Ethereum’s Struggles Continue: Could ETF Launch Reverse the Trend?
In this report, we examine Ethereum’s performance in June 2024. Despite the complicated trends in ETH’s price, Cryptonews delves into network activities, breaks down important updates within the ecosystem, and explores what they could mean for Ethereum’s future.
Key takeaways:
Founded in 2013 by Vitalik Buterin, Ethereum serves as a distributed blockchain computing platform designed for the execution of smart contracts and decentralized applications (dApps). The network enables users to create and innovate extensively with smart contracts, catalyzing the emergence of various assets and industries such as decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), Web3 and beyond. At its core, Ethereum features an execution engine tailored for smart contract processing, known as the Ethereum Virtual Machine (EVM). In addition, Ethereum employs a proof-of-stake (PoS) consensus mechanism, which enhances its scalability and sustainability.
June 2024 saw Ethereum (ETH) price on a roller coaster, ultimately trending downwards.
Fear surrounding a potential Bitcoin ( BTC ) price dump and declining institutional investment in Ethereum funds put significant pressure on the price.
ETH started the month at $3,803, fell to $3,258 on June 24, and then rose slightly to $3,480 on June 28. On June 30, the price settled at $3,406, a 10,4% decline from the opening price on June 1.
Several factors contributed to the ETH price remaining below $3,600 in June. These factors include worsening macroeconomic conditions, lack of institutional demand suggesting waning interest from larger investors, and regulatory uncertainty surrounding the Ethereum ecosystem.
Ethereum’s exchange-traded products
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