The recent approval of spot Ether exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) on May 23 did not result in a significant increase in Ether's value, despite its 25% rally the previous week. Interestingly, the approval did not trigger a sell-off, indicating that Ethereum (ETH) bulls are exhibiting patience rather than immediate profit-taking, suggesting a cautious approach by traders.

In contrast, Bitcoin (BTC) witnessed a rally close to $72,000 this week, which was followed by a decline below the key level of $70,000, indicating a possible continuation of sideways price movement. This fluctuation in prices prompted increased interest in select altcoins expected to show promising performance in the near future. The potential buying support for these altcoins may depend on the stability of Bitcoin and Ether prices.

The technical analysis of Bitcoin and Ether raises questions about the possibility of a further upward trend in these cryptocurrencies. The market's response to the top-five promising cryptocurrencies will provide valuable insights into potential price movements.

Bitcoin Price Analysis

Bitcoin's price rebounded from the 20-day exponential moving average ($66,814) on May 24, signaling positive sentiment as traders purchased during price dips. The focus is now on the key resistance level at $73,777, a critical point where bearish pressure may intensify. A successful breach of this level could propel the BTC/USDT pair towards $80,000 and $84,000.

Despite efforts to push prices higher, sellers are active around $73,777, and a failure to cross this level may result in a prolonged consolidation period. Maintaining prices above $70,000 is crucial for potential bullish momentum.

Ether Price Analysis

Ether (ETH) surged above $3,730 on May 21, with buyers maintaining prices above this level to establish strong support. The uptrend is reinforced by the ascending 20-day EMA ($3,452) and an overbought RSI, indicating a favorable outlook. Breaking through the resistance levels at $3,950 and $4,100 could lead to a substantial surge in ETH's value.

However, a drop below $3,730 could indicate a correction phase, with the 20-day EMA acting as a critical support level. The 4-hour chart shows bullish momentum, with attempts to breach $3,950. Failure to sustain above this level might result in a decline towards $3,730 and the 50-SMA.

Chainlink Price Analysis

Chainlink (LINK) is encountering resistance around $17.32, indicative of a battle between buyers and sellers. The current uptrend is supported by the 20-day EMA ($15.96) and an RSI above 62, suggesting bullish dominance. A breakout above $18.68 could lead to a rally towards $20.74 and $22.

On the contrary, a failure to sustain above $17.32 may signal rejection of the breakout, leading to a decline towards the 20-day EMA and the 50-day SMA ($14.95). The 4-hour chart indicates significant resistance at $17.32, with potential support at $15.44.

Uniswap Price Analysis

Uniswap (UNI) witnessed a recovery as prices crossed above moving averages on May 20. The ongoing battle near the overhead resistance of $11.81 suggests uncertainty in market sentiment. A breakthrough above $11.81 could propel UNI/USDT towards $13.34 and $15.

Conversely, a drop below $10 might indicate profit-taking, leading to a pullback towards the 20-day EMA ($9.05). The 4-hour chart shows a struggle to maintain levels above $11.81, with potential support at the 20-EMA.

Arbitrum Price Analysis

Arbitrum (ARB) is striving to surpass the resistance at $1.27, facing resistance from bears. However, the price remains above the 20-day EMA ($1.11), hinting at a possible breakthrough. A successful breach of $1.27 could drive ARB/USDT towards $1.60 and $1.75.

A downturn below $1.10 might lead to a retest of the strong support near $0.90. The 4-hour chart suggests a battle at the $1.27 level, with support at the 20-EMA.

This analysis does not provide investment advice; investors are advised to conduct thorough research and analysis before making any financial decisions.