Ethereum has surged past $4,700 in recent trading activity, following Bitcoin’s record-breaking high of $126,198. This significant price jump marks a new all-time high for Ethereum since August, as the token breaks out from a two-month consolidation period. Analysts attribute this surge to growing interest in decentralized finance (DeFi) applications and increasing institutional investments, with Bitcoin’s momentum proving influential. 800,000 ETH were bought by whales last week, signaling significant investment confidence. The relative strength index (RSI) currently sits at 63, reflecting the dominance of bulls in the market, indicating further potential for price gains.