Following a brief pullback from its recent highs, Ethereum (ETH) holds above $4,330. Buyers find reassurance in the bounce at this level, indicating a structurally healthy market with a potential breach of $5,000 still likely. Meanwhile, Shiba Inu (SHIB) faces resistance hurdles, while Bitcoin (BTC) may be considering a retreat. Here’s an analysis of the current scenario.
Ethereum (ETH): Is the $5,000 Target Still Credible?
Ethereum remains on a potential upward trajectory, currently anchored around $4,330 and bolstered by a confirmed medium-term bullish structure. With supportive technical indicators such as the 26-day EMA and robust moving averages, ETH continues its positive trend that commenced in mid-July. Each dip in price has been perceived by investors as an ideal accumulation opportunity.
Maintaining the price above the crucial zone of $4,300-$4,400 enhances the outlook for a push towards $5,000. If Ethereum successfully breaks this threshold, it may establish a new strategic support level, solidifying its status as a cornerstone of the crypto space.
However, as pointed out by Andrew Kang, over $5 billion in long liquidations are lurking in the price range of $3,200 to $3,600 for ETH. This raises the probability of a significant pullback in the near term.
Shiba Inu (SHIB): 4 Major Resistances to Overcome
The memecoin SHIB currently finds itself in a consolidation phase, lacking a robust bullish catalyst. The token is facing multiple technical hurdles that need to be addressed, primarily related to various moving averages. The 26-day EMA, 50-day EMA, 100-day EMA, and the bearish trendline from recent highs represent significant obstacles for buyers.
The absence of substantial buying volume reflects a structural weakness in any breakout attempts. Even if SHIB manages to surpass these initial resistance levels, the 200-day EMA, located considerably above the current price, presents an ultimate test that could potentially redefine its long-term trend.
If SHIB loses its liquidity zone by dropping below $0.000011, it risks breaking its double-bottom support below $0.000010. A rebound in the next zone around $0.0000088-$0.0000076 will be critical for the token’s future prospects.
Bitcoin (BTC): Running Out of Steam or Strategic Pause?
Bitcoin, after peaking around $124,000, has experienced a pullback to $115,800. This level aligns with the 50-day DMA, potentially serving as a foundation for a new bullish trend. Notably, this correction has been accompanied by a decline in trading volume, which analysts interpret favorably, suggesting this could be a mere pause in the prevailing uptrend rather than the onset of a significant trend reversal.
Nonetheless, traders like Killa remain cautious, awaiting clearer signals. Current price action does not indicate any immediate bullish momentum.
If the selling pressure persists, Bitcoin could revisit its significant liquidity zone between $108,000 and $100,000.
From an on-chain analysis perspective, important support levels for short-term holders’ MVRV indicators lie at $106,000 and $103,000. These levels will be crucial to monitor if Bitcoin falls below $114,000 in the upcoming days.
How to Buy Ethereum (ETH) on Bitget?
A potential correction to $3,200 for Ethereum or $103,000 for Bitcoin could present attractive opportunities for long-term investors. Here’s a guide on accumulating your cryptocurrency like a pro on Bitget while keeping fees low:
- Sign up on Bitget: Create an account on the official Bitget website using an email address or phone number. Complete KYC verification for full access.
- Deposit funds: Go to the “Deposit” section and transfer funds in fiat (EUR, USD) or in cryptocurrencies like USDT.
- Select the ETH pair: In the “Markets” tab, choose a trading pair like ETH/USDT or ETH/BTC.
- Buy Ethereum: Choose a market order (immediate purchase) or a limit order (at your desired price). Confirm the transaction.
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