XRP has already recovered 20%, with massive Ethereum (ETH) selling volume over $2,000, and the sixth Shiba Inu (SHIB) recovery attempt: another crash?
After hitting recent lows, XRP has recovered, gaining by almost 20%. After hitting key support levels, the asset swiftly recovered, giving investors renewed confidence. Regaining many resistance levels during the ascension is one of the most notable characteristics of XRP’s recent price movement. This demonstrates that after weeks of bearish domination, buyers are gradually regaining power.
The fact that XRP is trading close to $2.38 suggests a major improvement in purchasing pressure and attitude. Now that XRP is moving near to the 100-day Exponential Moving Average (EMA), which has historically served as a formidable resistance barrier, a huge technical milestone is in store. If the asset breaks through this barrier, a longer bullish phase with price goals extending to the top boundary of the descending channel at $2.60 may be indicated.
Furthermore, the recovery attempt is being helped by volume dynamics. When trade activity continuously grows, it shows that the buying momentum reflects a change in market positioning rather than merely a phased reaction. A better market is also represented in the Relative Strength Index (RSI), which is moving out of the oversold zone. However, complications remain.
The entire cryptocurrency market continues to be volatile, and sustained demand is crucial for XRP’s upward trend. If the 100 EMA is not broken, there might be another pullback, possibly to lower levels around $2.20.
Ethereum’s reversal potential
Because of the tremendous selling pressure on Ethereum, the $2,000 threshold is proving increasingly unattainable. With volume increasing as traders sell their holdings, recent price activity suggests that bearish momentum remains in control, despite minor rebounds. The market’s selling volume has surged dramatically, indicating that a huge number of entities are selling their Ethereum holdings.
A surge in volume during a decline typically signals high seller conviction, making it more difficult for the price to turn around. This is exactly where ETH is currently, with greater selling pressure following each tiny bounce. Upon deeper study, Ethereum’s price behaviour reveals that it is having problems maintaining its upward velocity. As significant resistance levels
The 50-day and 100-day EMAs have maintained the asset below key moving averages.
Any recovery effort may not last long until ETH regains these levels. The psychological threshold of $2,000 has a significant impact on market sentiment around Ethereum. If ETH fails to retest this level, it may indicate additional losses in the future. If selling pressure persists, Ethereum may fall below the next support zones at $1,800, or even lower.
According to the present downward trend, buyers are delaying their entry into the market until a more obvious bottom has emerged. For ETH to break out of this selling cycle, the market’s sentiment must shift.
Shiba Inu’s Retracement Attempt
For the sixth time, Shiba Inu is attempting to regain lost ground. However, the asset’s upward potential is still limited by heavy resistance levels and an ongoing downturn. SHIB is currently circling the $0.000012 level, which has performed as a significant support area in previous months.
A decisive rise above this level could indicate a more strong recovery effort, but the impetus remains uncertain at this time. In determining whether this endeavour would differ from previous unsuccessful recoveries, the overall status of liquidity and market mood remain critical elements. Technically speaking, SHIB is having difficulty keeping above its 50-day moving average, which is now sustaining negative pressure.
The fact that the asset is still trading below the 100- and 200-day moving averages reinforces the market’s bearish dominance. Any short-term rebound is only temporary until these levels are restored. The next key resistance level for SHIB is $0.0000135, the price at which the previous unsuccessful recovery effort was rejected.
If the asset can break past the $0.000015 level, which is a critical psychological mark for traders, it might be the next objective. If SHIB fails to maintain its position above that level, the asset may retest the $0.000011 support zone on the downside. If SHIB breaks below this level, losses may escalate and bring it closer to the critical $0.00001 mark.source