The ability of Bitcoin to continue on its upward trajectory is the most crucial factor in this situation. As if to reverse the downward trend that began earlier in the year, the asset has been making higher lows. For investors who have been waiting patiently for a breakout this is encouraging, particularly considering that the current price of Bitcoin is close to $70,000.
However, while the momentum is on Bitcoin’s side, there are two important price levels that traders should keep an eye on: The current resistance level at which Bitcoin has previously struggled is $67,000. Indicating to the market that BTC has amassed sufficient strength to advance higher, a clear break above this price could start a rally toward the $70,000 mark; $62,000: In the short term this is the most important support level.
Here is where bulls are likely to intervene to support the price if there is any pullback in Bitcoin. Sustaining the upward momentum and averting a more significant correction require holding above this support.
As it has historically served as a major obstacle for SHIB during its rallies, the most significant resistance level is located around $0.000021. More possible gains would be made possible if this level of support for higher prices was broken. The overall context of the crypto market is another important element. Shiba Inu might benefit from more tailwinds if Bitcoin and Ethereum maintain their upward trends, which would help it gain traction and appreciate in value.
Notwithstanding, the market remains unstable and SHIB must sustain its present trajectory in order to advance further. At the moment SHIB is also profiting from a technical setup that is working in its favor with important moving averages starting to align. In particular, the 200-day moving average is a crucial level of support for SHIB that might aid in maintaining price stability even in the event of some short-term volatility.
Ethereum is still under bearish pressure as seen by its inability to break above this moving average. Since Ethereum’s recent attempts to break above $2,700 have repeatedly failed and the price has fallen back below $2,600, traders are becoming more wary. Furthermore, there is a weak crossover pattern on Ethereum’s 50-day and 100-day moving averages, suggesting that short-term upside potential may be limited.
The absence of institutional inflows is another important factor that is behind Ethereum’s lackluster performance. Little to no major buying pressure from major players has existed over the past few months. Institutions have shown renewed interest in Bitcoin, but Ethereum has not seen the same surge in investment.
For ETH to surpass its current range has proven challenging due to the lack of institutional support. Additionally, the relative strength index for Ethereum is currently neutral to slightly bearish, indicating that there isn’t a lot of buying demand to sustain a rally.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
