$ETH **Ethereum (ETH) Brief Note – June 15, 2024**

As of today, Ethereum (ETH) trades at **$3,100**, reflecting a 60% year-to-date surge despite market volatility. Its market capitalization stands at **$370 billion**, maintaining its position as the second-largest cryptocurrency. The 24-hour trading volume is **$12 billion**, underscoring robust liquidity.

Ethereum continues to lead in blockchain innovation. The 2022 **Merge** transitioned it to energy-efficient Proof-of-Stake (PoS), slashing energy use by 99%. The March 2024 **Dencun upgrade** introduced proto-danksharding, enhancing scalability via Layer 2 solutions like Arbitrum and Optimism, which reduce transaction costs and congestion.

**DeFi** and **NFTs** remain core to Ethereum’s ecosystem, hosting over 70% of DeFi’s total value locked (TVL ~$45 billion) and major NFT platforms. However, network congestion during peak usage still drives high gas fees, a persistent challenge.

Regulatory scrutiny looms, with the SEC evaluating ETH’s status as a security, potentially impacting pending **spot ETH ETF** applications by institutions like BlackRock. Approval could catalyze institutional inflows.

Technically, ETH faces resistance near **$3,200**, with support at **$2,800**. Macro factors, including Fed policy and crypto regulation, will influence near-term trends.

In summary, Ethereum’s blend of technological upgrades, institutional interest, and dominant ecosystem position it for long-term growth, though regulatory and scalability hurdles persist.

*Data sourced from CoinGecko, June 15, 2024. Figures are approximate and subject to market fluctuations.*

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