Ethereum Price Eyes ATH: Technicals Flash Green, SEC ETF Verdict Looms

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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.

Busy Week for Ethereum!

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.

Markets heating up for a big conclusion this week.

Are we getting an #Ethereum ETF? Likely we won’t.

Most likely, a delay will be taking place -> initial negative reaction and then upwards after.

— Michaël van de Poppe (@CryptoMichNL) May 20, 2024

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.

ETH Price Targets to Note

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).

$ETH is close to breaking out from this falling wedge!

After reclaiming the 100-day EMA, all it needs is a little push to break out from the multi-month continuation pattern.

Target: >$4000.

pic.twitter.com/IW5eIQWXzG

— Jelle (@CryptoJelleNL) May 20, 2024

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?

This week is a turning point for Ethereum. Do you think the bulls or the bears will win?