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Bitcoin attempted several times yesterday to break above the 120,000 level but failed to succeed. Ethereum, on the other hand, completed its task and easily jumped from 3,100 to 3,300, where it is currently trading.
Ethereum showed a strong 24-hour gain amid growing institutional demand. Ether's price rose 7.4% to $3,342. The weekly high was recorded at $3,416.
The price surge came as nine Ethereum exchange-traded funds (ETFs) on Wednesday registered the highest daily net inflow — $726.74 million. The largest portion of inflows went to BlackRock's ETHA fund, totaling $499 million. Eight out of the nine Ethereum ETFs reported positive inflows for the day. Since the beginning of July, ETH ETFs have attracted a total net inflow of $2.27 billion— the highest monthly figure since the launch of these funds in July 2024.
It's evident that Ethereum, amid ongoing discussions about the start of altcoin season, is increasingly seen as a long-term institutional asset rather than just a trading instrument. The fact that these funds collectively hold 4% of Ether's total market capitalization demonstrates the rapid influx of institutional capital. Add to that over $2.5 billion in daily trading volume, optimistic chart setups, and capital outflows from Bitcoin, and the conclusion is clear: Bitcoin's dominance may soon be challenged.
Many traders now view ETH as undervalued. Bitcoin has already updated its yearly high twice during recent bullish cycles, whereas Ethereum has yet to reach its peak of $4,800 set in 2021.
As for intraday strategy in the crypto market, I will continue to rely on major pullbacks in Bitcoin and Ethereum to position for the continuation of the medium-term bull market, which remains intact.
As for short-term trading, the strategy and conditions are described below.
Scenario #1: I will buy Bitcoin today at the entry point around 118,500 with a target of 119,800. Around 119,800, I plan to exit long positions and sell on the pullback. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is in the zone above zero.
Scenario #2: Bitcoin can also be bought from the lower boundary of 118,000 if there is no market reaction to its breakout, with targets at 118,500 and 119,800.
Scenario #1: I will sell Bitcoin today at the entry point around 118,000 with a target of 117,100. Around 117,100, I plan to exit short positions and buy on the bounce. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is in the zone below zero.
Scenario #2: Bitcoin can also be sold from the upper boundary of 118,500 if there is no market reaction to its breakout, with targets at 118,000 and 117,100.
Scenario #1: I will buy Ethereum today at the entry point around 3,371 with a target of 3,435. Around 3,435, I plan to exit long positions and sell on the pullback. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is in the zone above zero.
Scenario #2: Ethereum can also be bought from the lower boundary of 3,329 if there is no market reaction to its breakout, with targets at 3,371 and 3,435.
Scenario #1: I will sell Ethereum today at the entry point around 3,329 with a target of 3,266. Around 3,266, I plan to exit short positions and buy on the bounce. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is in the zone below zero.
Scenario #2: Ethereum can also be sold from the upper boundary of 3,371 if there is no market reaction to its breakout, with targets at 3,329 and 3,266.
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