After teasing below $3k severally in the recent crypto correction, Ethereum price had a green weekly close last week. Ethereum price is approaching the edge of a bullish consolidation that needs a slight trigger to rally to a new all-time high (ATH).
Looking closely at the ETH/BTC pair each week brings some good news. The Relative Strength Index (RSI) suggests things might be turning around. Bitcoin’s grip on the market is weakening, which often means money is moving around in the crypto world.
The Ethereum network has conducted several upgrades to ensure a high level of network decentralization. Moreover, more global jurisdictions have been pushing to regulate some crypto assets under securities laws.
Later this week, the Ethereum ecosystem will understand how the largest global economy, the United States with over $25 trillion in gross domestic product (GDP), perceives its network. Moreover, the recent approval of spot Bitcoin ETFs signaled institutional investors’ mass adoption of the flagship coin.
On Thursday, May 23, the five US SEC commissioners, led by Chair Gary Gensler, will vote on VanEck’s spot in the Ether ETF. If the US SEC rejects the spot Ether ETF applications, which is highly likely, the Ethereum price is expected to drop before rebounding to an all-time high.
Ethereum’s price has been forming a bullish flag pattern in the past two months, with a breakout likely in the coming days. Moreover, Ether’s price against the US dollar has risen above the recent falling Logarithmic trend and is attempting to rally above the 50-day Moving Average (MA).
If Ether’s price reclaims $3,267 as a support level, the altcoin will aim for a liquidity level between $3,527 and $3,921, which coincides with the 1.618 and 2.618 daily Fibonacci Extension.
Also Check Out : All Eyes on SEC: Will They Approve VanEck’s Spot Ethereum ETF?
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