Global blockchain supervision and query platform


Here's How Ethereum (ETH) Can Reclaim $3,000, Shiba Inu (SHIB) Finally Reaches Strong Support, US Dollar Index (DXY) to Give up on Beating up Crypto

Here's How Ethereum (ETH) Can Reclaim $3,000, Shiba Inu (SHIB) Finally Reaches Strong Support, US Dollar Index (DXY) to Give up on Beating up Crypto WikiBit 2024-05-03 09:19

Ethereum is currently navigating through a challenging phase, hovering around the $2,923 mark. This

Ethereum is currently navigating through a challenging phase, hovering around the $2,923 mark. This price level is just above the critical 200-day EMA support at $2,700, which serves as a major psychological and technical stronghold for the asset.

Ethereum has shown resilience near the $3,000 threshold, an extremely important mark. The ability to sustain above this threshold can often stimulate confidence among investors and traders, potentially driving a rebound toward higher valuations.

For Ethereum to reclaim the $3,000 mark and establish strong upward momentum, there are several key factors and market dynamics to consider:

Support levels: The immediate support at the 200-day EMA of $2,700 must hold firm. If this level is decisively breached, it could lead to increased selling pressure, pushing the price further down. Maintaining above this support confirms that long-term bullish sentiment still exists on the market.

Resistance to overcome: Looking upward, the immediate resistance Ethereum faces is at the $3,100 mark, followed by more significant resistance at $3,300. Breaking these levels with substantial volume can signal strong buying interest and potentially pave the way to more gains.

Technical indicators: Investors should watch the Relative Strength Index (RSI) and moving average convergence divergence (MACD) for signs of momentum shifts or potential reversals. Currently, with the RSI nearing oversold conditions, there could be an opportunity for a bounce back if investor sentiment improves.

Shiba Inu at pivotal level

Shiba Inu found strong support at a strong technical level. Currently, SHIB has landed on the 100-day Exponential Moving Average.

This support is reinforced by another significant support level at $0.000021, a point previously seen as a pivotal reversal zone for the asset. The convergence of these two support levels suggests a robust foundation for SHIB, potentially mitigating further downward pressure.

Adding to the optimistic outlook for Shiba Inu is the increase in trading volume. An ascending trading volume amid such key support levels is often interpreted as a bullish signal, suggesting that there might be growing interest from buyers stepping in to support the price at these levels. This can be a signal of price stabilization or even a possible reversal if the buying pressure continues to build.

The closest resistance level to watch is at $0.0000225. Overcoming this level could open the path to further gains, with subsequent resistance potentially forming around $0.000024 in the form of a 26-day EMA. A breakthrough at these levels, supported by sustained high volume, would confirm a bullish trend reversal and could lead to more robust price recovery.

DXY offers glimpse of hope

As the U.S. Dollar Index nears the 106 mark, a critical observation arises regarding its potential as a turning point for long-term trends. Currently, DXY is trading at the highest level since 2023, an elevation that has significantly influenced investment flows, diverting capital from volatile cryptocurrency markets toward U.S. dollar-backed investment options. This shift underscores a preference for stability in uncertain economic times.

As the DXY approaches this crucial point, investors might begin to seek higher returns, potentially revitalizing the cryptocurrency market, which traditionally offers high-risk, high-reward opportunities.

From a technical standpoint, the DXY shows strong support at the 104 level, which has historically served as a consolidation point before further movement. Resistance is currently seen near the 107 mark, a breakthrough that could affirm continued bullish momentum for the dollar. However, if the index fails to sustain above 106 and faces rejection at 107, it could trigger a shift back toward riskier assets, including cryptocurrencies.

A sustained high in the DXY could keep suppressing crypto markets as conservative investments remain in favor. At the same time, any weakening or reversal from these high levels could signal a shift back to riskier assets, likely catalyzed by geopolitical developments, changes in fiscal policies or shifts in the global economic recovery path.


The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
Current Rate