- Ethereum pushing higher
- Bitcoin aims higher
With price action now suggesting that the short-term rebound phase may already be over, Shiba Inu’s recent recovery attempt has lost steam. After recovering from local lows and momentarily reviving trader optimism, SHIB was unable to maintain upward pressure and swiftly reverted to a corrective structure, indicating that sellers are still in charge of the overall trend.
According to the most recent chart action, SHIB made an effort to break out of a consolidation pattern that was getting tighter, but there was no follow-through buying volume. Price stalled close to resistance and reversed, wiping out most of the recovery progress rather than creating a series of higher highs and higher lows. This rejection supports the continuous downward trend that has characterized SHIB’s performance in recent months.
SHIB/USDT Chart by TradingViewTechnically speaking, the token is still trading below important moving averages, which are still sloping downward, suggesting that bearish pressure is still present. There is still selling interest in every rally attempt, which keeps a long-term reversal from developing. The failure to regain significant resistance levels demonstrates that the recovery was more likely to be a relief bounce than a shift in the structural trend.
Crypto Market Review: Shiba Inu (SHIB) Recovery Ends Abruptly, Ethereum (ETH) Uptrend Is In, Is Bitcoin (BTC) Close to Breaking $70,000?
Satoshi’s 2010 Post Sheds Light on Bitcoin-Gold Comparison
With the recovery coming to an abrupt halt, traders and investors should exercise caution. SHIB runs the risk of reentering previous support zones in the absence of fresh buying power or a change in the mood of the larger cryptocurrency market. As long-term holders reevaluate risk and short-term traders pull out of positions, a breakdown below those levels might lead to another round of selling.
Nevertheless, volatility is still high, and SHIB’s track record on the market indicates that it can generate sharp recoveries when sentiment shifts. Expectations of a prolonged rally are still premature, though, until the price regains important technical levels and exhibits steady accumulation.
Ethereum pushing higher
As price action starts to level off after weeks of intense selling pressure, Ethereum is displaying fresh indications of strength. Following a brief decline toward the psychologically significant $2,000 zone, ETH has begun to print a series of higher lows on short-term charts, indicating that buyers are progressively taking back control. Although overall market sentiment is still cautious, this change in structure suggests the beginning of an emerging uptrend.
The most recent price movement indicates a period of recovery that is fueled by consistent accumulation, as opposed to speculative spikes. Rising trading activity coincided with ETH’s recovery from local lows, suggesting that market players are once again prepared to absorb supply at low levels. The asset’s ability to hold above important support zones indicates that the downside momentum has lessened compared to earlier in the month, even though volatility is still high.
The technical environment is still complicated, though. A clean prolonged retracement toward prior highs was effectively ruled out by a double-top pattern that had previously formed on higher time frames. Many leveraged positions were forced out of the market as a result of that formation, which set off a powerful correction. Because of this, the current recovery is developing from a reset market structure instead of carrying on the previous bullish trend unabated.
However, ETH may be about to enter a rebuilding phase based on the recent gradual upward movement. Price must keep creating higher lows and eventually recover resistance levels near previous consolidation zones in order for a long-term uptrend to emerge. In addition to bolstering bullish conviction, a break above those levels might draw sidelined capital back into the market.
Bitcoin aims higher
After a significant recovery move around Feb. 13, price action for Bitcoin is now pushing toward the $70,000 level once again, approaching a crucial psychological threshold. BTC has shown a notable recovery following weeks of downward pressure and aggressive liquidations throughout the cryptocurrency market, indicating that buyers are returning to the market at discounted prices.
After Bitcoin printed a local bottom around the mid-$60,000 range, where panic-driven selling was absorbed by strong buying interest, the most recent rally emerged. The price has risen steadily ever since, creating a short-term recovery structure that is bolstered by an increase in trading volume. Due to its psychological and technical significance, traders are keeping a close eye on the $70,000 mark, which has been within striking distance of Bitcoin due to this change in momentum.
Bitcoin is still technically trading below a number of significant moving averages, indicating that the overall market structure is still cautious. That being said, the recent bounce’s strength and speed indicate that the selling pressure that dominated previous weeks is lessening. Bitcoin would probably spark a new wave of bullish sentiment and possibly attract more capital from institutional and retail traders awaiting confirmation of stabilization if it could achieve a daily close above $70,000.
The way the market has responded to recent volatility is another positive aspect. Bitcoin swiftly found support instead of extending losses, suggesting that long-term participants might be building up rather than selling positions. The shift from periods of capitulation to recovery is frequently signaled by such behavior. Because resistance zones above current levels may result in brief pullbacks, investors should still expect fluctuations.
However, there is cause for optimism given the current course. If buying pressure persists and general market conditions stay favorable, Bitcoin may surpass forecasts and gain momentum in the upcoming weeks to regain higher trading ranges.
A confirmed break above $70,000 would support the idea that the market is currently experiencing a stronger recovery and that the worst selling phase of the recent past is over.
Source: https://u.today/crypto-market-review-shiba-inu-shib-recovery-ends-abruptly-ethereum-eth-uptrend-is-in-is-bitcoin
