The approval of the Ethereum ETFs on May 23 has not yet resulted in a new all-time high for Ethereum, but the first results are promising.

Last week, the Ethereum price shot up by about 25%. A positive signal is that no sell-off started after this, indicating that the Ethereum bulls still have confidence in the future.

Ethereum strong, Bitcoin in doubt

While Ethereum is currently still performing strongly and could even reach above $3,900, the Bitcoin price is wavering somewhat.

After rising to around $72,000, the market’s largest coin has fallen back a bit. In that regard, the bullish momentum really seems to be transferring to Ethereum at the moment.

An interesting area is building up for Bitcoin around the range of $70,000-$72,000. If the digital currency manages to get past that, then in theory there could be a gigantic price explosion.

Now it is important that both Bitcoin and Ethereum do not fall too far. If major corrections can be avoided, it is possible that we can also look further up for some altcoins.

What does the technical picture look like?

Bitcoin managed to jump off the 20-day exponential moving average ($66,814) on May 24. This indicates that sentiment is positive at the moment and that active traders are preying on price dips in the digital currency.

If the bulls manage to push Bitcoin past the resistance at $73,777, there could be some interesting price movement.

However, the bears will be on the defensive there, making new all-time highs anything but a certainty at the moment.

As for Ethereum, there is also hopeful price action underway. It looks like the bulls are managing to turn the $3,730 price into a support point.

Ethereum’s 20-day exponential moving average is at $3,452 and appears to be rising. The RSI is also in a zone that may indicate more price increases for Ethereum. In that regard, the market seems bullish for Vitalik Buterin’s coin at the moment.

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