Ethereum News Today: Ethereum Corrects to $3,640 as Dogecoin Nears $0.20 Support Break Below

The cryptocurrency market is showing signs of volatility as major players face critical price levels. Ethereum (ETH) has seen a decline from the $3,700 resistance mark and is now trading at approximately $3,640. This movement is being characterized as a healthy correction rather than a reversal of the broader uptrend. The low bearish volume during this pullback suggests a lack of strong selling pressure, with the RSI remaining above 57, indicating that the market is not in oversold territory. If ETH can stabilize near the 20 EMA at around $3,600, it could see a rebound that pushes it back toward the $3,700 level [1].

Meanwhile, Dogecoin (DOGE) is at a crucial juncture. It has been steadily declining since hitting a high of $0.29 in mid-July and is currently under pressure to break below the $0.20 support level. The 50 EMA and 200 EMA have formed a confluence of resistance at approximately $0.213, which DOGE has failed to overcome. A confirmed move below $0.20 would be a bearish signal and could lead to further declines toward the 100 EMA at $0.19 and eventually to $0.175. Traders are advised to wait for a clear breakdown confirmation on the daily chart before taking any positions. A lack of volume during recent attempts to bounce suggests weak demand, and without a surge in buying interest, DOGE may continue to struggle in the short term [1].

Shiba Inu (SHIB) is also under pressure, trading at $0.0000121 and facing resistance at $0.0000125. The coin has not managed to break through this level and has shown signs of weakness, including declining volume and a bearish price pattern. While SHIB is not as prominently featured as ETH or DOGE in this context, its performance highlights the broader market’s cautious tone.

The current market structure suggests that traders are closely monitoring ETH for signs of strength, while DOGE faces a potential bearish scenario. Both coins are being watched for key levels that could determine the next direction of the market. For now, the data supports a continuation of consolidation for ETH and a potential breakdown for DOGE, with volume and momentum indicators playing a key role in determining outcomes. The broader crypto market remains in a state of flux, with these developments underscoring the importance of technical analysis and volume confirmation in assessing short-term trends [1].

Source: [1] Ethereum Declines While Dogecoin Prepares for Potential Break Below Key Support Level

(https://en.coinotag.com/ethereum-declines-while-dogecoin-prepares-for-potential-break-below-key-support-level/)