Markets are losing some steam, but ETF launches could change that
Shiba Inu is currently having a difficult time as the 200 EMA resistance has not been broken. If SHIB does not gain enough momentum, it might break below the important moving averages and it might even fall back below $0.000017. SHIB is currently trading at $0.00001721 and the inability to break above the 200 EMA is a strong bearish indicator.
The inability to break above this level suggests little buying pressure as this has proven to be a strong resistance level. Both the blue 50 EMA and the orange 100 EMA are trending down, suggesting that short-term and medium-term sentiment remains negative.
SHIB/USDT Chart
SHIB has had a hard time finding support above the 26 EMA, as evidenced by recent price action. This lack of support highlights the bearish outlook for the coin. If SHIB continues to fall and breaks below the important moving averages, the next support to watch is around $0.000016. If SHIB falls below this level, a further retracement could be in the cards.
With the RSI indicator at around 46 (below the neutral 50 level), selling pressure is clearly greater than buying pressure. This provides more confidence to the short-term bearish scenario for SHIB.
Ethereum ETF Enters the Market
Following the successful launch of the spot Bitcoin ETF, the launch of the Ethereum ETF became one of the most anticipated events of the year. It is safe to say that the launch was a huge success and attracted a lot of funds from institutional investors. But for these reasons, the Ethereum ETF had an almost bearish impact on the price.
The excitement of the first few days and $1.1 billion in trading volume did not translate into a corresponding increase in the price of Ethereum. Net inflows of $106 million, along with staggering numbers for ETFs like Bitwise’s ETHW ($204 million) and BlackRock’s ETHA ($266 million), highlight the strong interest in Ethereum.
The sudden change in price was caused by a variety of factors. First, the market’s excitement and pursuit of the Ethereum ETF after its launch may have led to a “buy the rumor, sell the news” situation.
Once the ETF is launched, investors who hoarded ETH in anticipation of its launch may sell it for a profit. Secondly, while the launch of the ETF has attracted the attention of institutions, it has also drawn attention to the scarcity of new retail investors joining the market.
Toncoin is under pressure
As Toncoin price fell below the $7 mark and approached the key $6 support area formed by the 100-day EMA (exponential moving average), the market’s optimism for this asset seems to be gradually dissipating. So far, Toncoin has failed to continue its previous strong trend, and the current trading price is hovering around $6.20, showing that the loss of the psychologically important $7 mark has significantly weakened the motivation of buyers.
As a key support point coinciding with the 100-day EMA, the importance of $6.60 is self-evident. If this price is effectively broken, it is likely to be a sign of further decline of Toncoin. At the same time, the downward trend of the 200-day EMA and the 50-day EMA further consolidates the bearish atmosphere of the market.
The RSI (Relative Strength Index) is currently slightly above the neutral level of 50, showing a weak buy signal (current value is 43), but this slight advantage is not enough to change the bearish outlook of Toncoin in the short term. Under the shadow of unfavorable technical factors, the price stability of Toncoin is severely challenged and there is a greater risk of collapse.
Investors need to pay close attention to the performance of the $6.60 support level marked by the 100-day EMA. If Toncoin can hold this position, it may rebound and regain some of its lost ground. However, once this support level is lost, the price may accelerate its decline and test the next important support level - the $5.20 area.
