Ethereum recovers towards 3000-3500 level

By August 5, 2021DeFi
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As per Elliott Wave analysis ETHUSD is making a bigger recovery ahead of hard fork, ideally an A-B-C flat correction into a higher degree wave B. But, we are already tracking final stages of wave C of B that can find the resistance around 3000, maybe even 3500 area, from where we should be aware of strong bearish reversal back to lows for a higher degree wave C

ETH/USD 4h Elliott Wave analysis chart

ETHUSD

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  • Shiba Inu price continues to traffic in a descending parallel channel, finding support along the midline.
  • SHIB price range continues to contract, pressing Bollinger Bands and signaling an immediate move.
  • May 19 of $0.00000607 maintains support as indecision dominates price action.

Shiba Inu price has failed to resolve the depressingly tight price action or the descending parallel channel, testing SHIB investor patience and the durability of the May 19 low support. The building contraction in price, verified by the tightening of the Bollinger Bands, indicates that the digital token is preparing for a sharp move that may resolve the channel pattern and establish a new, definitive trend.

Shiba Inu price churn wearing on investor’s patience

Shiba Inu price closed last week with a loss of -0.79%, marking the lowest weekly close for SHIB since the beginning of May and leaving July with a -29.14% loss. The lack of commitment and emotion for the newer cryptocurrency reflects the interests of investors for established digital assets and the paralyzing lack of FOMO that directed many cryptocurrencies, including SHIB, earlier in the year.

Due to the paralyzation of Shiba Inu price action, the Bollinger Bands on the daily chart have compressed tightly around SHIB, communicating that the meme token is approaching a sizeable move.

The obvious inflection points for the Shiba Inu price are the May 19 low of $0.00000607 on the downside and the 50-day simple moving average (SMA) at $0.00000717 on the upside. The importance of the May 19 low grows with every session as SHIB shifts sideways above $0.00000607, playing a balancing act, as it avoids registering a daily close below.

A daily Shiba Inu price close below the May 19 low, the descending parallel channel’s midline at $0.00000558, and the June 12 low of $0.00000550 would immediately boost the probabilities that Shiba Inu price will pursue a test of the channel’s lower line, now at $0.00000325. A fall of that magnitude would carry a -40.91% loss for stubborn SHIB investors.

SHIB/USD daily chart

SHIB/USD daily chart

Conversely, a daily close above the declining 50-day SMA at $0.00000717 would introduce new possibilities for Shiba Inu price, including a breakout from the upper line of the descending parallel channel at $0.00000797 and a march to the May 24 and May 20 highs at $0.00001214 and $0.00001204, respectively. A rally to $0.000001214 would reward SHIB investors with a 69.32% gain from the 50-day SMA.

In the current structure, Shiba Inu price is not actionable below the 50-day SMA. After a sustained period of price churn, SHIB must clarify its directional intentions with a conclusive close above or below the vital price levels stated above.

Here, FXStreet's analysts evaluate where Shib could be heading next as it seems bound to advance further.

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A brief technical and on-chain analysis on ICON price. Here, FXStreet's analysts evaluate where ICX could be heading next as it looks ready to continue surging.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

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