Hopesofarallytoward$3,000wereraisedbyEthereum\'srecent15%priceincreasebutitlooksliketheupwardmomentumhasencounteredamajorobstacle.ForETHthe100EMAhasshowntobeastrongresistancelevelandtheassetsrecoveryappearstohavestalledatthispoint.
ThepriceofEthereumisdecliningafterpeakingat$2,820makingitmoredifficulttopredictwhereitwillgonext.ETHhashaddifficultymaintainingitsupwardmomentumasthepricechartshowsespeciallywhileitisstuckinthe$2,600–$2,700range.
Afurtherpushtoward$3,000ispreventedbythe100EMAwhichisstillabovethepriceandactingasastrongbarrier.Ethereumishavingahardertimerecoveringitsbullishstructureinthenearfutureifthereisn\'taclearbreakoutabovethislevel.Amajorworryatthemomentistheabsenceofstrongsupportbelowthecurrentpricelevel.
SinceETHiscurrentlytradingnear$2,622therearen\'tmanysolidsupportareastostopthepricefromfallinganylower.Ethereum\'snextmajorsupportisat$2,400ifitbreaksbelowthisthepricemaydeclineevenmore,possiblyretracingto$2,200.
Withdiminishingtradingvolumesandgeneralmarketuncertaintythechancesofasustainedrecoveryaredwindling.IntheshorttermEthereum\'s$3,000targetmighthavetowaiteventhoughitsfundamentalsarestillsolid.ETHtradersshouldwatchthecrucialsupportlevelsforthetimebeingbecausethepricemightkeepdecliningandreversetherecentgains.
Dogecoin\'srecovery
RecentlyDogecoinsawahugeincreaseinvolumehittingmultibillion-dollarlevelswhichmightbeaprecursortoareversalorcontinuationofitsrecoveryphase.Indicatingthattheassetmightbeencounteringshort-termresistanceatthislevel,DOGE\'spricehasbeguntoretraceslightlyafterrisingtoalocalhighofabout$0.15.
Eventhoughtheassethasretracedthehighervolumeindicatesthatthereisstillalotofinterestinitwhichcouldpushithighersoon.FollowingaprotracteddeclinethatsawthepriceofDogecoindropsharplyfromit\'sall-timehighsthecryptocurrencyhasbeeninrecoverymode.
Apotentiallong-termrecoveryissuggestedbytherecentpriceactionandthecurrentvolumespikewhichindicatethatinvestorsarereturningtotheasset.AbriefretracementmighttakeplacebeforeDOGEresumesitsupwardtrajectorythoughasitencounterslocalresistance.OneofthemostimportantlevelstokeepaneyeonforDOGEistheimmediateresistanceat$0.15wherethepriceiscurrentlystalled.Thenexttargetwouldbearound$0.18wheremoreresistancemightappearifDOGEisabletobreakabovethislevel.
Onthedownside$0.12whichservedasresistancepriortothemostrecentrallyisprobablywheresupportwillbefound.GiventhehighervolumeandpricemovementwhichsuggestrenewedinterestintheassetDOGE\'soutlookseemsbrightoverall.TheDOGEmaycontinuetorisetoward$0.18ifthe$0.15resistanceisbrokenbutadditionalconsolidationmaybeindicatedifitisunabletoholdabove$0.12.
ShibaInusubstantialsurge
Investorssearchingforthemarket\'snextbigmovearetakingnoticeofShibaInuduetoitsrecentdramatic40%priceincrease.
AfteraprotractedperiodofconsolidationthepriceofSHIBhasbeenrisingsteadily.Ithasnowenteredacrucialphasethatcoulddecidewhetherornotthisuptrendcontinues.AccordingtothechartSHIBispresentlyexhibitingadefinitebullishtrendandisinanascendingchannel.Currentlythepriceiscirclingaround$0.000018aftersteadilyrising.Oneimportantleveltokeepaneyeonistheresistanceat$0.000020.
ThepricemayriseastheuptrendpicksupevenmorevigorifShibaInubreaksthroughthisbarrier.Thenextmajorresistancelevelwhichisapproximately$0.000025maybeapproachedbySHIBasaresultofthisbreakout.Supportlevelsat$0.000012and$0.000015arecriticalforpreservingthebullishstructureonthedownside.Iftheselevelsarenotmaintainedaretracementmaybeindicatedwhichcouldresultinacorrection.
ShibaInuhoweverisinareasonablystrongpositiontocontinueitsrallygiventhecurrentmomentumandthepricetrendingabovethe50EMA100EMAand200EMAassumingtheoverallmarketstaysfavorable.
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