Shiba Inu, Ethereum Price Analysis: October 25, 2021
The cryptocurrency market has continued to keep the bullish outlook intact. Following Bitcoin’s upswing to new all-time highs around $67,000, altcoins have been gaining ground. Last week Ethereum returned above $4,000 and nearly touched $4,200. Solana lifted above $200 while Shiba Inu exploded during the weekend to trade above $0.00004 at writing.
The Shiba Inu fans have not been bothered by a confession from Elon Musk, the founder and CEO of Tesla, that he does not own any SHIB. However, Musk said that he currently owns Bitcoin, Ethereum, and Dogecoin.
Despite the disappointing news from the Tesla billionaire, Shiba Inu rallied above $0.00004 and nearly touched $0.000045. Its trading volume stands at $15 billion, with a market value of $20 billion. Shiba Inu is back to the 11th spot in the market, behind USDC coin.
The Dogecoin spinoff teeters at $0.000041 at the time of writing. Support has recently been confirmed at $0.000035, allowing bulls to retake control. Another lift past $0.000045 might trigger the next rally toward $0.0001.
SHIB/USD Four-Hour Chart
Ethereum almost closed the gap to the all-time high at $4,400 last week but was forced to retreat under $4,000. The region around $3,900 played a vital role in ensuring that declines were controlled and recovery started. According to the four-hour chart, the 50 Simple Moving Average (SMA) and the ascending trend line reinforced this particular buyer congestion zone.
Meanwhile, Ether is trading around $4,143 at the time of writing while bulls work on the mission to flip the record high into support. A buy signal is expected from the MACD in the same timeframe and would further cement the bulls’ presence in the market.
ETH/USD Daily Chart
Realize that the RSI is back in favor of the bulls as it recoils from the midline heading to the overbought area. This shows that buyers are getting more aggressive ahead of another rally to bolster Ethereum to $5,000.Source