Following a brief pullback from its recent highs, Ethereum (ETH) holds above $4,330. Buyers find reassurance in the bounce at this level, indicating a structurally healthy market with a potential breach of $5,000 still likely. Meanwhile, Shiba Inu (SHIB) faces resistance hurdles, while Bitcoin (BTC) may be considering a retreat. Analysis of the current scenario.
Ethereum can still continue its upward trajectory, comfortably positioned around $4,330, within a confirmed medium-term bullish structure. Supported technically by the 26-day EMA and solid moving averages, ETH maintains a positive trend that began in mid-July, with each dip being interpreted as an accumulation opportunity by investors.
As long as the price remains above the critical zone of $4,300-$4,400, the scenario toward $5,000 remains favorable. If this threshold is successfully breached, it could even become a new strategic support level for Ethereum, further consolidating its role as a pillar in the crypto ecosystem.
However, as Andrew Kang indicates, more than $5 billion in long liquidations are positioned between $3,200 and $3,600 for ETH. A sharp drop in the coming weeks is gaining probability for the short term.
The memecoin SHIB is currently evolving in a consolidation channel, lacking a clear bullish catalyst for now. The token faces a series of technical obstacles, primarily related to moving averages. The 26-day EMA, 50-day EMA, 100-day EMA, and the bearish trendline from recent highs all constitute barriers that buyers need to overcome.
The absence of significant buying volume represents a structural weakness in the breakout attempt. Even if SHIB manages to cross these initial levels, the 200-day EMA situated well above the current price represents a true “ultimate test” that could shift the long-term trend.
Conversely, if SHIB loses its liquidity zone by dropping below $0.000011, it would likely break its double bottom support below $0.000010. A bounce at the next zone around $0.0000088-$0.0000076 will be crucial for SHIB.
While Bitcoin has experienced a pullback from $124,000, the crypto king is currently falling to $115,800. This technical level, corresponding to the 50-day DMA, could serve as a foundation for a new bullish impulse. The fact that this correction is accompanied by declining volume is interpreted relatively positively by technical analysts: the absence of accentuated selling pressure suggests this is possibly a pause in the uptrend rather than a massive trend reversal.
Nevertheless, traders like Killa are waiting for confirmation, as the price action doesn’t indicate anything bullish at the moment.
If selling continues, Bitcoin could fall back into its major liquidity zone between $108,000 and $100,000.
Furthermore, from an on-chain perspective, $106,000 and $103,000 correspond to major support levels for short-term holders’ MVRV indicators. These will be levels to watch if Bitcoin loses $114,000 in the coming days.
A correction to $3,200 for Ethereum or $103,000 for BTC would be opportunities for investors looking to invest for the long term. Here’s how to accumulate your crypto like the pros on Bitget with low fees :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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