Shiba Inu (SHIB) has regained its position among the top 20 cryptocurrencies by market capitalization, propelled by Ethereum’s market-wide recovery. The resurgence follows a decisive bounce from a critical demand zone, signaling potential bullish momentum.
Ethereum’s price surge to around $3,835 catalyzed strength across Ethereum-based altcoins, including SHIB. Although no project-specific developments drove the token, its rebound underscores the continued influence of Ethereum’s performance on associated digital assets.
Technical analysis identified a crucial demand zone between $0.00001150 and $0.00001270 which facilitated SHIB’s recovery. This accumulation area provided sufficient stability for the asset to overcome selling pressure and climb above the $0.00001400 level.
The rebound highlights SHIB’s resilience in volatile conditions and reinforces Ethereum’s significance as a primary price catalyst for the asset. Market observers note that sustained improvement in the broader ETH ecosystem remains vital for SHIB’s ongoing recovery trajectory.