The price of Ethereum has successfully started to rise, reaching a threshold of $3,400 in the market, making it the second largest asset. However, if the price reaches $3,500 again, it could potentially accelerate the upward trend.
The positive momentum of Ethereum’s price indicates significant buying interest at the moment. Breaking through the $3,500 mark could lead to even greater rebound, attracting more traders and investors hoping to profit from the upward trend. This optimistic outlook is influenced by various factors.
Firstly, there has been a general improvement in market sentiment, with Bitcoin also showing signs of recovery. Altcoins like Ethereum tend to stabilize following the leading cryptocurrency, taking advantage of favorable market conditions. Ethereum still maintains a solid foundation.
Demand for Ethereum remains at a considerable level; however, recent price declines have deterred some investors from the market’s second largest asset. The situation is expected to improve with the launch of Ethereum ETF trading.
Solana shows potential
Solana is actively entering a local upward trend after rebounding from the 200 EMA. The price has risen by about 7% and appears to be continuing to rise. Unfortunately, SOL may face strong resistance in the coming days.
Despite the recent optimistic performance, there may still be challenges in the future. The next major resistance level for SOL is expected to be around $148, which could hinder further price increases. With increased trading volume and optimistic investor sentiment, the current market conditions favor Solana.
Additionally, the asset is not overbought, and based on the positive trend of the RSI, there may still be room for further increases. The expanding ecosystem of the Solana blockchain, especially with the introduction of blockchain links, provides strong support for continued price increases.
Caution is important when it comes to SOL, as its market position has clearly declined, and its future prospects are uncertain. The immediate surge to guard the $150 threshold of the 100 EMA is a good sign, and breaking this level will certainly lead to a rebound.
Shiba Inu’s status
Shiba Inu is clearly in a complex state, with the situation looking worse than expected. While Solana, Ethereum, and other assets show some potential for a reversal, SHIB sees the $0.00001 threshold as a last resort.
Overall market sentiment for Shiba Inu remains negative as it continues to decline. Many investors have decided to sell their holdings due to concerns about this long-term bearish trend, adding further downward pressure to the price.
However, there may not be a need to panic just yet about this decline. According to historical patterns, this kind of decline often drives away hesitant investors, making room for more confident investors to buy tokens at lower prices. If the token were to drop to $0.00001, large investors or whales might take notice. These investors are known for purchasing large amounts of assets at a discount in anticipation of future price increases.
If whales begin to accumulate SHIB at these lower levels, they could provide much-needed support and potentially reverse the bearish trend. Accumulation by whales has previously led to significant price declines, which in turn caused other cryptocurrencies showing similar patterns to rebound in price.