U.Today – , the second largest cryptocurrency by market capitalization, saw a significant drop in price, briefly falling below $1,600. According to the latest data, Ethereum is trading at around $1,634.82, but the brief dip below $1,600 has raised concerns about the asset’s near-term stability. This price action opens up the possibility of Ethereum hitting the $1,500 price threshold, a level that could be reached sooner than expected given current market sentiment.
The recent failed launch of the Ether futures ETF makes the situation even worse. The ETF generated low trading volume, indicating a lack of institutional interest in Ethereum at present. This is a worrying sign for cryptocurrency, as institutional demand often acts as a stabilizing force during market downturns.
Source: Current market sentiment isn’t helping Ethereum either. With Bitcoin struggling to maintain its price levels and the broader market showing signs of weakness, Ethereum’s fall below $1,600 could be a harbinger of further declines. The lack of institutional demand, as evidenced by the poor performance of the VanEck ETF, adds another layer of concern.
It is crucial to note that the price of Ethereum is very volatile and subject to rapid changes. However, the brief dip below $1,600 is a wake-up call for investors and traders. If Ethereum fails to find strong support soon, we could see it test the $1,500 level, which would provide a significant psychological barrier for the asset.
h2 Shiba Inu remains imprisoned/h2 (SHIB) is struggling to break free from its downward trajectory, and recent data confirms that the meme asset is far from recovered. Currently trading at $0.0000072, SHIB has remained below its trendline support, which has now turned into resistance, for the past three days. This essentially reinforces the idea that the asset has failed to regain its bullish momentum.
The lack of network activity and general buzz around the Shiba Inu is a significant factor contributing to its stagnation. Unlike other cryptocurrencies with robust communities and active development, SHIB appears to lack both. This is particularly concerning given that the market as a whole has also lost much of its liquidity since Bitcoin’s surge toward $30,000.
Meme assets, in general, perform poorly and are no exception. The asset’s inability to break through and hold above its trendline support indicates a lack of buying interest and could potentially lead to further declines if the situation does not improve.
What could help Shiba Inu at this point? For starters, an increase in network activity could signal renewed interest in the asset. Additionally, positive developments or partnerships could also serve as catalysts for a potential uptrend. However, as things stand, the meme coin still has a long way to go before it can return to its former glory.
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Dogecoin remains anemic/h2 Dogecoin (DOGE), once the darling of the coin world, has been stuck in a rut for the past couple of months. The cryptocurrency is currently trading at $0.06099, showing a lack of volatility and liquidity that has left investors perplexed.
Over the past 60 days, it has failed to make any significant price movements, remaining stagnant while other coins like Shiba Inu and even PEPE have shown more action. This lack of volatility stands in stark contrast to the frenetic trading activity that Dogecoin was enjoying, particularly during its meteoric rise earlier this year.
DOGE’s poor performance is even more glaring compared to its competitors. Shiba Inu, for example, has experienced periods of high volatility and has even managed to steal some of the spotlight from Dogecoin. The lack of price movement on DOGE can be attributed to several factors, including the lack of any significant updates or news regarding the coin.
One of the most talked about potential catalysts for Dogecoin is the implementation of smart contract technology, a topic that has been discussed for about a year now. Unfortunately, no progress has been made in this direction, leaving investors disappointed and contributing to the coin’s price stagnation.
Another potential catalyst could be support from high-profile figures like Elon Musk or implementation on platforms like X (formerly Twitter). However, these figures are speculative at best and do not guarantee sustainable growth.
This article was originally published on U.Today