Ethereum made strong gains yesterday, stopping just one step short of refreshing its all-time high, touching the 4,785 mark. Bitcoin, on the other hand, despite all challenges, managed to break that very all-time high yesterday, reaching 124,533 before pulling back below the 122,000 level.

On Wednesday, US-based Ethereum exchange-traded funds (ETFs) recorded a net inflow of USD 729.1 million, marking the second-largest single-day inflow since their launch. This impressive result reflects growing investor interest in the Ethereum cryptocurrency and confidence in its long-term potential. The capital inflow into Ethereum ETFs underscores not only the overall trend of rising interest in digital assets but also recognition of Ethereum as a platform for innovation and the development of decentralized applications. Investors view Ethereum as a promising technology capable of transforming traditional financial systems and unlocking new business opportunities.

Such a substantial inflow into Ethereum ETFs may also be linked to expectations of upcoming growth amid the prevailing optimism in the cryptocurrency market. Overall, inflows into Ethereum ETFs are an important signal pointing to the growing maturity of the cryptocurrency market and the fact that more institutional investors are beginning to view digital assets as part of their investment portfolios.

According to SoSoValue, the largest inflow on Wednesday was into ETHA from BlackRock, which attracted USD 500.9 million. Fidelity's FETH recorded an inflow of USD 154.7 million, while four other spot Ethereum ETFs also showed positive inflows.

Meanwhile, on Wednesday, spot Bitcoin ETFs in the US recorded a net inflow of USD 86.9 million, compared to USD 65.9 million on Tuesday and USD 178.2 million on Monday.

As for the options market, total open interest in ETH options climbed to its 2025 peak. It is also worth noting that on August 9 and August 12, the market saw the largest short liquidations in ETH futures by volume. These events, occurring in a relatively short timeframe, indicate positive fundamental shifts in investor sentiment toward Ethereum and its future prospects. The growth in open interest in options reflects rising activity among market participants seeking to hedge positions or speculate on ETH price fluctuations. Reaching the 2025 peak highlights investors' long-term confidence in Ethereum's potential despite the inherent volatility of the cryptocurrency market.

Trading recommendations:

For Bitcoin, buyers are now aiming to reclaim the USD 122,500 level, which would open the way toward USD 124,200 and then quickly to USD 126,600. The most distant target is the high near USD 127,200; surpassing it would confirm a strengthening bull market. In the event of a decline, buyers are expected around USD 120,700. A move below this area could quickly push BTC toward USD 118,800, with the most distant target at USD 117,500.

For Ethereum, a clear hold above USD 4,898 would pave the way toward USD 5,055. The most distant target is the high near USD 5,209; surpassing it would confirm a strengthening bull market and growing buyer interest. In the event of a decline, buyers are expected around USD 4,700. A move below this area could quickly send ETH toward USD 4,532, with the most distant target at USD 4,363.

What we see on the chart:

Red lines: support and resistance levels expected to cause either a slowdown or an active price surge at the moment.Green lines: 50-day moving average.Blue lines: 100-day moving average.Light green lines: 200-day moving average.

A crossover or price test of these moving averages typically halts market movement or provides new momentum.