The cryptocurrency market is facing a number of challenges, particularly for Shiba Inu, Ethereum, and Bitcoin. We examine the current state of trends and levels in these assets.
Shiba Inu's Troubles and Critical Levels
Analysis shows that Shiba Inu (SHIB) is finishing one of its worst technical periods. The cryptocurrency is slowly declining, approaching a critical support level around $0.00001159. A breakdown below this level could lead to asset declines not seen since early 2023.
In recent weeks, SHIB's trading volume has steadily decreased, indicating a lack of interest from institutional and retail players. Price declines coupled with volume declines often indicate market exhaustion or abandonment rather than a healthy correction.
Ethereum's Potential Bearish Signal
Ethereum (ETH) is at a technical turning point. The cryptocurrency is preparing for a possible 'golden cross' – a bullish signal that could lead to significant price increases. In recent months, ETH has been trading in a range, creating conditions for recovery.
Support levels at $2,460 and $2,375 may serve as launch pads if selling pressure increases. A break above $2,800 would signal the psychological level of $3,000, likely attracting new traders.
Bitcoin Under Pressure: Key Support Levels
Bitcoin's (BTC) price is near a crucial psychological level, currently at $104,900. The cryptocurrency is struggling to breach resistance at $105,000 due to psychological factors and liquidity.
The current level of $103,000 serves as a significant point of control where BTC may face increased downside risk. If BTC cannot maintain above this zone, it could lead to considerable losses.
The current situation in the cryptocurrency market requires close attention to support and resistance levels for all major assets. Analysis indicates the need to monitor the further developments in the situation, as both Shiba Inu and Bitcoin are on the brink of significant changes.
