Ethereum has recorded a mild uptick in May as the second-largest cryptocurrency rebounded from the $2,716 low on April 30 to $2,873 earlier today. However, ETH appears to be having some difficulties maintaining this uptrend as it dipped to the $2,780 range shortly afterward.

That said, market direction is a bit choppy on Monday, with bears losing grip on the general bias. Regardless, price action currently oscillates within a downward channel on the 4-hour chart, proposing that the critical level to break for bulls to regain some momentum is the $2,900 top.

With the bearish slowdown and the US Fed interest hike already priced in, we could see a return to consecutive bullish moves in the coming days.

Meanwhile, my resistance levels are $2,900, $3,000, and $3,100, and my support levels are $2,750, $2,650, and $2,500.

Total Market Capitalization: $1.74 trillion

Ethereum Market Capitalization: $341 billion

Ethereum Dominance: 19.6%

Market Rank: #2