The price of the second largest cryptocurrency in the market has reached the level before the “ETF rumor”, almost losing all the gains since May. The situation does not look optimistic. The only relatively positive thing we can see is the decrease in trading volume during the price adjustment period.
The price of Ethereum initially rose due to the highly anticipated ETF news. However, traders seem to lack confidence, and despite the ETF news, Ethereum will still maintain its upward trend. The current price of Ethereum is $3,205, far below the recent high, indicating insufficient buying interest.
The lack of significant progress in the Ethereum ecosystem this year is the main reason for the market’s lack of buying support. The Ethereum network has not added any new features or innovations that can increase its demand or utility.
This means that the Ethereum network will not attract new investors and existing investors, so its usage and demand remain low.
According to technical analysis, the future of Ethereum is also full of uncertainty. The price is in a bearish trend, having broken through the key support levels of 50 EMA and 100 EMA. 200 EMA is at $3,090, the next important support level, and may soon be tested if the current trend continues.
Shiba Inu’s plan is disrupted
Bitcoin’s drop below $60,000 clearly disrupted many plans in the market. Few people expected digital gold to drop so sharply in the past 24 hours, greatly affecting the performance of assets such as Shiba Inu, which lost a significant portion of their value.
Shiba Inu (SHIB) has dropped significantly from its recent highs, trading at about $0.00001565. This asset has been steadily depreciating, and recent market volatility has exacerbated this trend. Key moving averages indicate further strengthening of bearish momentum, with the chart showing SHIB struggling to find support.
Due to resistance levels set by the 200 and 100 EMA, SHIB is finding it difficult to regain its footing. The entire cryptocurrency market is affected by Bitcoin’s drop below $60,000. As the most popular cryptocurrency, its performance often affects other digital assets. The panic selling crash has clearly affected Shiba Inu and other altcoins.
Shiba Inu has long shown technical weakness. The asset’s recent trading is below its major moving averages, indicating a bearish trend. RSI is at 27, indicating oversold conditions, but a rebound is difficult as there is no significant support below the current price.
Various sentiment indicators show that as the overall market outlook turns negative, investors’ caution increases. Due to traders’ unwillingness to invest in a declining market, SHIB is under additional pressure.
Solana collapses
Solana, along with other parts of the cryptocurrency market, has dropped to the $135 price threshold, which is considered a key support level as it coincides with the 200 EMA. Breaking this level would be a long-term bearish signal, implying that the bearish trend will continue.
Solana is currently trading at around $134 and traders are focusing on the 200 EMA at $131.29, which is a key support level. Breaking this level may indicate a continuation of the bearish trend and may trigger further declines.
Consistent with the bearish outlook, Solana has recently seen selling pressure, currently below its major moving averages, including the 50 EMA ($147) and 100 EMA ($144).
Due to Bitcoin’s recent drop below $60,000, the sentiment in the entire cryptocurrency market has turned negative. Due to the overall market downturn, altcoins like Solana are under greater pressure. If Bitcoin continues to struggle, it may further depress the price of Solana.
Solana is approaching oversold territory. Although this may indicate a possible rebound, technical indicators and overall market sentiment suggest that any rebound may be short-lived unless the overall market conditions improve. If Solana can hold steady around $130, just above the 200 EMA, it may stabilize and possibly rise again.
