Ethereum has recently risen by 15%, giving people hope that it will reach $3,000, but it appears that the upward momentum has encountered a major obstacle. For ETH, the 100 EMA has shown to be a strong resistance level, and the asset's recovery seems to be stagnant at this point.
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Ethereum's price began to decline after reaching a peak of $2,820, making it more difficult to predict its next move. As the price chart shows, ETH has struggled to maintain its upward momentum, especially when its price has remained in the $2,600-$2,700 range.
The 100 EMA remains above the price and acts as a strong barrier, preventing further progress towards $3,000. If Ethereum fails to break through this level, it will be difficult for it to regain its bullish structure in the near future. The biggest concern currently is the lack of strong support below the current price level.
Since ETH is currently trading around $2,622, there are not many reliable support areas that can prevent the price from falling further. Ethereum's next major support level is at $2,400, and if it breaks below this support, the price could fall further, potentially retreating to $2,200.
As trading volume decreases and overall market uncertainty persists, the likelihood of a sustained recovery is diminishing. In the short term, Ethereum's $3,000 target may have to wait, although its fundamentals remain solid. ETH traders should focus on key support levels for now, as the price may continue to decline and reverse recent gains.
Doge's Recovery
Doge has surged over 40% in the past week, trading around $0.145 in mid-October. At the same time, the net flow of large holders has increased significantly by 1,856%, indicating that major participants are aggressively accumulating.
The surge in net flow has allowed it to outperform the top 50 cryptocurrencies in terms of weekly gains. Experts say DOGE has successfully transformed key support levels (such as the 50-week SMA) into a new price floor of around $0.119.
The altcoin's next targets are $0.17 and $0.19, with the 50-day moving average of $0.108 expected to serve as an important support level. However, experts say that with a market cap of $25 billion, it will be difficult for Doge to rally 1,000% from here.
Shiba Inu Sees Significant Increase
Investors looking for the market's next move are starting to focus on Shiba Inu, as its price has recently surged by 40%.
Shiba Inu's (SHIB) daily trading volume has increased recently, and buying activity in the SHIB spot market has also increased.
More importantly, long-term Shiba Inu (SHIB) investors have started to accumulate SHIB tokens again, hoping for a potential rebound.
With the uptrend becoming stronger, the price could rise. SHIB may approach the next major resistance level of around $0.000025 after this breakout. The support levels of $0.000012 and $0.000015 are crucial for maintaining the bullish structure. If these levels are not maintained, a pullback and correction may occur.
However, assuming the overall market remains healthy, given the current momentum and the price trend being above the 50 EMA, 100 EMA, and 200 EMA, Shiba Inu is in a fairly favorable position to continue its upward trajectory.
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