The price of Ethereum against the dollar (ETH/USD) has had a turbulent journey throughout the second quarter of 2024, characterized by notable rises and falls. After achieving a 60% gain in the first quarter and testing the $4,000 levels, the beginning of the second quarter brought a correction towards the $3,000 levels.

The long-awaited Bitcoin halving, the Shapella upgrade followed by the Dencun upgrade in March, and expectations of federal interest rate cuts have boosted the cryptocurrency market towards the end of 2023 and the beginning of 2024. However, as enthusiasm fades and approvals for launching Ethereum funds are delayed, Ethereum against the dollar (ETH/USD) is trading at a critical turning point.

Will the price of Ethereum survive the retest of the support level at $3,000 after nearly reaching its all-time high in March?