Ethereum’s recent 15% rally has given rise to hopes of a move to $3,000, but it looks like the upward momentum has hit a significant roadblock. For ETH, the 100 EMA has shown up as a strong resistance level, with the asset’s recovery seemingly stalling at this point.
Ethereum’s price has started to decline after reaching a peak of $2,820, making it more difficult to predict where it will go next. As shown in the price chart, ETH is having trouble maintaining its upward momentum, especially while its price is stuck 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 does not clearly break above this level, it will be difficult for Ethereum to recover its bullish structure in the near future. The biggest concern at the moment is the lack of strong support below the current price level.
As ETH is currently trading near $2,622, there are not many reliable support areas that can prevent the price from falling further. The next major support for Ethereum is at $2,400, below which the price could fall further, possibly back to $2,200.
With declining trading volumes and general market uncertainty, 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 the time being, as the price could continue to fall and reverse recent gains.
Dogecoin’s Recovery
Dogecoin surged more than 40% in the past week, trading at around $0.145 in mid-October. At the same time, large holder net flows also increased significantly by 1,856%, indicating that major players are accumulating heavily.
The surge in net flows has allowed it to surpass the top 50 cryptocurrencies in terms of weekly gains. Experts say DOGE has successfully turned key support levels such as the 50-week SMA into a new price floor of around $0.119.
The next targets for the altcoin are $0.17 and $0.19, while the 50-day moving average at $0.108 is expected to act as an important support level. However, experts say that with a market cap of $25 billion, it will be difficult for Dogecoin to rise by 1,000% from now on.
The number of Shiba Inus has increased significantly
Investors looking for where the market will move next are starting to take notice of the Shiba Inu as its price has recently surged by a whopping 40%.
Shiba Inu (SHIB) daily trading volume has increased recently, and buying activity in the Shiba Inu (SHIB) spot market has also increased.
More importantly, long-term Shiba Inu (SHIB) investors have started buying SHIB tokens in large quantities again, hoping for a possible rebound.
As the upward trend becomes stronger, the price is likely to rise. SHIB is likely to approach the next major resistance level after this breakout, which is around $0.000025. The support levels of $0.000012 and $0.000015 are crucial to keep the bullish structure on the downside intact. If these levels are not sustained, a retracement is likely, which could lead to a correction.
However, assuming the overall market holds up well, Shiba Inu is in a pretty good position to continue moving higher given the current momentum and price trending above the 50 EMA, 100 EMA, and 200 EMA.
