Chart of the Day - Monday, May 20, 2024

🏆 Today’s Chart of the Day was shared by Eric Conrads (@conradseric).

• The second-largest cryptocurrency, Ethereum ($ETHUSD), surged +19.25% today, marking its best day since May 2021.

• $ETHUSD blasted through a 10-week downtrend line as traders speculate that the SEC could approve a spot Ethereum ETF  this week.

• It's currently testing resistance at $3,700. Breaking above 3,700 would open the door to the March highs, around $4,050. Ethereum also looks poised to outperform Bitcoin in the near term.

The takeaway: Ethereum surged over +19% today, breaking a 10-week downtrend line. It looks ready to resume its uptrend and outperform Bitcoin in the near term.