Ethereum
Here’s the next target, what’s going on with Shiba Inu (SHIB)?
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Ethereum has started to climb successfully, with the price of the second-largest asset in the market reaching the $3,400 threshold. However, there is a possibility of acceleration of the trend if the price reaches $3,500 again.
A positive dynamic Ethereum The price action suggests that there is significant buying interest currently. If the $3,500 barrier is breached, there could be a larger rally that would attract more traders and investors hoping to take advantage of the uptrend. This optimistic outlook is influenced by various factors.
First of all, market sentiment has improved in general 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 a solid foundation.
The request for Ethereum The Ethereum ETF price remains at a respectable level, but the 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, there may be some challenges ahead despite the recent upbeat performance. The next major resistance level for SOL is expected to be at or near $148, which could act as a barrier to 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.
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Moreover, the asset is not overbought and could still grow according to the RSI, which is moving positively. The Solana blockchain ecosystem continues to expand, especially with the introduction of blockchain links. The increase in network activity and adoption provides strong support for continued price growth.
However, it is important to remain cautious about SOL as it has significantly lost its market position and its future is quite uncertain. The immediate rise to the 100 EMA level that protects the $150 threshold is a good sign, and a break above this threshold will certainly position it for a rebound.
Condition 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 overall negative as it continues to decline. Due to investors’ concern over this prolonged downtrend, many of them decided to sell their holdings, which increased the downward pressure on the price.
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There may be no need to panic over this decline just yet. Based on historical trends, such declines tend to drive out less confident investors and leave room for more confident investors to purchase tokens at discounted prices. Large investors, or whales, might pay close attention to a possible drop 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 bearish trend if they start accumulating SHIB at these lower levels. Whale accumulation followed by a sharp price drop has led to a subsequent recovery in the prices of other cryptocurrencies that have shown similar trends.