Ethereum (ETH) Price Finally Retraces, Shiba Inu (SHIB) Double-Bottom Reversal In, Bitcoin (BTC) Volume Spike Propels Bullish Moves
2025-01-11
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A double-bottom reversal of a bullish chart pattern that might result in a significant price rebound is what Shiba Inu is indicating is possible. SHIB's price is testing important levels close to the 200 EMA, a crucial long-term support at its current price of $0.00002164, which supports the idea of a potential recovery.
With two tests and bounces off the $0.00002079 level, SHIB's price has formed a double-bottom pattern, indicating strong buying interest at this important support zone. Since the 200 EMA closely resembles this level, traders and investors should pay close attention to it. If this pattern plays out well, it may pave the way for a reversal that aims for higher price levels.SHIBUSDT Chart by TradingView">
SHIB might first target resistance at $0.00002294 and then $0.00002314 if the pattern holds. The price may move toward the $0.00002550 region, a crucial level where SHIB could regain momentum if these levels are broken, confirming the reversal.
Volume, however, is still comparatively low, indicating that greater market involvement is required to confirm the breakout. The RSI is currently at 43, suggesting that there is still opportunity for growth without going into overbought territory. If support at $0.00002079 is not maintained, the double-bottom pattern may be deemed invalid, which could result in additional declines.
SHIB might test lower levels in such a situation, with $0.00002000 serving as the next significant support. A pivotal moment for SHIB is presented by this configuration around the 200 EMA and the double-bottom pattern. In the event that bullish momentum increases, the meme token may recover, giving traders who are expecting a reversal a chance. In the upcoming sessions, it will be crucial to closely monitor important levels and market conditions.
Ethereum wakes up
The market capitalization of Ethereum, the second-largest cryptocurrency, is beginning to rise again following a protracted period of decline. ETH is up 2.83% in the past day and is currently trading at $3,310 after bouncing off important support levels. The resilient nature of ETH is demonstrated by the recent price action, which saw it successfully hold its 200 EMA at $3,108, a crucial long-term support level. 
Bullish sentiment has been reignited by this bounce, which has moved the price closer to the 100 EMA at $3,265. The next major resistance level is $3,500, and a clear break above this level could pave the way for additional upside. For a long-term recovery, $3,700 is still a crucial level to monitor above that. ETHUSDT Chart by TradingView">
At 47 right now, the RSI indicates neutral momentum. The recent increase, however, points to a possible move in the direction of bullish territory. Additionally, there has been a slight increase in volume, which lends credence to the notion that buyers are defending important support zones. The reversal comes after a larger market sell-off, in which Ethereum tested pivotal levels after previous sessions' inability to maintain momentum above $3,700.
As it attempts to regain the trust of traders and investors, this recovery is crucial for ETH. ETH may indicate additional decline if it is unable to sustain its upward trajectory and falls below the 200 EMA, with $3,000 serving as the next psychological level of support. By regaining $3,500, on the other hand, bullish sentiment would be strengthened, and Ethereum would be ready to challenge higher levels in the upcoming weeks.
The recent action highlights Ethereum's resilience in the face of market turbulence as its expanding adoption and network foundations continue to draw in long-term investors. For those hoping for a long-term recovery in the larger cryptocurrency market, ETH's most recent surge is encouraging — even though the road ahead may still be rough.
Bitcoin revitalized?
Following a period of retracement, rising trading volume is driving the top cryptocurrency higher, and Bitcoin is gaining momentum. With its current price of $96,949, Bitcoin has increased 2.41% over the past day, suggesting a possible change in market sentiment. The rising volume indicates renewed buying interest as the price action shows that Bitcoin has recovered from critical support levels close to $92,000.
As Bitcoin attempts to recover the $97,500 mark, which currently serves as a short-term resistance, there has been a spike in activity. Bullish confidence could be further increased if this level is successfully breached, as it could lead to a retest of the psychologically significant $100,000 level.
With an RSI of 48, Bitcoin is presently in neutral territory, meaning it has room to rise further without reaching overbought conditions. This is consistent with the volume increase that has been seen, which is a crucial indicator of investors increasing their interest. On the downside, the first crucial support to keep an eye on is still $92,000.
A retest of the $87,500 region, where the 100 EMA offers more support, may occur if this level is not maintained. If the price breaks below this level, it could indicate a more significant correction that could target $78,124, close to the 200 EMA. Since volume frequently precedes major price movements, the recent spike is encouraging for Bitcoin.