Ethereum bounced off 50-day SMA support today, aiming for a break to the $ 4,000 level. Another coin with good weekly performance, Shiba Inu, climbed above $ 0.00002 and is successfully holding at $ 0.000027.
As we can see, Bitcoin has not slowed down the uptrend since the breakdown of the $ 44,000 level at the end of September, therefore, its consistent upward movement has a positive effect on the altcoin market, including Ethereum and Shiba Inu.
Ethereum
On Friday, Ethereum topped the $ 3,600 mark, which forced investors to get used to the idea of trading around $ 4,000. However, along with the Bitcoin pullback, ETH experienced a correction, which forced the bulls to seek refuge in the 50-day simple moving average (SMA).
At the time of writing, Ether has reversed an uptrend and broke the $ 3603 barrier. A daily close above this level will surely strengthen the bullish activity in the market and trigger a ripple effect with a landing in the $ 4000 zone.
All short-term technical indicators on the daily chart are overtly bullish. The 50-day SMA is a serious support, however, a drop to $ 3,200 will play into the hands of the bulls, as this level will become a point of mass entry for investors.
Shiba inu
After recovering above $ 0.00002 last week, Shiba Inu is currently hovering around $ 0.000027. In this situation, it is critical to break the $ 0.00003 level and it looks like the bulls are struggling to overcome this important barrier.
The current trend hints at the next rise to $ 0.000035. The MACD buy signal has remained unchanged since early September, while the RSI is strengthening the bullish sentiment.
Support at the $ 0.0002 level is still critical for the continued bullish move, reinforcing hopes for a rally towards $ 0.000035 and $ 0.00004. In the event of a decline, including to $ 0.00002, we will have good conditions for a quick pullback.