NEM (XEM) is trading neutrally around $0.0370 this week, which is disappointing as the token appears to be losing its upside momentum. Currently, XEM is gravitating toward the support level at $0.0350, representing a potential additional decline of 6.0%. Last week, the token saw a rise of 7.2% to $0.0401 following the initial approval of spot ETH-ETFs by the SEC. However, XEM prices failed to climb above the uptrend support at $0.0405.

Despite the continuous rise in ETH prices that have been lifting the entire crypto market, XEM seems to be an exception. If the support at $0.0350 holds, XEM prices may recover to $0.0450. Otherwise, they are poised to drop toward $0.0250.