Ethereum

Dogecoin

<ul>
 <li>Post the approval of the spot Ethereum ETF, ETH price struggles to break the resistance at $3.7K.&nbsp;</li>
 <li>Ethereum developers have announced the target for the launch of the Pectra upgrade.</li>
</ul>
Ethereum (ETH) price witnessed an impressive upsurge in the past seven days, instigated by the SEC’s spot ETH ETF approval. As the week draws to a close, with the ETH approval not priced in yet, ETH struggles to surpass the $3,700 mark.&nbsp;
Prices hit a monthly high of $3.9K on Thursday before sliding to a low of $3,552 on the same day. In the past 24 hours, ETH has shown a modest increase of 1.95% to trade at $3,755, at the time of writing.&nbsp;
Additionally, ETH whales have shown significant movements today. Over 24,603 ETH worth $92 million have been transferred in the past 5 hours. Reportedly, as per WhaleAlert data, these were transferred from Coinbase Institutional to four different unknown wallets.&nbsp;
<h3 class="wp-block-heading" id="h-ethereum-price-preceding-etf-approval-vs-now">Ethereum Price Preceding ETF Approval vs Now</h3>
Zooming out, over the month Ethereum price performance has increased by 19.75%. This month’s beginning saw prominent declines with the price chart depicting bearish candles. On May 1, prices showed one-day lows of up to $2,815. In the next few days, ETH price witnessed upsurges breaking the $3K resistance.&nbsp;
Notably, the decisive scrutiny on spot ETH ETF fueled a bullish rally in Ethereum price. The altcoin began showing signs of recovery early last week. On May 21, amid mounting anticipation for SEC <a href="https://thenewscrypto.com/sec-approves-spot-ethereum-etf-marking-a-new-milestone-for-eth/" target="_blank" rel="noopener noreferrer nofollow">approval</a>, prices hiked upward hitting $3,837. In the following days, the bullish rally continued with ETH hitting the monthly high of $3,953 according to CMC <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/_z_juhD1D0eMezmpkDKFUqF9hPfRBPEpoDeUT5LUsPQ3HoPaslPAM6b9LbfRpWWi23mQWoKsfVPl-Bsx-rdDten07ZTynCbDRKCtuKpqUYwwfhDyKA5gAtXAhzRJqeBkzA513TaJGM5G0cKRVsx-IiM" alt="">
 <figcaption class="wp-element-caption">Ethereum Daily Price Chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>) 
 </figcaption>
 </figure>
</div>
Moreover, presently ETH’s short-term 9-day MA lies above the long-term 21-day MA highlighting a bullish uptrend being sustained. The daily RSI stands at 68.62 indicating that the market sentiment is leaning toward the overbought zone.&nbsp;
Furthermore, analysts’ <a href="https://thenewscrypto.com/ethereum-eth-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">predictions</a> for ETH prices state the altcoin shows potential to hit a new all-time high of $5K by the end of 2024. For such an occurrence, Ethereum has to break resistance levels at $3,841 and $4,823. However, if the bears take over then prices will fall finding support at $3,367 and $2,864.&nbsp;
After the Dencun upgrade in March, the Ethereum mainnet marches toward the Pectra upgrade. As per the recent <a href="https://ethdaily.io/472" target="_blank" rel="noopener noreferrer nofollow">update</a>, Ethereum core developers expect Pectra to commence by the end of&nbsp; Q1 2025.
The overall crypto has shown a modest recovery from the recent flat market in the past month. Today the market cap has increased by 0.68% while trading volume declined by 41.11%. Similar to Ethereum, Bitcoin prices have also declined in the past 24 hours and is currently trading at $68,628
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Will Ethereum (ETH) Price Find New Bottom Post-ETF Approval?

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