ETH price currently trades at $3,832 with a surge of 0.56% in the last 24 hours.
The RSI stands at 64.25 in the overbought range.
Ethereum price is struggling to maintain its bullish momentum. The $3K mark showed signs of recovery in early May 17. The leading altcoin’s bulls and bears are exhibiting a feud. During the time of writing, the token traded at $3,832.02, an increase of 0.56% in the past 24 hours. The trading volume decreased by 5.75% and stood at $14 billion.
ETH Price Chart (Source: CoinMarketCap)
Bitcoin price went above the $71,000 mark, the cryptocurrency market tends to display a positive price action with top altcoins adding significant value in their portfolios. The ETH bulls struggled to maintain the momentum and the leading altcoin is at the slippery bullish trend. ETH added 2.18% over the past week.
SEC Chairman Gary Gensler revealed that the review of spot Ethereum ETF S-1 reports might be lengthy, which might cause delays in the final decision. This news was followed by the submission of S-1 draft forms by BlackRock and VanEck
Will ETH Surpass the Current Resistance Level?
The Relative Strength Index (RSI) stays at 64.25, close to its overbought range. The 9-day EMA of $3,795 highlighted a climb in bullish sentiment in the crypto market. Moreover, it suggests the price will continue gaining value.
Analyzing the 24-hour price chart, ETH’s key resistance is noted in the $3,985 range. Initially, it might test a resistance of $4K. If the bullish trend persists, the next key resistance might be at the $4,210 level. Furthermore, the higher target might be marked at the $4,450 range.
Conversely, if the bears pull back the bulls, Ethereum’s price will dip to the $3,770 range. When it follows the bearish trend, ETH might fall to a support level of $3,625. In the case of a strong bear rule, the price of ETH would dip further to the $3,490 level.
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