Ethereum
Things Are Getting Ugly, Billion Dollar Ethereum (ETH) ETF Launch Isn’t Helping, Toncoin (TON) Can’t Go Below $6.60
Arman Shirinyan
Market Loses Some Momentum, But ETF Launch Could Change That
Read U.TODAY on
Google News
Since the 200 EMA resistance level has not been broken, Shiba Inu is currently going through a rough patch. If SHIB doesn’t gain enough momentum, it will likely break below the important moving averages and could even retrace below $0.000017. SHIB is currently trading at $0.00001721, and its failure to break above the 200-MA is a strong bearish indicator.
The failure to break above this level indicates that there is not much buying pressure as it has proven to be a strong resistance. The blue 50 and orange 100 EMAs are both falling, suggesting that short- to medium-term sentiment is still negative.
SHIB/USDT Chart by TradingView
SHIB is struggling to find support above the 26 EMA, as evidenced by the most recent price action. This lack of support underscores the token’s pessimistic future. The next support level to watch is around $0.000016, if SHIB continues to decline and crosses below important moving averages. In case SHIB crosses below this level, a new retracement may occur.
It is evident that there is more selling pressure than buying pressure as the RSI indicator is centered around 46, which is below the neutral level of 50. This gives more confidence to the short-term bearish scenario for SHIB.
Ethereum ETFs Enter the Market
Following the successful launch of Bitcoin spot ETFs, the Ethereum The launch of an ETF was one of the most anticipated events of the year. It is safe to say that this launch was a huge success and raised a considerable amount of money from institutional investors. But for these reasons, the price had an almost bearish impact.
The excitement and $1.1 billion in trading volume in the first few days did not translate into a corresponding increase in Ethereum’s price. The net inflow of $106 million, along with impressive numbers from ETFs like Bitwise’s ETHW ($204 million) and BlackRock’s ETHA ($266 million) highlighted the presence of strong interest.
This sudden price change was caused by a number of factors. First, it is possible that the enormous enthusiasm and accumulation of Ethereum The ETF launch contributed to a situation of buying rumors and selling news.
Once the ETF launched, investors who had accumulated ETH in anticipation of its launch may have sold their holdings to profit. Second, while the ETF’s introduction attracted institutional attention, it also drew attention to the dearth of new retail investors joining the market.
Toncoin under pressure
The bullish narrative surrounding Yourcoin The trend seems to be coming to an end, with the asset falling below $7 and approaching a crucial support level of $6 backed by the 100 EMA. As of today, Toncoin has been unable to maintain its bullish momentum, trading at around $6.20. Buying pressure is less, as evidenced by the recent drop below the psychologically important $7 threshold.
Aligned with the orange 100 EMA, the $6.60 level is a critical support level, and if broken, it could indicate further downside. The bearish sentiment is reinforced by the 200 EMA and the 50 EMA.
The neutral level of 50 is hovered over by the RSI indicator, which indicates a slight trend towards buying pressure. The indicator is currently at 43. This gives even more credibility to the short-term bearish outlook for Toncoin. With unfavorable technical indicators, Yourcoin death is still possible.
The $6.60 support level reinforced by the 100 EMA remains a crucial area to watch. There is a possibility that Toncoin could recover and regain some of its lost bullish momentum if it manages to stay above this level. The asset’s test could, however, move to lower levels if this support fails to hold. The next major support lies around $5.20.
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.