Monday, 17 June 2024

Bitcoin Drops Below $40,000; SUI Rises to the Top

  • The 26-day EMA is in jeopardy, which puts Ethereum in a risky situation.
  • Despite the emergence of layer 2 networks, the Ethereum ecosystem has encountered difficulties.
  • As it hovers just above the crucial $40,000 threshold, Bitcoin is also in danger.

The 26-day Exponential Moving Average (EMA) is in jeopardy, which puts Ethereum in a risky situation.Ethereum may experience a slide to $2,347 if this level is broken, which could lead to a more severe drop in value.

An easing of purchasing pressure and a change in market attitude from accumulation to prospective distribution is indicated by this possible decline below the EMA. Should this level be broken, the asset’s losses could get worse, and more bearish momentum could develop.

Ethereum and Bitcoin

Despite the emergence of layer 2 networks, which have not sparked the predicted surge, the Ethereum ecosystem has encountered difficulties. Around $2,175.2 is the location of the next crucial support, which might be used to test the technical and psychological support close to the $2,000 mark. At the most recent high of $2,547.6, resistance is well-established.

As it hovers just above the crucial $40,000 threshold, Bitcoin is also in danger. The major support level that has historically signaled positive sentiment, the 50-day Exponential Moving Average, is no longer held by the asset.

The 100-day EMA is where Bitcoin could find support next as it tries to hang onto the $40,000 mark. However, a breach below could cause a decline below $39,000, raising concerns in the market as this level does not often provide strong support.

Right now, Shiba Inu is trading around a level of local support that could make or break its short-term outlook. A collapse below this threshold would be problematic as it would indicate a possible downturn and test the tenacity of its investor base.

With minimal liquidity in the larger cryptocurrency market and a conspicuous lack of development catalysts, SHIB’s current market environment is difficult. There is some hope, though, since the decreasing trading volume that accompanies the price consolidation of SHIB implies that the bearish momentum may be tapering down.

Currently, SHIB is finding some uncertain support near $0.000027, which might provide buyers with a new place to accumulate. SHIB has a resistance level at $0.000035, and a break of it would allow for a retest of higher levels, perhaps in the $0.000040 range.

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