XRP price discovery is making headlines as Ether (ETH) has surged past previous highs, creating ripples throughout the broader cryptocurrency market. On Sunday, ETH leapt above the $4,900 mark on Coinbase, a clear signal that the asset is reclaiming leadership in the digital currency sphere.

ETH Breaks Past Record Highs Into Price Discovery

At 5:40 p.m. UTC, Ether eclipsed its prior all-time high of $4,867, originally set in November 2021. According to a five-year chart from TradingView, this rally marks a definitive breakout following a prolonged consolidation phase. With no previous price ceilings to hold it back, the market has now entered price discovery — a phase dominated by demand-supply dynamics and investor psychology, with limited historical data to guide forecasts.

ETH’s five-year chart reflects a strong multi-year breakout, setting the stage for continued price discovery.

Intraday Surge Strengthens Breakout Pattern

Analyzing short-term activity, the five-day ETH-USD TradingView chart shows a swift ascent from the mid-$4,700s to an intraday high near $4,946.90. By 6:48 p.m. UTC, ETH stabilized around $4,941.57. The move signals that bulls absorbed prior supply pressure and piled on further momentum — a textbook indication of bullish breakout behavior.

The five-day chart illustrates a rapid push through the $4,900 level, reinforcing upward momentum.

Market Analysts Weigh In: BTC Fatigue vs ETH Momentum

Crypto analyst Miles Deutsher characterized the shift simply: “BTC is exhausted, ETH isn’t.” This sentiment underscores Bitcoin’s waning momentum, especially as it struggles to make new highs, compared to ETH which has now entered uncharted bullish territory. Traders often interpret such divergences as signals to pivot toward relatively stronger assets — in this case, ETH.

Adding another layer of insight, Crypto Rover pointed to declining exchange reserves. As fewer coins remain on centralized exchanges, available liquidity drops. When combined with surging demand, this ‘supply shock’ dynamic can rapidly intensify price trends as buyers chase limited inventory.

Weekend Gains May Face Early Week Rebalance

However, not everyone is convinced the rally will sustain uninterrupted. Pseudonymous trader Michaël van de Poppe issued a caution flag, pointing to the large weekly candle and typical weekend-induced volatility. He explained that lower liquidity on weekends can exaggerate price movements, meaning a brief price correction early next week wouldn’t necessarily deviate from the overall bullish trajectory. A minor pullback to retest the breakout zone could serve as solid confirmation before the next leg upward.

Related: XRP Price: $12M Max Pain for Bears

ETH’s Ascendance Highlights Broader Crypto Momentum

As Ethereum breaks new ground, its growing stature within the crypto ecosystem is becoming evident. With institutional interest rising and token supply on exchanges diminishing, ETH is setting the tone for market direction. Its entry into price discovery territory could be a pivotal moment, reflecting not just isolated momentum but broader confidence in the scalability and utility of decentralized platforms powered by Ethereum.