© Reuters. Ethereum (ETH) in dangerous position, Bitcoin (BTC) about to lose $40,000, Shiba Inu (SHIB) in local support
U.Today – Ethereum is unstable on the verge of a precarious position. The recent price chart indicates a worrying situation: the 26-day exponential moving average (EMA), a key indicator of short-term momentum, is under threat. If this level does not hold, Ethereum could see its value fall to the $2,347 mark, a scenario that could well trigger a steeper decline.
This potential drop below the 26 EMA is crucial because it suggests a weakening of 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 low, but could also exacerbate the asset's losses, leading to further bearish momentum.
Chart by TradingView The Ethereum ecosystem has faced a number of challenges despite the rise of Layer 2 networks, which have not catalyzed the anticipated rally. Similarly, the broader market has not exhibited the explosive bull run that many investors expected, and Ethereum's trajectory reflects this subdued market energy.
Additional support and resistance zones can be obtained from the chart. On the support side, after the $2,347 level, the next critical support lies around $2,175.2; a breakout of which could see ETH test psychological and technical support near the $2000 level. Resistance, on the other hand, is firmly established at the recent high of $2,547.6. This price serves as a litmus test for Ethereum's ability to rally and regain 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 closely monitor these levels as a break below or above these could signal Ethereum's next significant move.
in trouble
Bitcoin finds itself in a precarious juncture as it teeters on the brink of the critical $40,000 mark. The recent price action paints a worrying picture for Bitcoin enthusiasts as the asset loses its grip on the 50-day exponential moving average, a key support level that has historically indicated bullish sentiment.
As Bitcoin price struggles to hold the $40,000 level, the next potential support point lies at the 100-day EMA. However, this level does not traditionally offer substantial support, and a break below could precipitate a drop below $39,000, causing further concern in the market. The chart reveals that the next major support zone lies near the $35,888 mark, a level that buyers could vigorously attempt to defend.
On the resistance front, Bitcoin faces a major challenge at the $42,786 price level. Overcoming this resistance is crucial for Bitcoin to regain stability and demonstrate recovery potential. However, the market currently lacks the liquidity needed to facilitate a strong rally as trading volumes remain relatively low.
is beaten
The token is currently trading at a local support level, which is a make-or-break situation for its short-term future. A drop below this point could spell trouble, signaling a possible decline and testing the resilience of its investor base.
The current market landscape for SHIB is challenging, with a notable lack of growth catalysts and low liquidity in the broader cryptocurrency market, which could exacerbate the asset's precarious position.
However, there is a ray of hope. The declining trading volume accompanying SHIB price consolidation suggests that the bearish momentum could be waning. This slowing of selling pressure often precedes a price stabilization, or even a reversal if the bulls regain control.
In terms of specific price levels, SHIB is currently finding tentative support around the $0.000027 mark. If this level does not hold, the next support zone lies near $0.000022, which may serve as a new accumulation point for buyers. On the resistance side, SHIB is facing a hurdle at $0.000035, the clearing 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.
