Ethereum, Shiba Inu and Dogecoin Analysis

Ethereum, Shiba Inu, and Dogecoin are all facing pressure after recent pullbacks, but their technical setups suggest different paths forward. Ethereum looks the weakest while Shiba Inu shows potential for recovery and Dogecoin maintains stronger support.

Ethereum Slips

Ethereum (ETH) has experienced a significant decline, endangering the $4,000 mark. Weakness is indicated by the recent break from the symmetrical triangle pattern, with ETH trading at approximately $4,185, down over 5% from the previous session.

The recent breakdown from the symmetrical triangle has disappointed bulls, confirming resistance at $4,600 and increasing selling pressure. The moving averages paint a mixed picture. Following the breach of the 50-day moving average, ETH now depends heavily on the 100-day average at $3,880 as the next crucial support. A failure at this level could see ETH testing the 200-day average at $3,378, undermining the summer rally gains.

The recent red candles accompany a spike in volume, indicating that sellers are currently in charge. The Relative Strength Index (RSI) has entered bearish territory below 40, suggesting overselling but also the potential for a short-term relief bounce.

If Ethereum loses the $4,000 level, it could swiftly test the $3,800 support, which is a significant psychological anchor. Restoring confidence would require a bounce above $4,400, but current momentum points downward, making a dip below $4,000 seem likely.

Shiba Inu’s Pressure

After a brief drop below a symmetrical triangle forming since mid-year, Shiba Inu is trading under pressure near $0.0000122. Initially thought to signify a longer downtrend, the lack of consistent selling pressure indicates potential for recovery.

On-chain data shows no significant increase in exchange inflows despite the decline, indicating holders are not rushing to sell. The 200-day EMA serves as broad support around $0.0000100, with SHIB consolidating between major moving averages.

The recent red candles have not significantly increased volume, suggesting capitulation has not occurred. With SHIB regaining levels between $0.0000130 and $0.0000135, bulls could regain momentum. The RSI around 41 indicates the market is somewhat oversold, possibly fueling a recovery rally.

Even though $0.000020 seems far-off, it remains a viable target if demand increases during Q4 since SHIB has a history of rapid movements when demand picks up and there’s a lack of significant selling pressure.

Dogecoin’s Hidden Strength

Dogecoin is currently trading at about $0.23, following a significant decline after testing resistance at around $0.30. Despite this downturn, DOGE may be positioned for a run toward $0.32.

DOGE recently bounced off the 50-day Exponential Moving Average (EMA), which serves as critical support. As long as this level is maintained, the bullish structure remains intact. Despite more red candles, the selling pressure hasn’t been overwhelming, indicating potential for buyers to reenter the market.

The Relative Strength Index (RSI) is currently at 45, nearing neutral, promoting recovery bounce prospects and reducing the chance of an overheated market. If DOGE can regain $0.25, resistance at $0.28-$0.30 may soon be tested, with a possible breakout toward $0.32.

Dogecoin’s resilience compared to other assets highlights its ability to remain above long-term averages, ensuring that its value base is intact despite market volatility.