The cryptocurrency market is currently navigating a treacherous landscape, with major assets like Shiba Inu, Ethereum, and Bitcoin experiencing significant technical breakdowns and grappling with a pervasive bearish sentiment. Investors are wary, and critical support levels are being tested, signaling a pivotal moment that could dictate the market's trajectory in the coming weeks.
Shiba Inu's Structural Collapse
Shiba Inu (SHIB) has suffered a severe psychological blow, officially adding another zero to its price and trading below the critical $0.000010 mark. The meme-inspired asset's structure has completely collapsed, with its price breaking through major moving averages (50-, 100-, and 200-day EMAs) and losing its long-standing ascending support line. Now in a confirmed freefall, SHIB's Relative Strength Index (RSI) indicates deeply oversold conditions, yet there's no immediate sign of reversal. The next significant support for SHIB is anticipated between $0.0000080 and $0.0000085 as it continues to be affected by the broader macro downdraft impacting risk-on altcoins.
Ethereum and Bitcoin Face Critical Junctures
Both Ethereum (ETH) and Bitcoin (BTC), the market's leading cryptocurrencies, are at crucial turning points, battling sustained selling pressure and investor reluctance.
Ethereum's Decisive Moment
Ethereum is nearing a decisive moment as its price approaches the historically robust 200-day Exponential Moving Average (EMA) at approximately $3,550. After losing almost all of its October gains and breaking below its 50- and 100-day EMAs, ETH currently trades around $3,790. While the RSI indicates it's nearing oversold territory, suggesting a possible rebound, buyers must hold the 200 EMA to prevent a deeper correction. A bounce above $4,000 is necessary to restore confidence, otherwise, a break below $3,550 could lead to further declines towards $3,200-$3,300.
Bitcoin's Thin Ice
Bitcoin finds itself on thin ice, trading around $105,800 and having already dipped below its critical 200-day EMA at $108,000. This level, traditionally a strong accumulation point for investors, shows weaker conviction this time around. Increased selling pressure, expanding liquidity pools below $104,000-$102,000, and rising volume on red candles point to panic exits. With structural support scarce, the psychological $100,000 mark looms as the next significant target if Bitcoin fails to reclaim and hold $108,000. The market's leading asset is poised for a make-or-break scenario, where a recovery could save the trend, but continued decline would rapidly accelerate a test of the six-figure threshold.
