Ethereum & SHIB Price Drop: How Much Further Can They Fall in Today’s Market?
Ethereum Price Fall: How Much More Downside Ahead?
The Ethereum price fell to $2,318 during overnight trading on September 4, 2024, down 19% over the last ten days. This steep fall has left investors questioning how much further Ethereum could slide, with broader market sell-offs and external factors like Nvidia’s stock drop and a surge in the US Dollar adding to the pressure.
Market Trends Impacting Ethereum
Ethereum’s recent price drop wasn’t unexpected. Analysis from InvestingHaven in August 2024 predicted a period of high volatility, with key support levels outlined:
- $3,120.84: Fibonacci 25% retracement (bullish support)
- $2,555.55: Fibonacci 38.2% retracement (bullish support)
- $2,130.27: Fibonacci 50% retracement (medium support)
- $1,780.11: Fibonacci 61.8% retracement (low support)
- $1,454.11: Fibonacci 75% retracement (low support)
Current Price Analysis: Support and Resistance Levels
As of September 2024, Ethereum holds support around the $2,200 mark. This aligns with earlier predictions, but ETH is testing an important trendline that will play a major role in determining its future price direction. Currently, the price sits at the 50% Fibonacci retracement level, offering temporary support.
ETH/BTC Pairing: A Key Indicator
The ETH/BTC chart provides insight into Ethereum’s relative strength against Bitcoin. For ETH to mount a decent upward move, it needs to break above 0.05 BTC. A failure to do so will keep Ethereum’s price stagnating in BTC terms.
Market Outlook: Conclusions on Ethereum’s Price Weakness
- Expected Weakness: The current weakness was anticipated due to the market’s volatility window.
- Relative Performance: Ethereum’s performance is weak compared to Bitcoin but could stabilize.
- Support Levels: Critical support lies around $2,100–$2,200. A drop below $2,100 could signal further downside.
SHIBA Price Drops: Resilience or Further Downside?
Shiba Inu Coin (SHIB) has lost 50% of its value since June 6, 2024, but showed some resilience by only dropping 4% during overnight trading on September 4, 2024. With Bitcoin’s continued slump, the question is: Can SHIB stabilize, or is further downside likely?
Shiba Inu Coin Price Prediction: A Strategic Opportunity
InvestingHaven’s analysis marks $0.0000111 as a ‘buy the dip’ level for SHIB. As the coin approaches this key support, stabilization could lead to a bullish reversal.
Consolidation: A Pivotal Moment for SHIB
SHIB’s current downtrend suggests consolidation, which is often a precursor to an uptrend. For SHIB to turn bullish, it needs to hold support at $0.000012345 for 3–5 days, aligning with the 75% Fibonacci retracement level.
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Charting SHIB’s Future
The ongoing triangle formation in SHIB’s chart suggests that a resolution may occur by October 2024. If SHIB respects the $0.0000111 and $0.0000123 support levels, the outcome is likely bullish.
Conclusion: Navigating the Volatility in the Crypto Market
Ethereum and Shiba Inu Coin face significant challenges, but their respective support levels could prevent further downside. Ethereum’s critical support lies between $2,100 and $2,500, while SHIB must hold between $0.0000111 and $0.0000123 for a bullish reversal. Investors should focus on chart analysis rather than market noise, as these critical levels will determine future trends.