Ethereum (ETH) reaching a new all-time high despite broader market weakness. Large holders, commonly known as whales, engaged in a mix of profit-taking and accumulation, shaping market flows across ETH and several major altcoins.

Ether surged to a record for the first time in almost four years, with the second-largest cryptocurrency benefiting from a renewal in demand after long being touted as a more adaptable alternative to the crypto market leader Bitcoin.

Ether surged past $4,900 to new highs with charts showing bullish momentum. Analysts are talking about bitcoin fatigue, shrinking supply and risk of a short-term pullback.