FameEX Hot Topics | Bitcoin Whales Shift to Ether, With ETH Targeted at $5.5K Next

Bitcoin whales are significantly increasing their exposure to Ethereum as market attention shifts from Bitcoin to the largest altcoin, following Ethereum’s recent all-time highs. As Ethereum continues to surge, its growth is beginning to overshadow Bitcoin’s, which was trading around a key price level heading into Sunday’s weekly close. Despite a brief Friday rally to nearly $117,500, Bitcoin’s price movement saw minimal volatility over the weekend, as the broader crypto market took a pause from earlier gains.

The surge in Bitcoin’s price came after Jerome Powell, Chairman of the U.S. Federal Reserve, hinted during his speech at the annual Jackson Hole economic symposium that interest rate cuts could resume in September. This announcement sent risk assets, including cryptocurrencies, into a broad rally. The largest altcoin, Ethereum, capitalized on the market optimism, hitting new all-time highs and drawing more attention from traders and investors alike.

Given the current market environment, Ethereum remains the focal point for many traders. Popular trader BitBull shared with his followers that if Ethereum manages a strong weekly close above $4,600, it would signify that the current rally is not a "bull trap." Such a close would mark the highest weekly close ever for Ethereum, potentially setting the stage for further gains towards the $5,200–$5,500 range in the coming week. This positive outlook is fueled by aggressive whale activity in Ethereum, which continues to build despite the coin’s 300% rally over the last four months.

The heightened whale interest in Ethereum reflects confidence in the continued upward momentum of the asset. Analyst Rekt Capital also noted that Ethereum’s price had recently filled an open gap in CME Group’s Ethereum futures market, a bullish sign that further strengthens the case for continued growth. As Ethereum continues to outperform, the market eagerly watches for its next moves, with many expecting it to set new records in the weeks ahead.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.