FameEX Hot Topics | Bitcoin Whales Exchange BTC for Ether as Trader Predicts ETH to Reach $5.5K

Bitcoin whales are increasingly adding exposure to Ethereum as attention shifts from BTC to ETH, spurred by new all-time highs for the largest altcoin. As Ethereum continues to break records, market sentiment is also growing more focused on its performance, with Bitcoin's role in the spotlight starting to fade. Over the weekend, Bitcoin hovered around a key price level, experiencing limited volatility after a Friday surge to nearly $117,500, driven by external news.

The price surge came in response to a speech by Jerome Powell, the U.S. Federal Reserve Chair, at the annual Jackson Hole economic symposium. During his address, Powell hinted that interest rate cuts would resume in September, which contributed to a broad rally across risk assets. As a result, cryptocurrencies also saw upward movement, with Ethereum making significant gains and reaching new all-time highs.

Given the current market structure, many analysts remain focused on Ethereum's potential for further growth. "ETH is attempting a strong weekly close above $4,600. This will be a major confirmation that it's not a bull trap," said popular trader BitBull. He suggested that if Ethereum manages to close the week above $4.6K, it would mark the highest weekly close ever, setting the stage for a continued rally towards $5,200 to $5,500 in the coming week.

BitBull also noted that whale interest in Ethereum remains aggressive, despite the coin's impressive 300% rally over the past four months. He pointed out that whales are not slowing down, signaling that the current rally may not be over yet. Additionally, analyst Rekt Capital highlighted that ETH/USD had recently filled an open gap in CME Group’s Ethereum futures market, further confirming the strong momentum behind Ethereum’s performance.

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