The price of Ethereum has experienced a decline of 3.62% over the past week. Despite increased dips, the market has yet to fully price in the approval of spot Ethereum ETF listings. The crypto sector as a whole has struggled to break resistance levels, with Bitcoin facing difficulty surpassing $69K and Ethereum struggling with resistance at $3700 and $3800.
The recent approval of spot Ethereum ETF listings by the SEC has not yet been factored into the market. This has resulted in the largest altcoin experiencing price dips in the past week. After reaching a high of $3,973 on May 27, traders anticipated Ethereum to reach $4K. However, a bearish turn caused a decline in ETH prices, reaching a weekly low of $3,702 at the end of May.
In the past 24 hours, the Ethereum market price has seen increased volatility. ETH experienced a 1.3% dip from the previous day’s price of $3.8K, but found support at $3,738 before climbing slightly above $3,750. Currently, Ethereum is trading at $3,757, with a 24-hour trading volume of $13 billion.
Zooming out over the month, Ethereum’s price has surged by 20.40% according to TradingView data. However, its weekly performance shows a decrease of 3.62%, indicating a recent downward trend. The daily price chart reveals a bullish crossover, with the short-term 9-day MA crossing above the long-term 21-day MA.
The daily RSI of ETH is at 61.77, suggesting a potential overbought situation. Analysts have predicted that Ethereum’s price may surpass $4K in the coming weeks. However, the recent lack of movement in the market price and the bulls’ inability to drive the price higher indicate a delay in reaching the $4K mark.
Meanwhile, ETH whales have continued to make significant movements in the past week. Within the last 24 hours, there have been multiple whale transfers, including one notable transfer of 18,646 ETH, worth approximately $70 million, from the Liquity protocol to an anonymous wallet.
Overall, the global crypto market has seen a 0.78% decline in market cap and a 3.54% increase in daily trading volume.
In other news, the U.S CFTC has added the CEO of Aptos Labs to its Digital Assets Subcommittee.
