Ethereum faces critical support test
Ethereum is currently trading around $4,185, having declined more than 5% in recent sessions. The cryptocurrency broke down from a symmetrical triangle pattern that had been forming for weeks, disappointing traders who expected increased volatility to work in their favor. Honestly, the move below $4,400 has shifted sentiment quite noticeably.
What’s interesting to me is how ETH is now relying on the 100-day moving average at $3,880 as its next major support level. If that fails, the 200-day average at $3,378 becomes the next target, which would erase a significant portion of the summer gains. The volume spike during recent red candles suggests sellers are currently in control, though the RSI dipping below 40 might indicate some oversold conditions that could lead to a short-term bounce.
I think the $4,000 level is particularly crucial here—it’s both psychological and technical. Losing this support could trigger further declines toward $3,800 almost immediately. The market seems to be at a turning point where Ethereum needs to reclaim $4,400 to restore confidence.
Shiba Inu shows surprising stability
Shiba Inu is trading near $0.0000122 after briefly breaking below its own symmetrical triangle pattern. What strikes me as noteworthy is the lack of consistent selling pressure despite the price decline. On-chain data doesn’t show significant exchange inflows, suggesting holders aren’t rushing to sell.
Perhaps this relative calm on the supply side gives SHIB room to stabilize and potentially push higher. The cryptocurrency is consolidating between major moving averages, with the 200-day EMA around $0.0000100 serving as broader support. The volume during recent declines hasn’t spiked dramatically, which might indicate we haven’t seen capitulation yet.
With the RSI at about 41, the market appears somewhat oversold, which could fuel a short-term recovery rally. If SHIB can reclaim the $0.0000130-$0.0000135 range, momentum might shift back to the bulls. While $0.000020 seems distant, it remains possible if market conditions improve in the coming quarter.
Dogecoin maintains stronger technical footing
Dogecoin presents a different picture, trading around $0.23 after testing resistance near $0.30. Despite the pullback, DOGE has found support at the 50-day exponential moving average, which has historically served as a launchpad for recoveries. The fact that it’s maintaining this level suggests the larger bullish structure might still be intact.
Volume trends here are telling—while there are more red candles, the selling pressure doesn’t appear particularly intense. This allows buyers potential re-entry opportunities. Dogecoin’s ability to form higher lows indicates the market is still defending key price zones, preserving much of its summer gains.
The RSI at 45 is approaching neutral territory, reducing the risk of an overheated market and supporting the case for a recovery bounce. If DOGE can reclaim $0.25 soon, the path toward $0.28-$0.30 resistance could open up quickly. A breakout from there might eventually test $0.32.
What stands out to me is Dogecoin’s relative resilience compared to other assets. Maintaining its position above long-term averages like the 200 EMA despite volatility suggests the underlying value base hasn’t been completely eroded. Each cryptocurrency seems to be following its own technical path, with Ethereum facing the most immediate pressure while Shiba Inu and Dogecoin show varying degrees of stability.
