The current price of Ethereum (ETH) is $3,832, showing a slight increase of 0.56% in the last 24 hours. The Relative Strength Index (RSI) is at 64.25, indicating an overbought range.
Ethereum is facing challenges in maintaining its bullish momentum, with the $3,000 mark showing signs of recovery on May 17. There is a tug-of-war between the bulls and bears in the leading altcoin market. As of now, ETH is trading at $3,832.02, up by 0.56% in the past 24 hours, while the trading volume has decreased by 5.75% to $14 billion.
Bitcoin has surpassed the $71,000 mark, leading to a positive price action in the cryptocurrency market, with top altcoins also seeing significant gains. Despite the efforts of ETH bulls to sustain momentum, the leading altcoin is facing a challenging bullish trend, having added 2.18% over the past week.
SEC Chairman Gary Gensler’s announcement regarding the lengthy review of spot Ethereum ETF S-1 reports may cause delays in the final decision, following the submission of S-1 draft forms by BlackRock and VanEck.
The RSI remains at 64.25, signaling the potential for further gains in the crypto market. The 9-day EMA of $3,795 indicates a rise in bullish sentiment, suggesting that the price of ETH will continue to increase.
Looking at the 24-hour price chart, ETH’s key resistance is around $3,985, with a potential test at $4,000. If the bullish trend persists, the next resistance levels could be $4,210 and $4,450. Conversely, if the bears take control, the price of ETH could drop to $3,770, followed by $3,625 and $3,490 in a strong bearish scenario.
In other news, spot Bitcoin ETFs are seeing significant inflows, with Fidelity leading the way.