• Ethereum (ETH) stabilizes around $3,500 after dropping to a 30-day low of $3,357.
  • Multiple asset managers submitted updated Ethereum ETF proposals to the SEC.

June 22, 2024 – Ethereum (ETH) remains a focal point in the crypto market as it grapples with a key support level of $3,500 amidst renewed concerns over Ethereum ETF approval. Earlier today, ETH dipped below $3,500, sparking fears of a potential decline towards $3,200. However, ETH managed to find support and is currently trading at $3,506 and constrained within the $3,450 to $3,550 range.

Despite this, Ethereum continues to face challenges in escaping its prolonged decline, struggling to break through the $3,500 to $4,000 range. The price has consolidated around the $3,500 mark after a 13% correction saw it hit a 30-day low of $3,357 on June 18. 

Further, the market’s anticipation of Ethereum ETFs’ launch, delayed by the U.S. Securities and Exchange Commission (SEC), adds to the uncertainty. Although several asset managers, including VanEck, BlackRock, Grayscale, and Invesco Galaxy Digital, submitted revised ETF proposals on June 21, and Fidelity filed a new S-1 form , the official launch date remains uncertain, influencing market sentiment.

How Did Ethereum React to the Recent Dip?

Today, the global crypto market ended a five-day losing streak as bullish traders worked to mitigate extensive market liquidations. While smaller assets like PEPE and Notcoin (NOT) have benefited from the increasing optimism, Ethereum’s price continues to struggle for upward momentum.

At the time of writing, Ethereum is priced at $3,503, holding 18.3% of the market share, which has decreased slightly by 0.13% in the last 24 hours. The daily trading volume for ETH also dropped by about 1.65% to $14.97 billion.

Ethereum (ETH) Price Chart (Source: CoinMarketCap )

According to the daily price chart, if Ethereum can break above the $3,500 mark, it could aim for the key resistance at $3,800, potentially sparking a rally to $4,000, the highest range of the year. Surpassing $4,000 could set ETH on a path toward its all-time high.

Conversely, failure to maintain above $3,500 could see Ethereum retrace to $3,350, possibly leading to further decline towards the $3,100 range. Falling below $3,000 would likely trap ETH in a bearish zone once again.