Bitcoin whales are increasingly exchanging Bitcoin (BTC) for Ether (ETH) as the latter reaches new all-time highs. The focus on ETH intensified following a recent surge, stabilizing around $4,600, which some traders view as critical for confirming a continued bullish trend. Analyst BitBull suggested that if ETH maintains a weekly close above this key level, it could pave the way for prices to escalate toward $5,200-$5,500 within the following week. Meanwhile, Bitcoin is hovering around $114,000 after experiencing a brief spike to nearly $117,500, spurred by comments from Federal Reserve Chair Jerome Powell. On-chain data reveals long-dormant Bitcoin being sold for Ether, indicating a strong appetite among large investors for ETH, despite its substantial price rise of over 300% in the past four months. Analyst Rekt Capital noted the importance of both BTC and ETH in relation to CME gaps, which often predict market movements. Overall, the current market dynamic hints at continued robust interest in Ether amidst general bullish sentiment in the crypto space.

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