The market is under pressure as smaller assets like SHIB are avoided, while larger assets like ETH and BTC lack investor interest due to their weak standings against gold.
Shiba Inu’s Key Level Lost
A significant decline has been observed in Shiba Inu (SHIB), which recently added another zero to its price, now trading around $0.0000097. It has dipped below the vital $0.000010 mark, indicating a complete structural collapse for the asset. The token fell through key moving averages, including the 50-, 100-, and 200-day EMAs, and lost its ascending support line from early summer.
The failure to maintain the $0.0000115-$0.0000120 range resulted in a panic sell-off, leading to increased trading volumes dominated by retail buyers. Technically, SHIB is in a freefall with oversold conditions; however, no strong reversals are evident yet. The next support levels lie between $0.0000080 and $0.0000085.
Crypto sentiment continues to be unstable following recent multi-asset liquidations, with SHIB’s performance tied to Bitcoin and other risk-on altcoins.
Ethereum’s Turning Point
Ethereum (ETH) is nearing a crucial juncture as it approaches its 200-day Exponential Moving Average, currently priced around $3,790. The previous month’s gains are nearly erased, putting it less than $250 from the 200 EMA located around $3,550, which has previously provided strong support.
Failing to maintain this level may lead to a deeper bearish trend. The recent collapse resulted from a coordinated sell-off across ETH, Bitcoin, and other altcoins. Technical indicators show a decline below the 50- and 100-day EMAs and an RSI in the 38-40 range, hinting at bearish pressure, though close to oversold conditions that might signal a minor recovery.
High trading volumes indicate sellers dominate the market, with investors hesitant to re-enter. Ethereum would need to reclaim levels above $4,000 to restore confidence; if the 200 EMA does not hold, a drop to $3,200-$3,300 is possible.
Bitcoin on Thin Ice
Bitcoin (BTC) is experiencing significant selling pressure as it trades around $105,800, nearing critical support at the 200-day EMA around $108,000. A drop below this level could open a pathway toward the psychologically important $100,000 mark.
The failure to reclaim previous moving averages suggests a lack of buyer conviction. Increased volume on downtrends indicates panic rather than strategic selling. The current market sentiment has shifted from buying into dips to a wait-and-see approach, leading to potential further depreciation.
The market faces a decisive moment; if Bitcoin can recover from $108,000, confidence may return, but a continued decline could lead to a quick test of $100,000—a level that has become a looming threat due to inadequate support.
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