Market Update: Ethereum (ETH) Erases ETF Gains, Shiba Inu (SHIB) Nears Zero, Solana (SOL) Hits $135 with Critical Support Triggered

Ethereum’s ETF Disappointment

The second-biggest cryptocurrency, Ethereum (ETH), has retraced to pre-ETF rumor price levels, erasing gains made since May. Despite initial optimism from ETF news, Ethereum’s current price of $3,205 remains significantly below recent highs, reflecting waning market interest.

  • Trading volume has decreased amidst price correction.
  • Lack of significant ecosystem advancements in 2024 contributes to low demand.
  • Technical analysis suggests bearish trends below critical EMA support levels.

Shiba Inu’s Market Struggles

Shiba Inu (SHIB) has suffered due to Bitcoin’s plunge below $60,000, adversely impacting its market performance. Currently trading at $0.00001565, SHIB faces strong resistance from key EMAs, indicating prolonged bearish momentum and challenging recovery prospects.

  • RSI at 27 indicates oversold conditions but lacks significant support.
  • Market sentiment has turned negative, increasing investor caution.

Solana Faces Critical Support

Solana (SOL) has declined to $135, testing a critical support level coinciding with the 200 EMA. A drop below could signal prolonged bearish trends, exacerbated by broader market pressures following Bitcoin’s downturn.

  • Current focus on the 200 EMA at $131.29 for potential trend continuation.
  • Technical indicators suggest oversold conditions with potential for short-term rebounds.