Ethereum
Here’s the next target, what’s going on with Shiba Inu (SHIB)?
Arman Shirinian
Ethereum price has surged to $3,400, showing signs of potential trend acceleration, but it’s not so simple with others
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Ethereum began to successfully climb, with the price of the second largest asset in the market reaching the $3,400 threshold. However, there is a possibility of the trend accelerating if the price reaches $3,500 again.
A positive dynamic Ethereum price action suggests there is significant buying interest currently. If the $3,500 barrier is breached, there could be a bigger rally that would attract more traders and investors hoping to take advantage of the uptrend. This optimistic outlook is influenced by various factors.
First, the overall market sentiment has improved and Bitcoin is also starting to show signs of life. Altcoins such as Ethereum tend to follow the leading cryptocurrency as it stabilizes, taking advantage of favorable market conditions. Ethereum still has solid fundamentals.
The request for Ethereum is still at a respectable level; however, the most recent price drop has pushed some investors away from the second largest asset in the market. Hopefully, things will improve after Ethereum ETF trading goes live.
Solana shows potential
Solana is actively moving in a local uptrend after bouncing off the 200 EMA. The price has already gained about 7% and doesn’t seem to be stopping. Unfortunately, SOL could face strong resistance in the coming days.
Still, difficulties could arise in the future despite the recent optimistic performance. The next major resistance level for SOL is predicted to be at or near $148, which could stand in the way of further price growth.
The asset could potentially reach new highs if it breaks through this resistance and paves the way for further gains. With higher trading volumes and optimistic investor sentiment, market conditions are currently favorable for Solana.
In addition, the asset is not overbought and could still grow according to the RSI, which is evolving positively. The Solana blockchain ecosystem continues to expand, particularly with the introduction of blockchain links. Increased network activity and adoption strongly supports continued price growth.
However, it is important to remain cautious with SOL, as it has significantly lost its market position and its future is rather uncertain. The immediate climb towards the 100-point exponential moving average that protects the $150 threshold is a great sign, and a break above this average will certainly position it for a rebound.
The State of the Shiba Inu
Shiba Inu is clearly in a tough spot and things are looking worse than expected. While Solana, Ethereum, and other assets are showing some kind of reversal potential, SHIB is eyeing the $0.00001 threshold as a last resort.
Shiba Inu Market sentiment is still generally negative as it continues to decline. Due to investors’ concerns about this prolonged downtrend, many of them decided to sell their holdings, which increased the downward pressure on the price.
Still, there may be no need to panic over this decline just yet. Such declines, according to historical patterns, tend to drive out less confident investors and allow more assured parties to purchase tokens at discounted prices. Larger investors, or whales, might pay close attention if there is a possible decline to $0.00001. These investors have a reputation for purchasing large quantities of assets at discounted prices in anticipation of future price increases.
Whales can provide much-needed support and possibly reverse the downtrend if they begin accumulating SHIB at these lower levels. The whale accumulation followed by a sharp price decline led to a subsequent price recovery in other cryptocurrencies that showed similar trends.
About the Author
Arman Shirinian
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 utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.