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.
Market Update
Key points:
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Bitcoin approaches the weekly close with $114,000 in focus as late-week gains fizzle.
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Ether remains the center of attention after its latest all-time highs, with whales swapping BTC for ETH.
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BTC price action enjoys a CME futures gap to the upside, providing a new short-term target.
Bitcoin () circled a “key” price level into Sunday’s weekly close as markets continued to fade earlier gains.
ETH price rally steals the spotlight as Bitcoin settles
Data from and showed BTC/USD drifting toward $114,000.
The weekend saw little volatility for the pair after a Friday surge to nearly $117,500 courtesy of external news.
This came courtesy of Jerome Powell, Chair of the US Federal Reserve, who during his speech at the annual Jackson Hole economic symposium hinted that in September.
Crypto joined risk assets in a broad rally, with the largest altcoin Ether () even making .
Given the current market structure, commentators remained focused on ETH as a result.
“$ETH is attempting a strong weekly close above $4,600. This’ll be a major confirmation that it’s not a bull trap,” popular trader BitBull X followers in his latest analysis.
“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.”
Citing data from crypto intelligence firm Arkham, X analytics account Lookonchain observed multiple transactions involving long-dormant BTC being swapped for ETH.
The Bitcoin OG moved out another 6,000 ($689.5M) to buy .
So far, he has bought 278,490 ($1.28B) at an average price of $4,585, and still holds a 135,265 ($581M) long position.
— Lookonchain (@lookonchain)
BitBull whale appetites for Ether as “aggressive.”
“Despite the ETH rally of 300%+ in 4 months, whales aren’t slowing down,” part of another X post concluded.
“It seems like the rally isn’t done yet.”
Ether, Bitcoin tackle new round of CME gaps
Elsewhere, popular trader and analyst Rekt Capital noted that ETH/USD had filled an open gap in CME Group’s Ether futures market.
Related:
Ethereum has successfully filled its Weekly CME Gap (green) and reversed to the upside from it
— Rekt Capital (@rektcapital)
On the radar for Bitcoin, meanwhile, was the gap resulting from weekend price action.
“$BTC Slow weekend in general which was to be expected after Friday’s massive rally across the board. If BTC were to open up like this tomorrow, we’ll have a pretty sizeable gap,” trader Daan Crypto Trades .
“You’ve probably seen the track record these gaps have been on where we’ve closed pretty much all of them on Monday or didn’t even open up with a gap in the first place.”
Last week, Rekt Capital “key” for Bitcoin as a weekly close level.
As Cointelegraph reported, some market perspectives see a in September, based on historical patterns.
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