Key Points:

• Bitcoin is nearing a significant level of $114,000 as the week wraps up, accumulating profits.

• Ether is drawing attention following its recent record highs, with investors trading Bitcoin for Ether.

• BTC’s price movement is expected to touch the CME futures gap and establish new short-term targets.

As Sunday came to a close, Bitcoin (BTC) hovered around a crucial price point, while the market continued to meander with previous earnings in play.

Ether’s Rally Takes Center Stage as Bitcoin Stabilizes

According to Cointelegraph Markets Pro and TradingView, the BTC/USD pair is gravitating towards $114,000.

The weekend’s price approached $117,500, buoyed by external developments following a Friday surge.

This was largely attributed to comments by U.S. Federal Reserve Chair Jerome Powell at the annual Jackson Hole Economic Symposium, hinting that interest rate reductions might commence in September.

Cryptocurrency, along with other risk assets, benefitted from this news, with Ether (ETH) hitting its highest value ever.

Market commentators remain focused on ETH given its current trajectory.

“$ETH is making a strong attempt to maintain a weekly position above $4,600. If it holds, this would signal that it’s not merely a bull trap,” noted a prominent trader, Bitbull, in a recent analysis.

“If ETH can surpass $4.6K weekly, this marks the peak for the week. Following this, we might see targets of $5,200-$5,500 next week.”

Long-term BTC transactions for ETH have been noted, as per data from Crypto Intelligence company Arkham and the analytics account LookonChain.

A Bitcoin early adopter recently sold 6,000 $BTC ($689.5M) to purchase $ETH. To date, they’ve acquired 278,490 $ETH ($12.8 billion) at an average price of $4,585, maintaining a long position on 135,265 $ETH ($581M).

Bitbull characterized the current enthusiasm among whales for Ether as “aggressive.”

“Despite the ETH rally reaching over 300% in just four months, the whales keep buying,” he remarked in another post.

“The rally doesn’t appear to be coming to a close yet.”

Bitcoin and Ether Face a New Round of CME Gap

In a separate note, the trader and analyst Rekt Capital mentioned that the ETH/USD pair has filled the gap created in the CME’s Ether futures market.

Ethereum filled the weekly CME gap (highlighted in green) and resumed an upward trend.

On the Bitcoin side, a gap was noted due to weekend trading fluctuations.

“Expectations for $BTC were high after a major Friday gathering. If BTC opens at the same level tomorrow, we could see a considerable gap,” summarized another analyst.

“Typically, these gaps tend to close shortly after opening or may not even fill where they initially opened.”

Last week, Rekt Capital identified the $114,000 level for Bitcoin as a “key” point for weekly closure.

There are market insights suggesting possible corrections for Ether in September based on historical patterns.

This article does not provide investment advice or recommendations. All investment and trading activities involve risks, and readers should conduct their own research before making decisions.