The price of the second largest cryptocurrency on the market has reached “pre-ETF rumor” price levels, losing almost all of its gains since May. Things are not looking promising, and the only relatively positive thing we can see is the drop in trading volumes during the price correction.
Ethereum’s price initially rallied on the much-anticipated ETF news. However, traders appear to lack confidence that Ethereum will maintain its gains despite the ETF news. Ethereum’s current price of $3,205 is well below recent highs, indicating a lack of buying interest.
The lack of significant progress in the Ethereum ecosystem this year is the main reason for the lack of buying support in the market. The Ethereum network does not have any significant new features or innovations that would increase its demand or utility.
This means that the Ethereum network does not attract new and existing investors, so its usage and demand remain low.
According to technical analysis, the future of Ethereum is also uncertain. The price is in a bearish trend and has broken below the 50 EMA and 100 EMA key support levels. The 200 EMA at $3,090 is the next important support level and may be tested soon if the current trend remains unchanged.
Shiba Inu's plan was disrupted
Bitcoin’s drop below $60,000 has obviously disrupted a lot of plans in the market. Not many expected the digital gold to fall so much in the past 24 hours, which has greatly affected the performance of assets such as Shiba Inu, which has lost a significant portion of its value.
Shiba Inu (SHIB) is down sharply from recent highs and is trading around $0.00001565. The asset has been steadily losing value, and recent market volatility has exacerbated this trend. Key moving averages suggest further bearish momentum, and the chart shows that SHIB is struggling to find support.
SHIB has had a hard time regaining its footing due to the resistance levels set by the 200 and 100 EMAs. The entire cryptocurrency market has been affected by Bitcoin’s fall below $60,000. Since Bitcoin is the most popular cryptocurrency, its performance often affects other digital assets. The plunge in panic selling has obviously affected altcoins such as Shiba Inu.
The Shiba Inu has long been showing technical weakness. The asset has recently traded below its major moving averages, indicating a bearish trend. The RSI is at 27, indicating oversold conditions, but a bounce will be difficult as there are no significant support levels below the current price.
Various sentiment indicators showed that investor caution has increased as the overall market outlook turned negative. SHIB is under additional pressure as traders are reluctant to invest in a declining market.
Solana Crash
Solana fell along with the rest of the cryptocurrency market, hitting the $135 price threshold, which is considered a critical support level as it coincides with the 200 EMA. A break below this level would be a long-term bearish sign, suggesting that the bearish trend will continue.
Solana is facing increasing pressure and is currently trading around $134. Traders’ attention is focused on the 200 EMA at $131.29, which is a critical support level. A break below this level could indicate a continuation of the bearish trend and could spark further declines.
In line with the bearish outlook, Solana has seen a recent sell-off and is currently below its major moving averages, including the 50 EMA ($147) and the 100 EMA ($144).
Sentiment across the cryptocurrency market has turned negative due to Bitcoin’s recent drop below $60,000. Due to the general market downturn, altcoins such as Solana have come under more pressure. If Bitcoin continues to struggle, it could further depress the price of Solana.
Solana is approaching oversold territory. While this could signal a possible rebound, technical indicators and the general market sentiment suggest that any rebound is likely to be short-lived unless overall market conditions improve. If Solana can sustain above the 200 EMA around $130, it could stabilize and potentially move higher again.
