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Ethereum’s recent 15% price increase has fueled hopes for a rally towards $3,000, but the upward momentum appears to be facing a major hurdle. In the case of ETH, the 100 EMA has shown to be a strong resistance level, and the asset's recovery appears to be stalled at this point.
Ethereum price has been falling since peaking at $2,820, making it more difficult to predict where it will go next. As the price chart shows, ETH has had difficulty maintaining upward momentum, especially while stuck in the $2,600 to $2,700 range.
Further upside towards $3,000 is hampered by the 100 EMA, which remains above the price and acts as a strong barrier. Without a clear breakout above this level, Ethereum will find it difficult to recover from its bullish structure in the near future. The big concern at the moment is the lack of strong support below the current price level.
With ETH currently trading around $2,622, there is not much solid support area to prevent the price from falling further. Ethereum’s next major support is $2,400, below which the price could fall further, possibly back to $2,200.
Reduced trading volumes and overall market uncertainty reduce the chances of a sustained recovery. In the short term, Ethereum’s $3,000 goal may have to wait, even if its fundamentals are still strong. ETH traders should be on the lookout for key support levels for now as the price could continue to fall and reverse recent gains.
dogecoin recovery
Recently, the trading volume of Dogecoin has increased significantly, reaching multi-billion dollar levels. This may be a harbinger of a reversal or continuation of the recovery phase. Indicating that the asset may be encountering short-term resistance at this level, DOGE price has started to pull back slightly after rising to a local high of around $0.15.
Even if an asset retraces, higher volume indicates that there is still a lot of interest in the asset and could push the price higher soon. After a prolonged decline that saw Dogecoin's price drop significantly from its all-time high, the cryptocurrency is in recovery mode.
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Recent price movements and the current surge in volume indicate that investors are returning to the asset, suggesting a potential long-term recovery. However, a brief retracement is likely before DOGE resumes its upward trajectory as DOGE encounters local resistance. One of the most important levels to note for DOGE is the immediate resistance at $0.15, where the price is currently stalling. The next target is around $0.18, and if DOGE can break above this level, further resistance may emerge.
On the downside, support is likely at $0.12, which was the resistance level before the recent rally. The overall outlook for DOGE looks positive given the increased volume and price movement that suggests renewed interest in the asset. DOGE could continue to move towards $0.18 if it breaks the $0.15 resistance, but failure to sustain above $0.12 could signal further consolidation.
Significant increase in Shiba Inu numbers
Investors looking for the next big move in the market are paying attention to the Shiba Inu, due to its recent dramatic 40% price increase.
After a long period of consolidation, SHIB's price has been steadily rising. We are now entering a critical phase that will determine whether this upward trend continues. According to the chart, SHIB is currently showing a clear bullish trend and is in an ascending channel. Currently, the price is cycling around $0.000018 after a steady rise. One important level to watch is the resistance at $0.000020.
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If Shiba Inu breaks through this barrier, the uptrend will gain further momentum and the price may rise. As a result of this breakout, SHIB could approach the next major resistance level at around $0.000025. The $0.000012 and $0.000015 support levels are important to maintain the bullish structure on the downside. If these levels are not maintained, a retracement is indicated and a correction may occur.
However, given the current momentum and the price trending above the 50, 100, and 200 EMAs, assuming the overall market remains positive, Shiba Inu is in a strong enough position to continue moving higher.
