The meme coin Shiba Inu (SHIB) and leading altcoin Ethereum (ETH) are showing signs of impending rallies, according to recent price action and indicators.
SHIB is consolidating above key support levels that could act as a springboard for future gains. The meme coin is trading above the 200-day moving average, a significant support level that has historically signaled upside moves when retested. SHIB is also above the 50-day and 100-day averages, reinforcing the bullish outlook.
Keypoints
- Shiba Inu (SHIB) is consolidating above the 200-day moving average, which could act as support for a price rally.
- Technical indicators like the golden cross suggest a potential bullish breakout and 12% price surge for SHIB.
- Ethereum (ETH) price recently hit $2,000 but is currently consolidating before its next move.
- ETH faces resistance at $2,136 but market sentiment remains bullish, with potential to reach $3,000.
- BlackRock’s Ethereum ETF filing and whales accumulating could boost ETH price.
Technical indicators like the potential golden cross, with the 50-day crossing above the 200-day average, point to a bullish breakout ahead. This could trigger a substantial 12% climb for SHIB, based on analysts’ projections. The meme coin market is volatile, but current conditions suggest SHIB is gearing up for a price surge.
Meanwhile, Ethereum is taking a breather after its parabolic rally to over $2,000. Profit-taking near resistance around $2,136 has slowed ETH’s ascent for now. However, positive developments continue to emerge around Ethereum.
Asset management giant BlackRock filed for a spot Ether ETF, which could drive significant institutional demand. ETH whales are also accumulating in anticipation of further growth. The technical outlook remains constructive with ETH holding above the $2,008 resistance.
Analysts suggest Ethereum is consolidating before its next leg up, with a potential target of $3,000 if bulls can overcome bearish pressure. The $2,000 level appears to be a solid support area for ETH.
SHIB looks poised for double-digit gains based on key support tests. Meanwhile, Ethereum’s temporary pause may give way to continuation of its monster rally, given bullish market conditions and sentiments. Both cryptocurrencies are worth monitoring closely amid their respective consolidations.
