Can Ethereum Maintain Its Value of 3500 During Market Turmoil

GPT-4: Ethereum (ETH) has stabilized around $3,500 after dropping to a 30-day low of $3,357. The SEC has received updated Ethereum ETF proposals from multiple asset managers. As of June 22, 2024, Ethereum 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. Although ETH dipped below $3,500 earlier today, it managed to find 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 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. The market’s anticipation of Ethereum ETFs’ launch, delayed by the 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.