- Vitalik Buterin’s tweet on making SHIB redundant sparked market speculation and volatility.
- ETH struggles at $3,300 resistance, while SHIB faces hurdles at $0.00001630.
- Both ETH and SHIB show potential for price reversals amid current market dynamics.
An X post from Vitalik Buterin has sparked significant speculation and volatility in the cryptocurrency markets, particularly for Ethereum (ETH) and Shiba Inu (SHIB). Crypto influencer Lola raised speculation over a hypothetical scenario where Buterin, co-founder of Ethereum, hinted at making Shiba Inu (SHIB) redundant within the Ethereum ecosystem.
Recent market dynamics reveal a fluctuating landscape where ETH, priced at $3,176.55, faces resistance at key levels while SHIB, currently trading at $0.00001549, grapples with its own support and resistance challenges.
ETH’s journey over the past day has been volatile, experiencing a notable decline with a 24-hour change of -5.16%. Key resistance levels at $3,349 and $3,300 present significant barriers, indicating a struggle for price escalation.
Ethereum/USD 1-day price chart, Source: Trading view
Conversely, support around $3,150 and $3,200 has offered some stability, yet the bearish sentiment persists with the RSI at 33.02, suggesting potential oversold conditions. The MACD, trading below the signal line, reinforces short-term bearish momentum.
In contrast, SHIB’s current price of $0.00001549 reflects an 8.22% decrease over 24 hours, accompanied by heightened trading volume of $282.64M. The token faces staunch resistance at $0.00001689 and $0.00001630, while finding support near $0.00001530 and $0.00001550. Despite its oversold RSI reading of 26.93, which indicates potential for a price rebound, the MACD’s upward trend above the signal line hints at emerging bullish momentum.
SHIB/USD 1-day price chart, Source: Trading view
A bullish outcome could materialize if ETH breaches the $3,300 resistance, potentially aiming for $3,349 or higher. Similarly, SHIB might see a bullish surge if it surpasses resistance at $0.00001630, aiming for $0.00001689. Conversely, a bearish turn could ensue if ETH falls below $3,150, potentially testing lower supports, while SHIB might face further declines below $0.00001530.
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