Ethereum’s Potential Surge

Ethereum is preparing for a potential upswing towards the significant $3,000 mark. Over the past weeks, it has established a narrow consolidation range above the vital support level at $2,400, which has historically acted as a springboard for price advances. This crucial point is highlighted by the convergence of the 50-day and 100-day moving averages.

With ETH breaking back above $2,500 and posting daily closes that suggest a shift toward bullish momentum, recent price movements indicate renewed strength. Additionally, there has been a consistent increase in trading volume, hinting that new money is entering the market.

This is notable as Ethereum had trailed behind Bitcoin’s price movements in recent months, creating possibilities for catch-up rallies and mean reversion. If the current upward momentum continues, the $2,800 resistance level, which has hindered gains since late May, may soon be targeted by ETH.

A sustained breakout above this level could lead to a test of the $3,000 psychological milestone, marking the upper boundary of the broader consolidation pattern dating back to March. Technically, the RSI remains neutral at 52, suggesting room for appreciation before entering overbought territory.

Another positive sign for Ethereum is the flattening 200-day moving average at around $2,900, which may begin to rise soon. Investors should watch ETH’s movements closely; a weekly close above recent highs and confirmation of strength above $2,600 could trigger a significant advance towards $3,000.

Bitcoin’s Downward Shift

Bitcoin appeared to be on track for a sustained breakout, threatening to reach the highly anticipated $120,000 level after weeks of gradual increases and breaking through a descending trendline containing its upward momentum since April.

However, optimism quickly vanished when Bitcoin receded below this critical trendline resistance. Despite closing above it briefly, sellers quickly pushed the price back down. This drop is significant and indicates a lack of buyer conviction.

Although trendline retests are typical in technical breakouts, the inability to maintain above the resistance level suggests it will take longer than expected for Bitcoin to reach $120,000. Despite this, Bitcoin remains above the 50 and 100-day moving averages, which are still sloping upward, indicating that the medium-term trend remains intact.

However, the market may remain in consolidation between $104,000 and $110,000 unless Bitcoin can reclaim the descending trendline with strong volume support. The RSI cooling near 55 further indicates a lull in upward momentum, suggesting recovery to $120,000 will require more consistent accumulation and bullish catalysts.

Shiba Inu’s Critical Moment

Shiba Inu is approaching a crucial technical level that may determine its potential for a long-term recovery or continued consolidation. Currently, SHIB aims for the significant 26-day exponential moving average (EMA) around $0.0000118 after weeks of sideways movement near multi-month lows.

Each attempt by SHIB bulls to increase traction has been met with resistance at the 26 EMA, which has been a reliable dynamic barrier since mid-May. Recent rallies have all stalled just below this mark, pushing prices back into lower consolidation zones.

This pattern emphasizes the importance of the 26 EMA test, which could shift market sentiment positively if SHIB can close above it. A spike in trading volume recently indicates market anticipation for a decisive move following this critical test.

Despite increasing trading activity, SHIB remains in a downward trend with longer-term moving averages like the 50 and 100 EMA pointing lower. The current RSI around 45 does not indicate overbought or oversold conditions, suggesting that a breakout or breakdown could be imminent.