Ethereum once surged over the US$4,300 (HK$33,540) mark, the highest level since late 2021, bringing its monthly gains to more than 55 percent.
By contrast, Bitcoin has gained only about 5 percent over the past month, underperforming Ethereum.
“It puts a smile on my face to see ETH shorts get smoked today,” Eric Trump, the son of US President Donald Trump, wrote on X on Saturday, advising investors not to short Bitcoin or Ethereum. In late July, when Bitcoin fell below US$113,000 and Ethereum retreated about 5 percent, he urged followers to buy the dip.
Wang Feng, founder of Chinese game developer Linekong Interactive, said Bitcoin’s consolidation around US$120,000 with limited volatility and no major selling had given Ethereum room to continue climbing after crossing US$4,000. He forecast the token could rise to at least US$5,000.
BitMEX co-founder Arthur Hayes sold 2,373 Ether, 7.76 million Ethena tokens and 38.8 billion Pepe coins on August 2 in exchange for USD Coin, citing concerns over renewed US trade tensions, weaker US job growth and slowing global credit. At the time, he predicted Bitcoin could test US$100,000 and Ethereum could fall to US$3,000.
But Hayes said on August 9 he would buy back his Ether holdings.
STAFF REPORTER
