Ethereum is currently trading at $3,302.81, reflecting a decline of 3.1%. This drop occurs despite the launch of new institutional crypto ETFs, which typically create a positive environment for the cryptocurrency market. However, the overall weakness in the broader market is impacting Ethereum’s price action. The introduction of multi-crypto ETFs by 21Shares aims to attract institutional investors, potentially providing a boost to the crypto sector. Despite this, the prevailing market conditions are proving challenging for Ethereum and other cryptocurrencies. Investors are closely monitoring the $3,300 support level, as it may indicate future price movements.
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