Ethereum
Ethereum (ETH) Has Lost All “ETF Gains”, Shiba Inu (SHIB) Is On Track To Add Zero, Solana (SOL) Hits $135, Critical Support Activated
Arman Shirinyan
Most of the gains accumulated in the past are lost and it is not certain that we will recover them.
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The second-largest cryptocurrency on the market has hit “pre-ETF rumor” price levels, losing almost all of its gains since May. Things are not looking good, and the only relatively positive thing we can see is the drop in trading volume amid the price rally. correction.
Ethereum price initially rose due to the highly anticipated ETF announcement. However, it appears that traders lack the conviction to continue the rally despite the ETF announcement. Ethereum’s current price of $3,205 is significantly lower than its recent highs, indicating that there was insufficient buying interest.
The lack of significant progress in Ethereum This year’s ecosystem is a major contributing factor to the lack of support for buying into the market. There have been no significant additions or innovations to the network that would increase its demand or utility.
This means that neither new nor existing investors are attracted to the Ethereum network and therefore its usage and demand remains low.
Ethereum’s future is also uncertain according to technical analysis. The price is following a bearish trend as it has broken below the critical support levels 50 EMA and 100 EMA. The 200 EMA at $3,090 is the next major support level, and if the current trend continues, it could be tested soon.
Shiba Inu’s Disrupted Plans
Bitcoin’s fall below $60,000 has clearly disrupted many plans in the market. Few expected digital gold to fall so sharply in the last 24 hours, which greatly affected the performance of assets like Shiba Inu, which lost a substantial portion of its value.
Shiba Inu (SHIB) is down sharply from its recent highs, trading at around $0.00001565. The asset has been steadily losing value and recent market volatility has exacerbated this trend. Key moving averages indicate further bearish momentum and the chart illustrates SHIB’s difficulty in finding support.
It is a challenge for SHIB Bitcoin has regained its footing thanks to the resistance levels set by the 200 and 100 EMAs. The entire cryptocurrency market has been impacted by Bitcoin’s drop below $60,000. Bitcoin being the most popular cryptocurrency, its performance frequently influences other digital assets. The fall in panic selling has clearly affected altcoins such as Shiba Inu.
The Shiba Inu has been displaying technical weakness for a long time. A downtrend is indicated by the asset’s recent trading below its major moving averages. An oversold condition is indicated by the RSI at 27, but a recovery is difficult as there are no significant support levels below the current price.
Investor caution has increased as the overall market outlook has turned negative, according to various sentiment indicators. With traders reluctant to invest in a falling market, SHIB is under additional pressure.
Solana falls
Solana Bitcoin price fell along with the rest of the cryptocurrency market, reaching a price threshold of $135, considered a critical support level as it coincides with the 200 EMA. A fall below this level would be a long-term bearish signal that suggests the continuation of the downtrend.
Pressure is mounting on Solana, which is currently trading at around $134. Traders’ attention is focused on the 200-EMA at $131.29, which is a critical support level. A break below this mark would likely indicate a continuation of a downtrend and could trigger additional declines.
In line with the bearish outlook, Solana has recently been sold off and is now trading below its key moving averages, which include the 50-EMA at $147 and the 100-EMA at $144.
Due to Bitcoin After a recent drop below $60,000, sentiment surrounding the cryptocurrency market as a whole has turned negative. Altcoins such as Solana are under further pressure due to the overall market downturn. Bitcoin could push Solana down further if it continues to struggle.
Solana is approaching oversold territory. While this could indicate a possible rebound, technical indicators and the overall market sentiment suggest that any rebound would be fleeting unless broader market conditions improve. Solana could stabilize and potentially rise again if it can maintain its position above the 200-point moving average at around $130.
About the Author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant use in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.