The report from Beekje.com:
Ethereum has successfully started to rise, with the price of the second largest asset in the market reaching the $3,400 threshold. However, if the price reaches $3,500 again, it could accelerate the upward trend.
The positive momentum in Ethereum’s price trend indicates significant buying interest currently. Breaking through the $3,500 mark could lead to a larger rebound, attracting more traders and investors hoping to profit from the upward trend. This optimistic outlook is influenced by various factors.
Firstly, there has been an overall improvement in market sentiment, with Bitcoin also showing signs of recovery. Altcoins like Ethereum often stabilize following the lead of the leading cryptocurrencies in favorable market conditions. Ethereum still has a solid foundation.
The demand for Ethereum remains at a considerable level; however, recent price declines have driven some investors away from the market’s second largest asset. The situation is expected to improve with the launch of Ethereum ETF trading.
Solana is showing some potential
Solana is actively entering a local uptrend after rebounding from the 200 EMA. The price has risen by about 7% and it looks like it won’t stop. Unfortunately, SOL may face strong resistance in the coming days.
Despite the recent optimistic performance, there may still be challenges ahead. The next major resistance level for SOL is expected to be around $148, which could be a barrier to further price increases.
If this resistance level is broken and more gains are initiated, the asset could reach new highs. The current market conditions are favorable for Solana due to increased trading volume and optimistic investor sentiment.
In addition, the asset is not overbought, and there is potential for further price increases based on the positive trend in the RSI. The expanding ecosystem of the Solana blockchain, especially with the introduction of blockchain links, provides strong support for continued price increases through increased network activity and adoption.
However, it is important to be cautious with SOL as its market position has clearly declined and its future prospects are uncertain. The immediate rise to guard the $150 threshold of the 100 EMA is a good sign, and breaking this level will certainly lead to a rebound.
Status of Shiba Inu
Shiba Inu is clearly in a complex state, and the situation looks worse than expected. While Solana, Ethereum, and other assets show some potential for a reversal, SHIB sees the $0.00001 threshold as a last resort.
The overall market sentiment for Shiba Inu remains negative as it continues to decline. Many investors have decided to sell their holdings due to concerns about this long-term bearish trend, which has put more downward pressure on the price.
However, there may not be a need to panic about this decline just yet. According to historical patterns, this kind of decline often drives away investors with low confidence, making room for more confident investors to buy tokens at lower prices. If the token falls to $0.00001, it may attract the attention of large investors or whales who are known for buying large amounts of assets at a discount in anticipation of future price increases.
If whales start accumulating SHIB at these lower levels, they could provide much-needed support and potentially reverse the bearish trend. The accumulation of whales has led to significant price declines, which in turn has led to price rebounds in other cryptocurrencies showing similar patterns.
