Technical analyses and data from the Polymarket platform indicate that the price of Shiba Inu (SHIB) may see a significant increase if the price of Ethereum (ETH) reaches the $4000 level this year. Here are the key points:

1. The technical pattern "inverse head and shoulders"

The price of SHIB forms a technical pattern known as "inverse head and shoulders," which is a strong indicator of a bullish trend. This pattern indicates a potential 115% jump in the price of SHIB, reaching $0.0000333 (the highest level recorded in November 2024) if Ethereum achieves the $4000 target.

2. Increased chances of Ethereum rising to $4000

According to Polymarket data, the odds of Ethereum reaching $4000 have risen to 43% (the highest level since May 1), compared to 16% weeks ago. ETH currently (trading at $2660) needs to rise by 54% to reach this target, which is possible after rising by 92% from the April low.

3. Strong correlation between SHIB and Ethereum

SHIB has a close relationship with Ethereum, being a meme coin built on its network. Historically, SHIB follows the movements of ETH up and down. For example:

- SHIB dropped by 70% between December and April, coinciding with ETH's drop from $4080 to below $1400.

- SHIB has risen by 52% since the beginning of Ethereum's rise in April.

4. Elliott Wave Analysis

Technical analysis using Elliott Waves supports the bullish outlook. Data indicates that SHIB is in the third phase of the driving wave, which may push the price to $0.0000221 (50% Fibonacci retracement), then to $0.000033 (a 115% increase from the current price).

5. Critical support and resistance levels

- Key support: $0.000012. If the price falls below this level, it may retreat to $0.0000108 (the lowest level in 2024).

- Resistance: $0.00001565 (the neck line in the head and shoulders pattern). Breaking this level may strengthen the bullish trend.

With improved market sentiment and SHIB's strong correlation with Ethereum's performance, forecasts indicate a significant opportunity for the coin to rise if ETH achieves the $4000 target. However, investors are advised to monitor Ethereum's movements and the mentioned technical levels to confirm the trend.