Bitcoin whales swap BTC for Ether as trader sees ETH at $5.5K next
Bitcoin whales are adding Ether exposure as attention flips from BTC to ETH on the back of new all-time highs for the largest altcoin.
- Bitcoin approaches the weekly close with $114,000 in focus as late-week gains fizzle.
- Ether remains the center of attention after its latest all-time highs, with whales swapping BTC for ETH.
- BTC price action enjoys a CME futures gap to the upside, providing a new short-term target.
ETH price rally steals the spotlight as Bitcoin settles
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD drifting toward $114,000.
The weekend saw little volatility for the pair after a Friday surge to nearly $117,500 courtesy of external news.
This came courtesy of Jerome Powell, Chair of the US Federal Reserve, who during his speech at the annual Jackson Hole economic symposium hinted that interest-rate cuts would resume in September.
Crypto joined risk assets in a broad rally, with the largest altcoin Ether even making new all-time highs.
“If ETH manages a weekly close above $4.6K, that’ll mark the highest weekly close ever. Also, it’ll set the stage for the next leg up towards $5,200-$5,500 by next week.”