Ethereum (ETH) has experienced a significant decline in price, erasing all the gains it made since May. Despite the anticipation surrounding the potential introduction of an ETF, traders appear hesitant to continue driving the rally. Ethereum’s lack of significant advancements and innovation this year has contributed to the diminished buying support and low demand for the network. Technical analysis suggests a bearish trend, as the price has dropped below critical support levels and may soon test the next important support level at $3,090.
Shiba Inu (SHIB) has also been affected by Bitcoin’s recent drop below $60,000, resulting in a substantial loss in value. The asset has been steadily losing value and struggling to find support, exacerbated by resistance levels set by the 200 and 100 EMAs. The overall negative sentiment in the market has heightened investor caution, further pressuring SHIB.
Similarly, Solana (SOL) has faced downward pressure from the broader cryptocurrency market, reaching a critical support level of $135. A break below this level would indicate a long-term bearish trend. Solana’s price decrease is aligned with the wider market downturn caused by Bitcoin’s decline. The asset is nearing oversold territory, suggesting a possible rebound, but market conditions will need to improve for any sustained recovery.
Overall, Ethereum, Shiba Inu, and Solana are currently facing challenges in their respective markets, with each asset grappling with its own unique circumstances.