Ethereum's $3,000 Target Might Have to Wait, But Dogecoin and Shiba Inu Are Seeing Green

Hopes of a rally toward $3,000 were raised by Ethereum's recent 15% price increase but it looks like the upward momentum has encountered a major obstacle

Ethereum’s recent 15% price surge had sparked hopes of a rally toward the $3,000 level, but the upward momentum appears to have hit a roadblock. For ETH, the 100 EMA has emerged as a strong resistance, stalling the asset’s recovery at this point.

The price of Ethereum is declining after peaking at $2,820, making it harder to predict where it will go next. As the price chart shows, ETH has struggled to maintain its upward momentum, especially while being stuck in the $2,600–$2,700 range.

A further push toward $3,000 is being prevented by the 100 EMA, which remains above the price, acting as a strong barrier. Without a clear breakout above this level, it seems that Ethereum will have a harder time recovering its bullish structure in the near future. Another major concern at the moment is the lack of strong support below the current price level.

Since ETH is currently trading around $2,622, there aren’t many solid support zones to stop the price from falling any lower. If Ethereum breaks below this level, the next major support is seen at $2,400, which could lead to a deeper price decline, potentially reaching the $2,200 level.

With trading volumes decreasing and the overall market showing signs of uncertainty, the chances of a sustained recovery are getting slimmer. Despite strong fundamentals, Ethereum’s $3,000 target in the short term might have to wait. For now, traders should keep an eye on the crucial support levels as the price could continue to decline, reversing the recent gains.

Dogecoin’s recovery is hitting a roadblock as the price retraces from a local high, but the higher volume could still indicate a potential continuation of the asset’s recovery phase.

Indicating that the asset might be encountering short-term resistance at this level, DOGE’s price began to retrace slightly after rising to a local high of around $0.15. Even though the asset has retraced, the higher volume suggests that there is still a lot of interest in the asset, which could push it higher soon.

Following a protracted decline that saw the price of Dogecoin drop sharply from it's all-time highs, the cryptocurrency has been in recovery mode. A potential long-term recovery is suggested by the recent price action and the current volume spike, indicating that investors are returning to the asset.

A brief retracement might take place before DOGE resumes its upward trajectory as it encounters local resistance. One of the most important levels to keep an eye on for DOGE is the immediate resistance at $0.15 where the price is currently encountering resistance. If DOGE is able to break above this level, the next target would be around $0.18 where it could face another round of resistance.

On the downside, support is likely to be found at the $0.12 level, which acted as resistance prior to the most recent rally. Overall, DOGE’s outlook seems bright, given the higher volume and price movement that are suggesting renewed interest in the asset.

If DOGE breaks the $0.15 resistance, the price could continue to rise toward $0.18, but if it fails to hold above $0.12, it might indicate further consolidation.

Investors searching for the market's next big move are keeping an eye on Shiba Inu after a recent 40% price surge.

After a prolonged period of consolidation, the price of SHIB has been rising steadily, slowly entering a crucial phase that will determine whether this uptrend continues. According to the chart, SHIB is currently showing a clear bullish trend, trading within an ascending channel.

The price is now slowly moving around the $0.000018 level after rising steadily. One key level to watch is the resistance at $0.000020. If Shiba Inu breaks through this barrier, the price could continue to rise as the uptrend gains more momentum.

This breakout could see SHIB approach the next major resistance around $0.000025. On the downside, support levels at $0.000012 and $0.000015 are crucial for maintaining the bullish structure.

If these levels fail to hold, it could indicate a retracement, leading to a potential price correction. However, given the current momentum and the price trending above the 50 EMA, 100 EMA, and 200 EMA, Shiba Inu is in a strong position to continue its rally, assuming the overall market remains favorable.

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