Ethereum hits ATH as Bitcoin holds steady

TLDR

• Markets rise on US Fed rate cut expectations
• Bitcoin holds steady in tight range as traders eye macro catalysts
• ETH surges to all-time high, closing in on US$5,000
• Policy outlook softens with potential US Fed pivot boosting sentiment
• Crypto market steadies as Ethereum outshines Bitcoin

Markets rise on US Fed rate cut expectations

Chair Jerome Powell acknowledged that restrictive policy may not be needed for long, lifting expectations of a September rate cut. Global markets responded positively with firmer equities. Against this backdrop, Bitcoin stabilised while Ethereum pushed to new cycle highs, buoyed by growing institutional interest.

Weekly trading stats as of Monday, August 25th at 10:00 AM AEST, based on data from TradingView in USD.

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Bitcoin holds steady in tight range as traders eye macro catalysts

Bitcoin spent the week in a tightening range, closing the week near US $113.4k after testing lows around US $110.7k mid-week. On the 4-hourly, BTC remains capped by resistance at US $115,000–116,500, where the 200-MA and 50-day MA convergence level was re-tested with the 200 MA now acting as resistance.

Trading volumes have thinned compared with early August, highlighting summer seasonality, while daily RSI in the mid-forties signals neutral-to-soft momentum. Longer-term trend structure remains constructive, with the broader uptrend from May still intact.

Stronger support levels sit between US $108,000–110,000, a zone that has absorbed repeated dips. A break above US $116,500 could open the way to US $120,000, but a loss of support risks deeper pullbacks toward US $105,000. For now, Bitcoin appears range-bound, with traders watching for catalysts in macro data or ETF flows.

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Policy outlook softens with potential US Fed pivot boosting sentiment

Last week’s Jackson Hole Policy Symposium reaffirmed the global policy pivot toward easing. In the US, Chair Jerome Powell acknowledged that restrictive policy may not be needed for long, lifting expectations of a September rate cut. Markets perceived Powell's stance as dovish, pricing a 91 % chance of a September cut, sending the 10-yr Treasury yield to 4.26 % and the US dollar index to 97.7. (Source: CNBC )Equity indices rose 1–2 %, while gold hovered near record highs at US $3,373/oz.

In the eurozone, flash PMIs showed manufacturing expanding for the first time since 2022, while inflation held steady at 2 % headline, 2.3 % core. ECB officials struck a cautious tone, with cuts likely delayed until later in the year. (Source: Reuters) China held its loan prime rates unchanged, despite softer industrial output and retail sales, while Premier Li reaffirmed the 5 % GDP growth target. (Source: Reuters)

Closer to home, Australia’s composite PMI climbed to 54.9, the strongest since April 2022, even after the RBA’s rate cut earlier this month. Bond yields rose to 4.31 %, underscoring perceived resilience in the local economy. (Source: Trading Economics)

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Crypto market steadies as Ethereum outshines Bitcoin

Total crypto market cap temporarily rallied from ~US$3.75T to US$3.94T after the dovish Fed news, before softening once again. BTC remains range‑bound, while ETH hit an all-time high just under the major psychological US$5,000.

ETF flows highlighted initial caution. Bitcoin ETFs had net outflows of US $2.72 billion last week. Ethereum ETFs had a net outflow of US $241 million, with ETH’s performance stronger coinciding with a rally toward all-time high at US$4,956, leaving traders eyeing the US$5,000 threshold. (Source: Coinflows).

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Bitcoin dominance slipped to 57.9 %, down sharply from 62 % earlier this month, signalling stronger rotation into altcoins. Ethereum remains the main beneficiary, but Solana also attracted attention, supported by further ETF chatter and strong developer activity. For investors, the trend suggests a healthier market mix: bitcoin continues to anchor portfolios, but altcoins are regaining share as institutional interest broadens.

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What to watch this week

Markets will turn their focus to US July PCE inflation data due on Thursday, a key release that could either reinforce or temper expectations of a September rate cut. In Europe, final August PMIs and ECB commentary will shape sentiment ahead of the 11 September policy meeting. Chinese industrial profit figures are expected mid-week, offering another gauge of momentum in Asia’s largest economy. Domestically, Australian retail sales data will be closely watched for signs of consumer resilience following the recent RBA cut. For crypto, ETF flows and price action around key resistance levels in Bitcoin and Ethereum remain the central drivers.

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Closing thoughts

Markets remain finely balanced, with macroeconomic easing supporting sentiment, even as other broader macro issues, such as tariffs, generate headlines. For crypto investors, the dollar weakness seems to be providing some near-term tailwinds, but resistance levels loom.

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