The market is facing serious pressure, but the situation may not improve.
Ethereum's recent price performance is not optimistic; this cryptocurrency is on the edge of a cliff. ETH's trading price is $2,508, and the 200-day moving average (EMA) is now its last hope. Historically, Ethereum has received strong support at the 200-day moving average (EMA), but this time is different. There are almost no signs that the bulls can maintain this level in the long term, and the price action shows signs of weakness.
From a broader chart perspective, Ethereum's explosive growth in April and May now seems to be a thing of the past. Since the momentum has completely stopped, the asset has been consolidating in a narrow channel. As ETH is currently testing the lower limit of the channel, this consolidation is finally breaking down. Another concerning indicator is the lack of buying volume, which is a key factor leading to market pessimism.
The 100 EMA is located near the $2,250 area, and if ETH breaks below the 200 EMA, that level will be the next reasonable support target. This would negate the bullish momentum of last month and represent a significant drop in ETH from current levels. Another key psychological level is the 100 EMA; if it moves, Ethereum may face a more severe pullback.
The RSI indicator also shows a volatile trend, indicating that both buyers and sellers have not truly advanced, currently sitting in a neutral zone. However, as volume slows and momentum weakens, the bears are more likely to gain the upper hand. Unless demand increases significantly, Ethereum may soon face a collapse, dropping below $2,250 and approaching the 100-day moving average support level. ETH seems to have lost ground, but the next few days will be crucial.
XRP will face
XRP is at a critical moment that may determine its trend in the coming weeks. The 200 EMA is an important long-term support level, historically being a solid foundation for XRP, currently just above the $2.15 mark for XRP. However, price action indicates that this support level is under threat. The downward pressure applied by the downward trend line has limited XRP's movement over the past few weeks, making a breakout or breakdown inevitable.
For XRP, the 200-day EMA and the downward trend resistance line are forming a traditional battleground, the outcome of which will determine whether the bulls can reclaim lost ground or the bears will take full control. The volume situation is even more concerning. The continuous decline in volume indicates that neither side has made any decisions yet. This liquidity exhaustion typically occurs before more significant volatility. When prices test critical levels like the 200-day EMA under low volume conditions, a decisive sharp fluctuation will occur, whether it rebounds or plummets.
If XRP can break the downward trend line at $2.20 and buyers can firmly step in, it may pave the way for a rebound to $2.50 or even higher. If the 200-day moving average is finally broken, the psychological level of $2 will be the next reasonable target, followed by a deeper pullback aiming for $1.80.
The RSI is slightly unstable above the oversold area, indicating a potential rebound. However, it is currently difficult to bet on a bullish scenario unless the trend line is broken and volume increases.
The edge of Shiba Inu
As the price of 'Shiba Inu' nears collapse, the future of this well-known meme coin may depend on the next moves of the market. SHIB's current price is close to $0.0000128, having broken through a critical downward support level, which is typically an important warning sign of further price declines. Additionally, SHIB has firmly broken below the 50-day moving average (EMA) and is currently approaching recent lows, increasing the likelihood of testing ultra-low levels again in early 2025.
Any attempts to reclaim previous support levels have been quickly thwarted by ongoing selling pressure, indicating a clear bearish price trend. The decline in volume on the chart highlights a lack of buyers, which is concerning and suggests that the market may not be ready for a recovery. The RSI indicator is flashing warning signs, currently hovering around 38.
It is nearing the oversold area, which occasionally signals a rebound but also indicates that the market has lost momentum for several weeks. If sellers continue to dominate, SHIB may further decline and could even test key levels of $0.0000114 or lower. However, if buyers can step in strongly, a quick reversal is possible.
If volume starts to surge after the classic capitulation move below the downward trend line, it could trigger a short-term relief rebound. However, we must face reality: caution is absolutely necessary until we see volume recover and clearly reclaim the 50-day moving average. In summary, SHIB is at a critical moment. Ironically, this drop may be the last shakeout before a rebound or could confirm the continuation of a bearish trend.
The market is facing serious pressure, but the situation may not improve.
Ethereum's recent price performance is not optimistic; this cryptocurrency is on the edge of a cliff. ETH's trading price is $2,508, and the 200-day moving average (EMA) is now its last hope. Historically, Ethereum has received strong support at the 200-day moving average (EMA), but this time is different. There are almost no signs that the bulls can maintain this level in the long term, and the price action shows signs of weakness.
From a broader chart perspective, Ethereum's explosive growth in April and May now seems to be a thing of the past. Since the momentum has completely stopped, the asset has been consolidating in a narrow channel. As ETH is currently testing the lower limit of the channel, this consolidation is finally breaking down. Another concerning indicator is the lack of buying volume, which is a key factor leading to market pessimism.
The 100 EMA is located near the $2,250 area, and if ETH breaks below the 200 EMA, that level will be the next reasonable support target. This would negate the bullish momentum of last month and represent a significant drop in ETH from current levels. Another key psychological level is the 100 EMA; if it moves, Ethereum may face a more severe pullback.
The RSI indicator also shows a volatile trend, indicating that both buyers and sellers have not truly advanced, currently sitting in a neutral zone. However, as volume slows and momentum weakens, the bears are more likely to gain the upper hand. Unless demand increases significantly, Ethereum may soon face a collapse, dropping below $2,250 and approaching the 100-day moving average support level. ETH seems to have lost ground, but the next few days will be crucial.
XRP will face
XRP is at a critical moment that may determine its trend in the coming weeks. The 200 EMA is an important long-term support level, historically being a solid foundation for XRP, currently just above the $2.15 mark for XRP. However, price action indicates that this support level is under threat. The downward pressure applied by the downward trend line has limited XRP's movement over the past few weeks, making a breakout or breakdown inevitable.
For XRP, the 200-day EMA and the downward trend resistance line are forming a traditional battleground, the outcome of which will determine whether the bulls can reclaim lost ground or the bears will take full control. The volume situation is even more concerning. The continuous decline in volume indicates that neither side has made any decisions yet. This liquidity exhaustion typically occurs before more significant volatility. When prices test critical levels like the 200-day EMA under low volume conditions, a decisive sharp fluctuation will occur, whether it rebounds or plummets.
If XRP can break the downward trend line at $2.20 and buyers can firmly step in, it may pave the way for a rebound to $2.50 or even higher. If the 200-day moving average is finally broken, the psychological level of $2 will be the next reasonable target, followed by a deeper pullback aiming for $1.80.
The RSI is slightly unstable above the oversold area, indicating a potential rebound. However, it is currently difficult to bet on a bullish scenario unless the trend line is broken and volume increases.
The edge of Shiba Inu
As the price of 'Shiba Inu' nears collapse, the future of this well-known meme coin may depend on the next moves of the market. SHIB's current price is close to $0.0000128, having broken through a critical downward support level, which is typically an important warning sign of further price declines. Additionally, SHIB has firmly broken below the 50-day moving average (EMA) and is currently approaching recent lows, increasing the likelihood of testing ultra-low levels again in early 2025.
Any attempts to reclaim previous support levels have been quickly thwarted by ongoing selling pressure, indicating a clear bearish price trend. The decline in volume on the chart highlights a lack of buyers, which is concerning and suggests that the market may not be ready for a recovery. The RSI indicator is flashing warning signs, currently hovering around 38.
It is nearing the oversold area, which occasionally signals a rebound but also indicates that the market has lost momentum for several weeks. If sellers continue to dominate, SHIB may further decline and could even test key levels of $0.0000114 or lower. However, if buyers can step in strongly, a quick reversal is possible.
If volume starts to surge after the classic capitulation move below the downward trend line, it could trigger a short-term relief rebound. However, we must face reality: caution is absolutely necessary until we see volume recover and clearly reclaim the 50-day moving average. In summary, SHIB is at a critical moment. Ironically, this drop may be the last shakeout before a rebound or could confirm the continuation of a bearish trend.
