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Ethereum topped its 2021 all-time high (ATH) to reach $4,946 as Bitcoin suffered a flash-crash, pushing 24-hour liquidations past $800 million and forcing the Crypto Fear and Greed Index below 50.
The crypto space fell over 2% in the last 24 hours to a market capitalization of $3.94 trillion.
ETH also traced from the new peak to trade at $4,577 as of 4:16 a.m. EST, while Bitcoin fell more than 2% in the last 24 hours to trade at $111,768.
The biggest 24-hour losers include Mantle (MNT) (11%), Pudgy Penguins (PENGU) (9.85%), and OKB (OKB) (9.44%), according to CoinMarketCap data.
Meanwhile, the top gainers were Monero (XMR), VeChain (VET), and XDC Network (XDC), experiencing 2.67%, 2.50%, and 0.33% price increases, respectively.
Ethereum Price Hits Record $4.9K, Breaking 2021 All-Time High
After achieving a new ATH, the Ethereum price entered a correction phase.
The recent surge is part of a longer-term trend that has seen the price of Ethereum soar 74% in the last 3 months.
August has been a significant month for the Ethereum token, after spot ETH exchange-traded funds (ETFs) recorded a massive $2.79 billion in net inflows, data from Coinglass shows.
According to NovaDius Wealth Management President Nate Geraci, there has been a notable shift in the inflows between spot ETH ETFs and spot BTC ETFs.
Spot eth ETFs w/ $340mil inflows yesterday…
So far in August:
Spot eth ETFs = $2.8bil inflows
Spot btc ETFs = $1.2bil *outflows*
Since beginning of July:
Spot eth ETFs = $8.2bil inflows
Spot btc ETFs = $4.8bil inflows
Notable recent shift.
— Nate Geraci (@NateGeraci) August 23, 2025
After bottoming out in April, ETH has climbed steadily, breaking through key Fibonacci retracement levels and most recently facing resistance near $4,950 before pulling back on the daily chart.
The price of ETH remains well above both the 50-day and 200-day Simple Moving Averages (SMAs), reinforcing the strength of the ongoing uptrend.
Meanwhile, the Relative Strength Index (RSI) is at 58, suggesting healthy strength without being in overbought territory, leaving room for further upside.
ETH looks set to retest the $4,950 level, and if it breaks decisively, a push beyond $5,200 is possible.
However, if the channel support is tested, the $4,100 (0.236 Fib level) zone becomes the first key level to watch for a bounce.
According to a crypto analyst on X, called Crypto Stream, ETH could still soar given that the current drop from the ATH doesn’t show on the weekly chart.
Your portfolio might be down after this predatory weekend price action, where you got baited into longing the ATH breakout.
While it’s horrendous on the five-minute chart, I encourage you to zoom out a little.
Ethereum is currently in a parabolic expansion, and this little dip… pic.twitter.com/MbItvQw9GZ
— Crypto Stream (@CryptoStreamHub) August 25, 2025
ETH could lose steam in September, according to crypto trader CryptoGoos, who said the altcoin’s price has historically corrected during post-halving years.
$ETH seasonality in September during post-halving years is typically negative.
Will this time be different? pic.twitter.com/h9hJ40V3np
— CryptoGoos (@crypto_goos) August 22, 2025
According to another X user, Satoshi Stacker, any time ETH has gained in August in the past, it has experienced a correction in September.
Bitcoin Flash Crash Causes $800 Million Liquidations
Bitcoin suffered a sudden flash crash on Sunday night, losing over 3% within minutes. The sudden crash was triggered by a single whale who unloaded 24,000 BTC to buy ETH.
JUST IN: #Bitcoin flash crash today, which wiped out $310M in long positions, has been traced to a SINGLE Bitcoin whale dumping BTC for ETH.
The whale sold 24,000+ BTC, including coins that hadn’t moved in 5+ years, sending 12,000+ #BTC today alone to the Hyperunite trading… pic.twitter.com/h5jEt92Sys
— Jacob King (@JacobKinge) August 24, 2025
That caused BTC to drop from $114,790 to $110,680 in a matter of minutes, catching traders off guard.
The crypto market leader has since recovered to trade above the $111,000 level.
According to Coinglass liquidation data, the sudden price swings erased $811 million in positions. In total, 164,316 traders were liquidated within hours of the drop. The largest single liquidation order was for BTC/USDT on OKX, valued at $12.49 million.
Bitcoin long positions faced the heaviest losses, with $254.17 million wiped out from these bullish bets, while Ethereum longs lost $248.78 million. Smaller altcoins also saw liquidations, though to a lesser degree.
Meanwhile, the Crypto Fear and Greed Index dropped below 50 to 47, but still indicates that investor sentiment in the market remains “Neutral.”
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