Ethereum (ETH) reached a new all-time high (ATH) of $4,900 on August 24, 2025, marking the first time the cryptocurrency hit this price level. The rally has generated significant market momentum, with prices briefly touching $4,935. This surge has triggered substantial liquidations in the cryptocurrency market. In the 24 hours following the ATH, over $800 million in crypto positions were liquidated, affecting more than 147,000 traders. Long positions accounted for the majority of these liquidations, with figures ranging from $500 million to over $700 million in various reports. Bitcoin (BTC) also experienced sharp declines, falling by $4,000 within minutes and contributing to liquidations totaling around $300 million in the same period. As of late August 2025, there are warnings that if ETH reaches $5,000, up to $2.2 billion in short positions could be liquidated, with some sources indicating the potential for over $6 billion in shorts being wiped out at or near this price point. The market volatility has led to a wave of liquidations, with daily totals surpassing $700 million to $800 million and trader liquidations exceeding 160,000 within 24 hours. Ethereum prices fluctuated afterward, dipping to around $4,600 by August 26. The ongoing price movements and liquidation risks underscore heightened volatility in the crypto markets during this period.