Yesterday, Ethereum renewed its all-time high above $4,950. Despite the fact that the third quarter has not yet ended, ETH has already gained 90% during this quarter. If ETH manages to maintain such a result by the end of the quarter, Q3 2025 will become the strongest third quarter for ETH in its entire history.

The surge observed over the past two months has undoubtedly fueled investor appetite and triggered a wave of optimistic forecasts regarding the further growth of the cryptocurrency. Many experts link the current rally to investors recognizing Ethereum's undervaluation as a fact, as well as to the rising popularity of DeFi projects built on the Ethereum blockchain.

However, one should not forget the volatility inherent in cryptocurrencies. History shows that periods of rapid growth are often followed by corrections, sometimes quite significant. Therefore, despite the positive dynamics, investors should remain vigilant and adhere to a sound risk management strategy.

Statistics show that as of last week, inflows into spot BTC ETFs have stagnated at previous levels, while inflows into spot ETH ETFs have resumed and are approaching new highs. All this signals a continued decline in Bitcoin's dominance and a redistribution of capital between the two largest cryptocurrencies. Whereas earlier investors' attention was focused almost exclusively on Bitcoin, Ethereum now seems to be reclaiming lost ground and once again attracting significant investment volumes.

Many companies have started actively buying Ethereum for their balance sheets, clearly counting on its explosive growth in the coming years. Tom Lee of Fundstrat, whose company BitMine is actively betting on Ethereum's strengthening, believes that ETH is entering its own "1971 moment," when the U.S. abandoned the gold standard, sparking major innovations on Wall Street. Now, Wall Street is moving to blockchain, which, according to Tom Lee, represents an even greater innovation — with Ethereum at the center of this transformation.

Trading recommendations:

As for the technical picture of Bitcoin, buyers are now targeting a return to the $113,700 level, which opens a direct path to $116,000, followed by $117,500. The furthest target will be the high around $119,300, a breakout of which would confirm the strengthening of the bull market. In case of a decline, buyers are expected at the $111,500 level. A return of the trading instrument below this area could quickly drag BTC down to around $110,100. The furthest target will be the $108,500 area.

As for the technical picture of Ethereum, a clear consolidation above the $4,727 level opens a direct path to $4,882. The furthest target will be the high around $5,055, a breakout of which would signify renewed buyer interest and strengthening of the bull market. In case of a decline, buyers are expected at the $4,545 level. A return of the trading instrument below this area could quickly drag ETH down to around $4,376. The furthest target will be the $4,237 area.

What we see on the chart:

A crossover or test of the moving averages by price generally either stops the market or sets a new impulse.