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The formation of a major technical pattern on Ethereum ($ETH) has begun to influence the performance of related highly liquid assets in the ERC-20 ecosystem.
As $ETH prepares to break through resistance, the Shiba Inu ($SHIB) spot market has recorded an unusual redistribution of capital among major players, confirming the token's status as the main proxy asset of the current market cycle.
A symmetrical triangle has formed on Ethereum's 12-hour chart. According to Ali Martinez's analysis (Ali Charts), the previous breakout from a similar formation drove a 31% gain in three days. A breakout above resistance at $2,474 would put the projected target at $3,000.
On-chain statistics support the technical picture: immediately before the pattern formed, large holders withdrew more than $300 million in $ETH from exchange addresses to cold wallets. Against the backdrop of declining supply, the coin is holding within the $2,480–$2,510 range after testing an eight-month high of $2,660.
The beta factor: Why Shiba Inu remains the Ethereum ecosystem's main "leverage" asset
On the spot market, $SHIB/USD is holding within the $0.00000513–$0.00000527 range, while the relative strength index (RSI) on the daily timeframe stands at a neutral 52.14. As the underlying network builds momentum, daily netflow data from major regulated platforms has recorded structural changes in the token's liquidity:
- Capital movements: Net outflows were recorded from spot wallets on Binance (-$122.02K) and Coinbase (-$156.07K), indicating withdrawals for long-term storage. Meanwhile, OKX (+$199.48K) and Bybit (+$93.82K) recorded net inflows.
- Trading volumes: The bulk of spot liquidity remained concentrated on Binance ($2.31M), while daily trading volume on Bybit fell 64.49% to $603.10K.
Shiba Inu's historically high liquidity within the ERC-20 ecosystem makes the token a natural "leverage" asset when traders take profits from Ethereum's price movements.
For the local bullish scenario to remain intact, $SHIB must hold above the $0.00000500 support zone, while Ethereum must maintain its position within the boundaries of the 12-hour triangle.