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The trading volume of Ethereum, the second-largest cryptocurrency by market capitalization, has significantly increased recently. This significant rise is a sign of increased market activity since it implies that traders and investors are participating more actively. Even though the price of ETH has recently dropped, there are indications that it might be ready for a comeback and even another rally.
Ethereum, which is currently trading at about $3,632, just crossed its 50-day exponential moving average (EMA), a crucial resistance level that, when broken, frequently serves as a bullish indicator. The asset's bullish structure on the daily chart has been strengthened by consistent support above the 26 EMA.
Maintaining these technical levels could pave the way for a rally toward the psychological resistance zone of $3,800, which makes them important for traders. Significant capital is reportedly flowing into Ethereum as indicated by the spike in trading volume, which is a clear indication of market interest.
The Relative Strength Index (RSI) is trending in the neutral zone of 55, which is significant despite the volume increase. This implies that there is still potential for ETH to rise without reaching an overbought situation. Ethereum has solid support at $3,500 on the downside, supported by the 26 EMA as well as the recent spike in buying activity. It might offer a strong foundation for the rally's subsequent leg if this level holds.
ETH may return to the $3,300 mark where the 100 EMA provides an additional safety net if this support is not maintained. Ethereum's market sentiment is still cautiously upbeat. A high number of market participants are likely betting on a bullish scenario based on the increased trading volume. The asset must, however, decisively surpass $3,800 in order to validate the continuation of its upward trajectory. Ethereum might reach the next significant resistance level of $4,000 and higher with a successful breakout.
Shiba Inu gets pressured
Shiba Inu is currently experiencing a difficult market phase as it is stuck between important levels of support and resistance. Currently trading at $0.00002375, the asset has been in a tight range that may determine its near-term future because it has not made any notable moves in recent sessions.
At $0.000025, a critical resistance level, SHIB is lingering just below its 50-day exponential moving average (EMA). As a ceiling for SHIB's price action, this level has proven difficult to break. On the downside, the 100-day EMA at $0.00002220 has been a vital source of support halting additional drops. Due to this circumstance, SHIB now has a limited trading range, and market players are keeping a careful eye on its next move.
The absence of clear guidance emphasizes the market's present hesitancy about SHIB's immediate prospects. The obvious drop in trading volume is one of the main problems SHIB is currently facing. The asset may find it challenging to move outside of its current range due to the lack of strong buying or selling pressure, indicated by this decline in activity. The Relative Strength Index (RSI), which measures market momentum without obvious bullish or bearish sentiment, is also circling 49.
At a crossroads, Shiba Inu finds itself caught between two crucial junctures that could determine its course in the days ahead. SHIB's price action is probably going to stay erratic and unpredictable until it breaks out of this range.
Because a breach of either level could determine the direction of SHIB's next big move, traders should keep a close eye on the $0.00002220 support level and the $0.000025 resistance level.
Solana needs more
Recently Solana broke through a significant descending trendline, suggesting that its price action may be about to reverse. The asset is still having difficulty breaking above the 50-day exponential moving average's (EMA) crucial resistance, which is currently at $218, despite this bullish technical signal.
SOL was held in a bearish pattern for months by the descending trendline, which served as a resistance. Typically, breaking above this line indicates bullish sentiment and possible upward momentum. The 50 EMA is Solana's next significant obstacle, but this breakthrough hasn't been accompanied by enough buying pressure or trading volume. It might open the door for a rally toward the next resistance level at $240 if Solana is able to break above the 50 EMA.
On the downside, the 26 EMA is a strong support for Solana around the $200 mark. The asset could return to $178 where the 100 EMA offers more support if this support is not maintained, rekindling bearish sentiment. The absence of significant volume that accompanied this trendline breakout is among the most alarming indicators. If trading activity does not significantly increase, this move's sustainability is still in doubt.