Ethereum roared to a new all-time high near $4,885, but the sprint came with a sting: Nearly $388 million in ETH-linked positions were liquidated in 24 hours as leverage snapped. Across the market, $769 million in positions were wiped, impacting more than 183,000 traders and highlighting just how stretched risk had become heading into the move. Hopes for rate cuts after Fed Chair Jerome Powell’s softer tone helped flip the risk switch—and reignited debate around the Ethereum $10k price target.
Why it matters
$388M ETH liquidations: the heaviest among all crypto assets in the last day.
$769M marketwide flush: over 183,000 traders forced out; a single $10M ETH swap on OKX led losses.
Macro meets crypto: Powell’s hint that rate cuts could arrive as early as September juiced risk appetite.
Institutional tailwinds: treasury allocations and onchain adoption deepen the narrative around an Ethereum $10k price target.
A leverage-fueled rally meets a reality check
Ethereum’s breakout through $4,800 set off a cascade of forced exits as over-levered longs were caught leaning. Liquidations are routine in crypto, but the magnitude this time stands out: a $10 million ETH order blown out on OKX is unusually large for ether, which is typically second to bitcoin in liquidation league tables. The cleanup was swift—and paradoxically healthy because it purges weak positioning and can set the base for the next leg after volatility cools.
Powell’s pivot and the risk-reset
Powell’s dovish inflection put rate cuts back on the table, inviting capital back into duration- and liquidity-sensitive assets. Bitcoin climbed about 4% to ~$113,000, while the CoinDesk 20 added roughly 9%. Ether, more sensitive to growth and onchain activity, responded with outsized gains. If the macro backdrop continues to soften, liquidity conditions could keep supporting the Ethereum $10k price target narrative into year-end.
Institutions, stablecoins, and the “preferred chain” bid
Beyond macro, the rally reflects deeper structural demand. Institutional desks and treasuries have been accumulating ether alongside expanding use cases—stablecoin settlement, tokenization rails, and smart-contract programmability. As stablecoin payment pilots mature in the U.S., advocates argue network revenue and settlement demand will compound. That thesis, paired with improving L2 throughput, is why some desks openly float an Ethereum $10k price target during peak risk cycles.
What liquidations signal next
For bulls: A flush of long liquidations often clears the path for a cleaner trend if spot demand persists.
For bears: Elevated funding and euphoric positioning can re-emerge quickly; another sharp pullback is always possible.
For risk managers: Watch funding rates, spot-to-perp basis, and stablecoin inflows; these will color the odds of the Ethereum $10k price target becoming more than a headline.
By the numbers
ETH ATH: ~$4,885
ETH liquidations (24h): ~$388M
Total market liquidations (24h): ~$769M
Traders affected: 183,000+
Largest single loss: ~$10M ETH swap on OKX
YTD ETH performance: ~45% gain
The bottom line
ETH’s push to record highs is equal parts macro tailwind and onchain conviction. The reset in leverage improves market structure, but sustained progress toward the Ethereum $10k price target still hinges on continued institutional demand, stablecoin/payment traction, and a benign macro path. For now, momentum favors the trend with volatility very much along for the ride.
FAQs
Q1. Why are liquidations spiking as the Ethereum $10k price target trend grows?
A . Rapid price moves plus high leverage triggered forced closures; $388M in ETH liquidations reset positioning and kept the Ethereum $10k price target in focus.
Q2. How did Powell’s comments impact the Ethereum $10k price target?
A . A dovish tilt lifted risk assets and ETH specifically, improving liquidity and sentiment that underpin the Ethereum $10k price target.
Q3. Do institutions matter for the Ethereum $10k price target?
A . Yes. Treasury allocations, tokenization pilots, and stablecoin settlement bolster fundamental demand that supports the Ethereum $10k price target.
Q4. What indicators should traders watch while evaluating the Ethereum $10k price target?
A . Track funding, spot-perp basis, L2 activity, and stablecoin net inflows; these signal whether momentum behind the Ethereum $10k price target is strengthening.
Q5. Could another wipeout derail the Ethereum $10k price target?
A . Sharp pullbacks are possible, but periodic liquidations can also clear leverage and rebuild a base for the Ethereum $10k price target.