Ethereum (ETH) has faced a setback in its attempt to rally towards the $3,000 mark. Despite a recent 15% price increase, the asset has been unable to overcome the resistance of the 100 EMA. As a result, Ethereum’s recovery has come to a halt. The price of ETH is currently in decline after peaking at $2,820, making it difficult to determine its next move. With the price chart showing that Ethereum is stuck in the $2,600-$2,700 range, it is struggling to maintain upward momentum. The 100 EMA continues to act as a strong barrier, preventing further upward movement towards $3,000. Another concern is the lack of strong support below the current price level, as ETH’s next major support is at $2,400. If it breaks below this level, the price could further decline to around $2,200. With diminishing trading volumes and market uncertainty, the chances of a sustained recovery for Ethereum are diminishing. Therefore, the $3,000 target may have to wait in the short term, despite the solid fundamentals of ETH.
Meanwhile, Dogecoin (DOGE) has recently experienced a surge in volume, signaling a potential reversal or continuation of its recovery phase. The price of DOGE has retraced slightly after reaching a local high of around $0.15. However, the higher volume suggests continued interest in the asset, which could push it higher soon. Following a significant decline from its all-time highs, Dogecoin has been in recovery mode. The recent price action and volume spike indicate a potential long-term recovery, with a brief retracement anticipated before DOGE resumes its upward trajectory. Key levels to watch for DOGE include immediate resistance at $0.15 and the next target at around $0.18. On the downside, support may be found at $0.12, which previously served as resistance. Overall, DOGE’s outlook appears bright, with a potential rise towards $0.18 if it breaks the $0.15 resistance.
Additionally, investors have taken notice of Shiba Inu (SHIB) due to its substantial 40% price increase. After a period of consolidation, SHIB’s price has been steadily rising, and it is currently exhibiting a bullish trend within an ascending channel. The price is hovering around $0.000018, with an important resistance level at $0.000020. If SHIB breaks through this barrier, it may approach the next major resistance level at approximately $0.000025. To maintain the bullish structure, support levels at $0.000012 and $0.000015 are critical. However, a retracement and correction may occur if these levels are not sustained. Despite this risk, Shiba Inu is in a strong position to continue its rally, assuming the overall market remains favorable, as the price is trending above the 50 EMA, 100 EMA, and 200 EMA.