Ethereum (ETH) Update: Price Stabilizes at $3,500 Amid ETF Uncertainties

Jun 22, 2024

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Ethereum (ETH) Update – Summary, Introduction, Main Points, Conclusion

Ethereum (ETH) Update Summary

Ethereum stabilizes around $3,500 after hitting a 30-day low of $3,357, while multiple asset managers submit updated Ethereum ETF proposals to the SEC, impacting market sentiment.


On June 22, 2024, Ethereum (ETH) grapples with maintaining a key support level of $3,500 amidst uncertainties surrounding Ethereum ETF approval. The cryptocurrency briefly dropped below $3,500, triggering concerns of a further decline. However, it found support and is currently trading at $3,506, fluctuating within a narrow range of $3,450 to $3,550.

Main Points

Ethereum struggles to break through the $3,500 to $4,000 range, consolidating around $3,500 following a recent 13% correction that led to a 30-day low of $3,357 on June 18. The delayed launch of Ethereum ETFs by the U.S. SEC, despite revised proposals from various asset managers, contributes to market uncertainty and sentiment.

The global crypto market recently ended a five-day losing streak, with Ethereum’s price at $3,503 and holding 18.3% market share. However, it faces challenges in gaining upward momentum, with a slight decrease in market share and trading volume. The price chart suggests a potential rally to $4,000 if Ethereum surpasses the $3,500 mark, while a failure to maintain above $3,500 could lead to a retracement towards $3,350 or lower, trapping ETH in a bearish trend.


Ethereum’s price stability around $3,500, coupled with ongoing ETF approval uncertainties, reflects the current challenges faced by the cryptocurrency market. The ability to break key resistance levels or failure to maintain support could significantly impact Ethereum’s future price movements, potentially leading to a return to bearish territory below $3,000.