Ethereum
Explosive growth of Ethereum (ETH), $4,000 incoming? Shiba Inu (SHIB) Secures Breakout, XRP Needs These Two Resistance Levels
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The latest news on potential Ethereum The approval of ETFs has pushed the market into a strong uptrend. This surge triggered over $260 million in liquidations and pushed Ethereum above $3,600, potentially paving the way to $4,000.
Ethereum’s explosive growth can be attributed to the expected ETF approval. This has reinvigorated investor confidence, pushing the price of Ethereum to new highs. The bullish sentiment is further supported by technical indicators, which show strong bullish momentum.
The daily chart for Ethereum highlights a robust breakout above key resistance levels, including the 50 and 200 day moving averages. This breakout is accompanied by a substantial increase in trading volume, signaling strong buying pressure. The RSI has also moved into overbought territory, reflecting intense buyer interest.
The impact of this push extends beyond just Ethereum. The broader cryptocurrency market has seen a ripple effect, with Bitcoin also seeing significant gains. However, Ethereum’s rise has been dominant, with the asset gaining over 10% in the past 24 hours. This rally not only pushed Ethereum price above $3,600 but also positioned it to potentially challenge the $4,000 level.
According to recent figures, more than $260 million in short positions were liquidated as traders rushed to cover their losses. This massive selloff added further momentum to the uptrend, creating a feedback loop of buying pressure.
As Ethereum approaches the $4,000 mark, several factors will be crucial in determining its next move. The potential approval of the Ethereum ETF remains a key catalyst, as it would likely attract a wave of institutional investment. Additionally, continued positive sentiment and strong technical indicators could support the current bullish momentum.
Shiba Inu gets a boost
With the rise of Ethereum, Shiba Inu received some inflows and was able to break through the local resistance level reflected in the 50 EMA. This resistance suppressed SHIB’s performance, pushing it lower.
Shiba Inu’s recent breakthrough is significant as it finally managed to break through a key technical barrier that was capping its price action. The 50-day exponential moving average (EMA) has been a formidable resistance level, but SHIB’s latest move above this threshold signals potential for further upside momentum.
During weeks, SHIB the price was compressed between the 50 EMA and the support levels provided by the 200 EMA. The recent influx of purchases, driven by Ethereum’s impressive performance, gave SHIB the boost it needed.
Volume analysis supports this bullish narrative. There has been a notable increase in trading volume, indicating strong interest and conviction among traders and investors. This increase in volume is crucial to sustaining a breakout and potentially driving the price higher.
Looking ahead, SHIB faces its next resistance around the $0.000028 level, where previous rally attempts failed. If SHIB can maintain its momentum and generate continued buying interest, it could make a significant push toward that goal. Conversely, it will be essential for SHIB to remain above the 50 EMA to confirm the validity of this breakout and avoid falling back into the previous consolidation range.
The uphill battle for XRP
XRP finally crossed the 50 EMA, moving closer to the 100 EMA and potentially aiming for a breakout of 200 EMA. Such a bullish move would be a signal of an upcoming long-term price reversal and even a golden cross in the foreseeable future.
The daily chart indicates that XRP gained significant momentum after overcoming the 50-day exponential moving average, which acted as stubborn resistance. This achievement is a strong indication that the bulls are taking control. The next target for XRP is the 100 EMA, currently positioned around $0.55. A successful breakout of this level would further strengthen the bullish case and pave the way for a challenge to the 200 EMA.
The 200 EMA, currently around $0.57, is a critical resistance level. Historically, crossing this threshold has often signaled a substantial change in market sentiment, marking the transition from a downtrend to an uptrend.
If XRP manages to break above the 200 EMA, it could trigger a long-term price reversal and possibly lead to a golden crossover. A golden crossover occurs when a short-term moving average crosses above a long-term moving average, usually the 50 EMA crossing the 200 EMA, and is considered a strong bullish signal.
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.