Ethereum’s surge to $4,885 triggered $388 million in liquidations, the highest across crypto markets, wiping out over 183,000 traders. The largest single loss was a $10 million ETH swap on OKX. Analysts view this as a “reset,” clearing overheated leveraged positions and potentially setting the stage for further gains. Market optimism is fueled by expectations of U.S. Federal Reserve rate cuts and rising institutional participation. Despite volatility, bullish voices like Hashdex CIO Samir Kerbage predict Ethereum could climb to $10,000, especially with expanding adoption of stablecoin-powered payments, signaling confidence in ETH’s long-term growth trajectory despite short-term turbulence.