-cap projects that could offer high returns—provided they maintain strong fundamentals and community engagement [1].

Source: [1] Ethereum (ETH) Breaks $4K, $105M Shorts Wiped — BTC & SOL Surge as Traders Target a Low-Cap Altcoin With 20x Potential (https://coinmarketcap.com/community/articles/689a9314790b292b8ac6c077/)