The approval of the Ethereum ETF has not been fully priced in yet, causing ETH price to struggle in breaking the $3.7K resistance. Ethereum developers have announced their target for the launch of the Pectra upgrade. Over the past seven days, ETH has experienced a remarkable surge in price following the SEC’s approval of the spot ETH ETF. However, as the week comes to a close, ETH is still unable to surpass the $3,700 mark.
On Thursday, prices reached a monthly high of $3.9K before dropping to a low of $3,552 later in the day. Currently, ETH has seen a modest increase of 1.95% in the past 24 hours and is trading at $3,755 at the time of writing.
In addition, there has been significant movement among ETH whales today. Within the past five hours, 24,603 ETH, worth $92 million, has been transferred from Coinbase Institutional to four unidentified wallets, according to data from WhaleAlert.
Looking at the performance of ETH price over the month, there has been a 19.75% increase. At the beginning of the month, there were notable declines, as indicated by bearish candles on the price chart. On May 1, prices reached a low of $2,815. However, in the following days, ETH witnessed surges that broke the $3K resistance.
The approval of the spot ETH ETF played a significant role in the bullish rally of Ethereum price. The altcoin started showing signs of recovery early last week. On May 21, in anticipation of SEC approval, prices surged to $3,837. The bullish rally continued, with ETH reaching a monthly high of $3,953, according to CMC data.
Furthermore, the short-term 9-day moving average (MA) for ETH is currently above the long-term 21-day MA, indicating a sustained bullish uptrend. The daily Relative Strength Index (RSI) stands at 68.62, suggesting that market sentiment is leaning towards the overbought zone.
Analysts predict that ETH has the potential to reach a new all-time high of $5K by the end of 2024. However, in order for this to happen, Ethereum must break resistance levels at $3,841 and $4,823. On the other hand, if the bears take control, prices may fall and find support at $3,367 and $2,864.
Following the Dencun upgrade in March, the Ethereum mainnet is now moving towards the Pectra upgrade. According to recent updates, Ethereum core developers expect Pectra to begin by the end of Q1 2025.
In the broader crypto market, there has been a modest recovery from the recent stagnant period in the past month. Today, the market cap has increased by 0.68%, while trading volume has declined by 41.11%. Similar to Ethereum, Bitcoin prices have also seen a decline in the past 24 hours and are currently trading at $68,628.
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