Ethereum Nears ATH as Traders Eye Record High by August 31

• Ethereum is 4% shy of its $4,891 ATH, fueled by strong bullish market sentiment. 
• Polymarket bettors see a 76% chance that Ethereum hits new highs before August 31.
• Record $35.5 billion futures open interest could fuel volatile ETH price moves.

Polymarket users are betting heavily on Ethereum reaching new all-time highs before August 31, with the prediction market showing 76% probability for the milestone. ETH trades at $4,670 at press time, positioning the cryptocurrency just 4.4% shy of reclaiming its all-time high. 

The optimistic sentiment comes as multiple technical indicators suggest building pressure for an upward breakout. Performance data shows ETH gaining 9.5% in the past 24 hours, with weekly gains reaching 29% and monthly increases hitting 52.6%. The one-year performance stands at 77.8%.

Futures Market Shows Record Leverage Accumulation

Glassnode data revealed that ETH futures open interest has printed a new all-time high of around $35.5 billion. This concentration of leverage across trading venues creates conditions for amplified price movements as positioning builds.

Short sellers have faced pressure, with approxim…

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