Ethereum price started a fresh decline
Ethereum struggled to establish resistance above $1,926 and $1,940. The price is below 1880 dollars. A break was below a major uptrend line with support near $1,896. The currency may continue to move lower if it clears the $1,800 support area.
The Ethereum value stepped up its game and ascended past the $1,850 mark. ETH struggled to settle above the $1,925 and $1,940 resistance levels.
The current resistance is near the $1,850 level. It is near the 23.62% Fib retracement level of the recent decline from the $1,939 to $1,824 low.
A close above the $1,900 level could initiate a new uptrend. In this case, the price could rise toward the $1,940 resistance. Any additional gains could push Ether closer to the $2,000 resistance.
Bitcoin edged up
Bitcoin advanced on Monday morning on May 1 in Asia, touching the $29,000 level as concerns about the US banking system resurfaced.
Most of the other top 10 volatile cryptocurrencies traded lower.
US equity futures in Asia retreated steadily ahead of the Fed’s interest rate decision. All three major US stock indexes rose in April.
Bitcoin rose 0.48% to $29,309, holding steady for a weekly gain of 5.33% after advancing to $29,952 on Sunday.
The world’s largest cryptocurrency touched the $27,000 low several times in April but has gained more than 4% for the month since 2021.
In the NFT market, the Forkast 500 NFT Index advanced 0.37% to 3757.68 but remained 0.55% lower for the week. The index is a proxy measure of global NFT market performance.
Mad Lads, a Solana-based NFT that debuted on April 21, recorded the largest seven-day sales total on the market at more than $7.62 million, beating out Bored Ape Yacht Club’s $7.04 million. NFT was priced at 63.74 SOL, almost 10 times higher than the first token issued at 6.9 SOL.