Bitcoin May Attempt Breakout Amid Ethereum and Shiba Inu Showing Early Signs of Weakness
Main Idea
Bitcoin shows potential for a breakout above $120,000, while Ethereum and Shiba Inu exhibit signs of correction and weakening momentum.
Key Points
1. Shiba Inu (SHIB) is testing the 200-day EMA, with risks of a significant pullback if support fails; key levels to watch include $0.000014 and $0.0000135.
2. Ethereum (ETH) shows signs of exhaustion with declining trading volume and technical indicators; critical support levels are $3,682 and $3,000.
3. Bitcoin (BTC) demonstrates resilience, eyeing a breakout above $120,000, with the $114,000-$116,000 range as critical support.
4. Ethereum's validator exit queue surged to its highest level since January 2024 amid $1.92 billion ETH withdrawals.
5. The SEC temporarily suspended approval of Bitwise's 10 Crypto Index ETF, indicating continued regulatory scrutiny.
Description
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