After testing support levels below $3,000 multiple times during the recent cryptocurrency correction, Ethereum's price showed signs of resilience with a green weekly close last week. Now, Ethereum appears poised at the cusp of a bullish consolidation, awaiting a catalyst to propel it to a new all-time high (ATH).

Ethereum's Weekly Performance and Market Dynamics

A closer examination of the ETH/BTC pair reveals encouraging signs, with the Relative Strength Index (RSI) hinting at a potential turnaround. As Bitcoin's dominance wanes, indicating capital movement within the crypto space, Ethereum stands to benefit from renewed investor interest.

Key Developments and Regulatory Implications

The Ethereum network has undergone several upgrades to bolster decentralization, amidst growing regulatory scrutiny globally. This week holds particular significance as the United States, with its $25 trillion GDP, prepares to weigh in on Ethereum's status. Additionally, the approval of spot Bitcoin ETFs signals a broader institutional embrace of cryptocurrencies, potentially impacting Ethereum's trajectory.

Critical SEC Decision on Ethereum ETF

On Thursday, May 23, the US SEC commissioners, led by Chair Gary Gensler, are set to vote on VanEck's Ether ETF application. While rejection is anticipated, the event could initially trigger a downturn in Ethereum's price, followed by a subsequent rebound to ATH levels.

Ethereum Price Targets and Technical Analysis

Ethereum's price has been consolidating within a bullish flag pattern, poised for a breakout in the near term. Breaking above key resistance levels, such as the falling Logarithmic trend and the 50-day Moving Average (MA), could pave the way for a rally towards $4,000.

Conclusion: A Pivotal Week for Ethereum

As Ethereum approaches a critical juncture, investors are closely monitoring developments surrounding the SEC decision and Ethereum's price action. While uncertainties loom, technical indicators and market dynamics suggest potential for a bullish resurgence in the near future.

This week's events will likely shape Ethereum's trajectory, leaving stakeholders pondering whether the bulls or bears will emerge victorious in this high-stakes market battle.