Ethereum
e targets new high price for Ethereum (ETH) amid bullish momentum
After individually teasing below $3,000 during the recent crypto correction, Ethereum Price had a green weekly close last week. Ethereum price is nearing the edge of a bullish consolidation that needs a slight trigger to reach a new all-time high (ATH).
A close look at the ETH/BTC pair each week brings good news. The relative strength index (RSI) suggests things could change. Bitcoin’s grip on the market is weakening, which often means money is circulating in the crypto world.
Busy week for Ethereum!
The Ethereum network has made several upgrades to ensure a high level of network decentralization. Additionally, more global jurisdictions have pushed to regulate certain crypto assets under securities laws.
Later this week, the Ethereum ecosystem will understand how the world’s largest economy, the United States with over $25 trillion in gross domestic product (GDP), views its network. Additionally, the spot’s recent approval Bitcoin ETF reported mass adoption by institutional investors of the flagship coin.
On Thursday, May 23, the five commissioners of the US SEC, led by Chairman Gary Gensler, will vote for VanEck’s place in the presidential election. Ether ETF. If the US SEC rejects requests for spot Ether ETFs, which is very likely, the price of Ethereum is expected to fall before rebounding to an all-time high.
ETH Price Targets to Note
Ethereum price has formed an uptrend over the past two months, with a likely breakout in the coming days. Additionally, the price of Ether against the US Dollar has broken out of the recent logarithmic downtrend and is attempting to move back above the 50-day moving average (MA).
If Ether price recovers $3,267 as a support level, the altcoin will aim for a liquidity level between $3,527 and $3,921, which coincides with the daily Fibonacci extension of 1.618 and 2.618.
Also discover: All eyes on the SEC: Will they approve VanEck’s Spot Ethereum ETF?
This week is a turning point for Ethereum. Do you think the bulls or the bears will win?