Ether (ETH) faced a substantial downturn on June 24th, plummeting by as much as 5.85% within the day and marking a steep 18.50% drop from its recent local high. This decline brought its value below $3,250, hitting its lowest point in over a month. The sharp fall is unexpected in light of the anticipated approval of spot Ether exchange-traded funds (ETFs) in the U.S. in July, which had fueled optimism for a significant price recovery.
At the time of writing, ETH was trading at $3,350.
ETH after giving a breakout above the ‘Descending Triangle’ pattern rallied up to $3,977 and started to consolidate in a range from $3,900 to $3700. The asset failed to cross the crucial level of $4,000 and it gave a range breakout on the downside. The prices witnessed a sharp correction and dropped to $3,240. ETH has been trading in red for the fifth consecutive week. However, it has not given a daily closing below the support level of $3,350. If it holds and sustains above $3,350 then we can expect the bulls to resume the up move.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,150 | $3,350 | ETH | $3,700 | $4,000 |
