Ethereum (ETH) Price Targets New Highs Amid Bullish Momentum

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After teasing below $3k severally in the recent crypto correction, Ethereum (ETH) 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).

Furthermore, the ETH/BTC pair on the weekly time frame has been approaching an inevitable reversal point as the Relative Strength Index (RSI) forms a bullish divergence. Additionally, Bitcoin’s dominance has signaled an inevitable reversal, triggering a historical crypto cash rotation.

Ethereum Network Anticipates High-Impact News This Week

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

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.

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