• 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.

Ethereum (ETH) remains a focal point in the crypto market as it struggles with the 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 found support and is currently trading at $3,506, constrained within the $3,450 to $3,550 range.

Despite this, Ethereum continues to face challenges in breaking through the $3,500 to $4,000 range. The price has consolidated around $3,500 after a 13% correction saw it hit a 30-day low of $3,357 on June 18. The market’s anticipation of Ethereum ETFs’ launch, delayed by the U.S. Securities and Exchange Commission (SEC), adds to the uncertainty. 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, but the official launch date remains uncertain, influencing market sentiment.

Today, the global crypto market ended a five-day losing streak as bullish traders worked to mitigate extensive market liquidations. Smaller assets like PEPE and Notcoin (NOT) have benefited from increasing optimism, but 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.

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.