In short, Ethereum (ETH) held up well against the market in May, completing a big comeback from below $2,400 back above $2,900. This spike further emphasizes the importance of Ethereum, especially as it has coincided with the alignment of the weekly composite volume profile. As Ethereum dances around key moving averages right now, the cryptocurrency is at an important crossroads.
Ethereum's Technical Turning Point
Ethereum is trading right in between crucial moving averages, suggesting we are entering a crucial period for the cryptocurrency. Any meaningful breakthrough above $2,800 would likely send it to at least the $3,000 level, which would draw in fresh inflows from technical traders.
The recent exodus from Bitcoin (BTC) to Ethereum is impressive. If the change stands, it will be a sign that Ethereum is perhaps poised to create its own positive momentum. Investors and traders are looking closely at support levels at $2,460 and $2,375. These levels coincide with short- to mid-term Exponential Moving Averages (EMAs). If selling pressure were to increase, these levels could provide springboards.
Shiba Inu's Declining Interest
The second biggest challenge for Shiba Inu (SHIB) right now is that its trading volume has consistently dwindled in recent weeks. This decline is indicative of a troubling sentiment among institutional and retail investors alike.
As things stand, Shiba Inu is dangerously close to dropping below strong support at around $0.00001159. If Shiba Inu fails to hold above this level, it may crash to levels not seen since early 2023. This steep drop could be the catalyst for a deeper correction. Yet the token now finds itself in one of its most challenging technical stretches in recent memory.
Bitcoin's Critical Threshold
Bitcoin (BTC) price is heading into a crucial psychological and technical level, with traders preparing for a move under the big $100K level. At press time, the bitcoin is trading between thin bid support at 103k and liquidity at 105k.
The $105,000 mark is shaping up to be an important Bitcoin inflection point. A convincing break below $104,000 would turn the $100,000 level into a tenuous floor, opening the door to deeper losses.
