Once more, Ethereum, the leading alternative cryptocurrency by market capitalization, has dipped below the $3,000 mark today, whereas Bitcoin is holding steady at $63,500.

Despite a 15% rebound from its recent low, Bitcoin has struggled to garner enough support for sustained upward momentum.

The price of Bitcoin has long encountered resistance within the $65,000 to $67,000 range.As of today, the price of Ether has declined by 6.2% from yesterday's high to reach $3,022, though it currently sits at $3,075.

As of today, the price of Ether has declined by 6.2% from yesterday's high to reach $3,022, though it currently sits at $3,075.

Bitcoin has also retraced from its peak, and substantial losses exceeding 3% are observed across alternative cryptocurrencies.

The decrease in Ether's value, in particular, fosters a pessimistic atmosphere impacting risk tolerance in alternative coins.

Bitcoin has also retraced from its peak, and substantial losses exceeding 3% are observed across alternative cryptocurrencies. The decrease in Ether's value, in particular, fosters a pessimistic atmosphere impacting risk tolerance in alternative coins.

At the beginning of this year, when the SEC hadn't explicitly opposed ETH ETF applications, we talked about the substantial gains altcoins could make if approved.

However, as time passed, the price of ETH has declined due to SEC sanctions, Wells Notices, and statements indicating a negative stance. Bulls who previously saw $4,000 as a normal level are now finding it challenging to sustain $3,000.