Last week, Ethereum (ETH) retreated from a market value of $435 billion to $422 billion, while still maintaining its second-place position just behind Bitcoin. ETH has been on a downward trend for the past week, but following the Federal Reserve’s (FED) decision yesterday, it surged alongside Bitcoin’s strong rally. Over the past week, ETH lost 25% of its value, dropping from $4095 to $3059. However, with yesterday’s sharp rise, it gained 11.5%, recovering half of its losses. Starting the day at $3516, ETH is currently trading at $3519, showing a slight increase of 0.09%.
Ethereum Daily Chart Analysis
Despite being on a downward trend for the past week, ETH managed to recover a significant portion of its losses with yesterday’s impressive surge. Upon analyzing the chart, we can see that over the last two days, ETH bounced upwards from the EMA55 support level at $3202. Currently, ETH is consolidating between EMA5 ($3503) and EMA22 ($3555), needing a close above EMA22 to sustain its upward momentum. In case of further pullbacks, horizontal support levels along with the EMA55 at $3202 could be monitored.
SHIBA TECHNICAL ANALYSIS: SHIBA STRIVES TO REMAIN ABOVE AVERAGES
Ranked 11th with a market value of $15.8 billion, SHIB began its ascent in late February 2024, continuing into the first week of March 2024 with a surge from $0.00000946 to $0.00004567 within 10 days, marking a 380% increase. Despite retracing some of this upward movement over the past two weeks, SHIB demonstrates a strong stance by staying above averages. Following yesterday’s Bitcoin-driven rise, SHIB might embark on another upward movement after a brief rest. Starting the day at $0.00002776, SHIB is currently down by 3.24%, trading at $0.00002685.
SHIBA COIN Daily Chart Analysis
After gaining 380% between late February and early March, SHIB appears to have entered a consolidation phase over the past two weeks. Upon reviewing the SHIB chart, we can say that the decline from $0.00004567 ended yesterday with the rise in Bitcoin. For SHIB to continue its ascent, it needs a daily close above the EMA5 at $0.00002729. If it manages to close above this level, we could witness another upward movement towards resistance levels at $0.00003591 and $0.00004567. In case of pullbacks, the EMA22 at $0.00002664 and horizontal support at $0.00002252 remain significant.
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The post Understanding the Numbers: Analyzing Ethereum, Shiba Inu, and Furrever Token Trends appeared first on Crypto News Land.
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