Ethereum (ETH) has stabilized around the $3,500 mark after dropping to a 30-day low of $3,357, causing concern in the crypto market. Several asset managers have recently submitted updated proposals for Ethereum ETFs to the SEC, further adding to the uncertainty surrounding the cryptocurrency.
As of June 22, 2024, Ethereum (ETH) remains a key focus in the crypto market as it struggles to maintain its support level of $3,500, with fears of a potential decline towards $3,200 looming. Despite briefly dipping below $3,500, ETH has managed to find support and is currently trading at $3,506, fluctuating within the $3,450 to $3,550 range.
Ethereum continues to face challenges in breaking free from its prolonged decline, finding it difficult to surpass the $3,500 to $4,000 range. Following a 13% correction, the price has settled around $3,500 after hitting a 30-day low of $3,357 on June 18.
The delay in the launch of Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) has further added to the uncertainty surrounding ETH. Despite asset managers like VanEck, BlackRock, Grayscale, and Invesco Galaxy Digital submitting revised ETF proposals on June 21, and Fidelity filing a new S-1 form, the official launch date remains uncertain, impacting market sentiment.
In response to the recent dip, the global crypto market has ended a five-day losing streak as bullish traders work to prevent widespread market liquidations. While smaller assets like PEPE and Notcoin (NOT) have seen an increase in optimism, Ethereum continues to struggle to gain upward momentum.
At the time of writing, Ethereum is trading at $3,503, holding 18.3% of the market share, slightly decreasing by 0.13% in the last 24 hours. The daily trading volume for ETH has also dropped by approximately 1.65% to $14.97 billion.
According to the daily price chart, if Ethereum can break above the $3,500 mark, it may target the key resistance at $3,800, potentially leading to a rally towards $4,000, the highest range of the year. Failure to maintain above $3,500 could see Ethereum retracing to $3,350, possibly leading to further decline towards the $3,100 range. A drop below $3,000 would likely trap ETH in a bearish zone once again.