Ethereum (ETH) Lost All ‘ETF Gains,’ Shiba Inu (SHIB) on Its Way to Add Zero, Solana (SOL) Reaches $135, Critical Support Activated

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As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market ups and downs. And let me tell you, the current state of the crypto market is not an easy one to navigate. Ethereum, for instance, has lost most of its gains since May, and the absence of significant ecosystem advancements this year has only added to its woes. The price correction has also been accompanied by descending trading volumes, which isn’t a good sign.

The second largest cryptocurrency by market value has hit prices last seen before the ETF speculation, effectively erasing all its advances since May. The situation appears grim, with only a decrease in trading activity during the price decline being a potential silver lining.

The announcement of an Ethereum ETF had initially caused a surge in its price. However, it seems that traders’ enthusiasm waned after the news, leaving the price at $3,205 – noticeably lower than previous peaks. This suggests that there was not enough demand to sustain the rally solely due to the ETF announcement.

Ethereum (ETH) Lost All 'ETF Gains,' Shiba Inu (SHIB) on Its Way to Add Zero, Solana (SOL) Reaches $135, Critical Support Activated

As a researcher studying the Ethereum market, I’ve observed a notable absence of significant advancements within its ecosystem this year. The lack of new additions or groundbreaking innovations has hindered the network’s growth, resulting in decreased demand and utility – making it a less attractive option for potential buyers.

New investors and current backers show no interest in the Ethereum network, leading to limited usage and reduced demand.

Based on technical analysis, Ethereum’s future remains uncertain as its price has dipped below key support levels, specifically the 50 and 100 EMA. The bearish trend could potentially lead to a test of the next significant support level at $3,090 represented by the 200 EMA.

Shiba Inu‘s disrupted plans

The unexpected decline of Bitcoin below $60,000 has significantly disrupted various market strategies. Few investors anticipated such a drastic drop within the past day, leading to considerable losses for assets such as Shiba Inu, whose values have taken a substantial hit as a result.

Shiba Inu (SHIB) currently trades at a price of approximately $0.00001565, representing a significant decline from its previous highs. The value of this asset has been gradually decreasing, and the market’s recent volatility has intensified this downtrend. Key moving averages suggest further bearishness, while the chart demonstrates SHIB’s struggle to secure a solid support level.

As a researcher studying the cryptocurrency market, I’ve noticed that SHIB is finding it difficult to recover due to the resistance levels established by the 200 and 100 Exponential Moving Averages (EMAs). The overall crypto market has been negatively affected by Bitcoin’s dip below $60,000. Given Bitcoin’s prominence in the market, its downturn often influences other digital currencies, including altcoins like Shiba Inu. The panic selling sparked by Bitcoin’s decline has certainly taken a toll on SHIB and similar assets.

As a crypto investor, I’ve noticed that Shiba Inu has been showing signs of technical weakness for some time now. The asset’s recent trading below its major moving averages is a clear indication of a bearish trend. Additionally, the RSI reading of 27 suggests that the asset is oversold, but a recovery might be challenging due to the lack of any significant support levels beneath the current price.

As a crypto investor, I’ve become more cautious given the pessimistic market outlook indicated by several sentiment gauges. This hesitancy among traders to enter a falling market has added to the stress for coins like SHIB.

Solana goes down

As a researcher studying the cryptocurrency market, I’ve observed that Solana, like many other cryptocurrencies, experienced a price decrease and hit a significant support level at $135. This level is important because it aligns with the 200 Exponential Moving Average (EMA). If Solana’s price drops below this threshold, it would suggest a prolonged bearish trend continuation.

The price of Solana is currently hovering around $134, with investors keeping a close eye on the 200 Exponential Moving Average (EMA) at $131.29. This level is significant as it could act as a strong support. If the price falls below this point, it may suggest that the downtrend will persist and potentially lead to further declines.

Following the pessimistic perspective, Solana’s price has taken a downturn and now hovers beneath its significant moving averages. These averages consist of the 50 Exponential Moving Average (EMA) priced at $147 and the 100 EMA valued at $144.

Due to Bitcoin’s latest dip in value, falling below $60,000, there’s been a shift in investor sentiment towards the cryptocurrency market, which has become increasingly pessimistic. Consequently, altcoins like Solana are feeling the brunt of this market downturn and experiencing added pressure. If Bitcoin continues to struggle, it could potentially drag Solana down even further.

As an analyst, I’ve noticed that Solana is approaching oversold levels. This could potentially signal a rebound, but based on technical indicators and the overall market sentiment, any upward trend may be short-lived unless broader market conditions improve significantly. In order to sustain growth, Solana must hold above its 200 Exponential Moving Average (EMA) at roughly $130.

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2024-07-05 03:40