This potential slip below the 26 EMA is crucial because it suggests a weakening in buying pressure and a shift in market sentiment from accumulation to potential distribution. A break below this level would not only establish $2,347 as the next price floor but could also exacerbate the asset’s losses, leading to further bearish momentum.
ETH/USD Chart by TradingViewThe Ethereum ecosystem has faced its share of challenges despite the rise of layer 2-networks, which have not catalyzed the anticipated rally. The broader market has similarly not exhibited the explosive bull run many investors had hoped for, with Ethereum’s trajectory reflecting this subdued market energy.
Additional support and resistance zones can be gleaned from the chart. On the support side, following the $2,347 level, the next critical support lies around $2,175.2 – a breach of which could see ETH test the psychological and technical support near the $2,000 level. Resistance, on the other hand, is firmly established at the recent high of $2,547.6. This price point serves as a litmus test for Ethereum’s ability to rebound and reclaim bullish momentum.
The current market dynamics, marked by cautious trading and a lack of definitive direction, have placed Ethereum in a zone of uncertainty. Investors are advised to monitor these levels closely, as a break below or above these could signal Ethereum’s next significant move.
As Bitcoin’s price struggles to maintain the $40,000 level, the next potential foothold lies at the 100-day EMA. However, this level does not traditionally offer substantial support, and a breach below could precipitate a fall below $39,000, triggering heightened market concern. The chart reveals that the next major support zone stands near the $35,888 mark, a level that buyers might attempt to defend vigorously.
On the resistance front, Bitcoin faces a significant challenge at the $42,786 price level. Overcoming this resistance is crucial for Bitcoin to regain stability and demonstrate potential for a recovery. However, the market currently lacks the necessary liquidity to facilitate a strong rebound, as trading volumes remain relatively low.
The current market landscape for SHIB is challenging, with a noticeable lack of growth catalysts and low liquidity in the broader cryptocurrency market, both of which could exacerbate the asset’s precarious position.
However, there is a glimmer of hope. The descending trading volume accompanying SHIB’s price consolidation suggests that bearish momentum could be waning. This deceleration of selling pressure often precedes a stabilization of price, or even a reversal if bulls regain control.
In terms of specific price levels, SHIB is currently finding tentative support around the $0.000027 mark. Should this level fail to hold, the next support zone lies near $0.000022, which may serve as a new accumulation point for buyers. On the resistance side, SHIB faces a hurdle at $0.000035, a breach of which could open the door to a retest of higher levels, possibly around the $0.000040 range.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
