Ethereum (ETH) Price Struggles to Break $3.7K Resistance

• Ethereum Price has declined by 3.62% in the past week.
• The approval of spot ETH ETF listings has not priced in yet as ETH experiences increased dips.

The overall crypto sector has initiated the month with struggles to break resistance beyond last month’s bullish momentum. Leading cryptocurrency Bitcoin is struggling to break resistance at $69K. Parallely, with increased volatility, Ethereum price also struggles to surpass key resistance levels, $3700 and $3800.

Notably, the SEC’s approval of spot Ethereum ETF listing is not priced in yet. The largest altcoin depicted increasing price dips in the past week. After its recent upward movement reaching up to $3,973 on May 27, traders expected Ethereum to reach the $4K level. However, in the coming days, a bearish turn has pulled ETH prices to a weekly low of $3,702 at the end of May.

ETH 24H Price Analysis

In the past 24 hours, the Ethereum market price has witnessed increased volatility. ETH showed a 1.3% dip from the previous day’s $3.8K zone. The downward movement found support at $3,738 before climbing modestly to cross $3,750.

At the time of writing, Ethereum is trading at $3,757. Notably, the 24-hour trading volume has shown a hike of 11.23%, recording $13 billion as per CMC data.

ETH/USDT Daily Price Chart ( Source: TradingView)

Zooming out over the month, Ethereum’s price surged over 20.40%, according to TradingView data. However, its weekly performance exhibits a price reduction of 3.62% indicating the recent downward trend. Moreover, a bullish crossover is detected on the daily price chart. This is indicated by the crossing of the short-term 9-day MA above the long-term 21-day MA.

Notably, the daily RSI of ETH is 61.77 highlighting a potential overbought situation. Analysts have predicted that Ethereum’s price may cross $4K in the coming weeks. However, the recent inaction in market price and the bulls’ inability to propel the price further suggests a delay in hitting the $4K mark.

On the other hand, ETH whales have sustained their increased movements in the past week. The last 24 hours saw multiple whale movements including one significant transfer of 18,646 ETH, worth approximately $70 million from Liquity protocol to an anonymous wallet.

Overall, the global crypto market has witnessed a decline of 0.78% in market cap and an increase of 3.54% in daily trading volume.

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