Ethereum Breaks Critical Resistance as Bitcoin Rally Intensifies; Shiba Inu Eyes Recovery

Ethereum Crosses Major Technical Barrier

Ethereum has posted one of its most significant technical advances in recent months, climbing from below $2,000 to approximately $2,496. The breakthrough from an extended trading range between $1,850 and $1,950 marks the most noteworthy development, as ETH had remained trapped below $2,000 throughout July and August. The asset has now reclaimed all major moving averages, with the long-term average around $2,140 decisively broken through. This recovery has restored shorter-term moving averages at $1,934, $1,974, and $2,082, which now provide meaningful support below current price levels.

The move carries substantial conviction, with one of the largest volume spikes since February accompanying the initial breakout candle, indicating genuine market participation rather than thin liquidity. However, the rapid 30% advance has created some near-term challenges. Daily momentum indicators show Ethereum in overbought territory with the RSI reaching approximately 80, and the lack of support built between $2,150 and $2,400 during the rally suggests consolidation or a pullback may be natural before further gains. Current resistance sits at $2,500–$2,550, with potential levels above at $2,600, then $2,700–$2,800 before the $3,000 target becomes accessible. To maintain the bullish structure, ETH should defend the $2,400 level on shallower pullbacks, with the critical structural support zone at $2,140–$2,200.

Bitcoin Surges Toward $80,000 Amid Broad Recovery

Bitcoin has staged a dramatic comeback, surging from the $63,000–$65,000 consolidation range to trade near $78,700. The breakout has been accompanied by significant volume and pushed the asset through multiple moving averages, most importantly the long-term moving average at $71,765, which had functioned as resistance throughout the summer months. This recovery represents a material improvement in the medium-term technical picture.

Yet like Ethereum, Bitcoin has advanced nearly 10% above its long-term moving average without establishing substantial support in that zone, and daily momentum is stretched with the RSI hovering around 82. The first support area lies between $76,000 and $77,000, corresponding to the consolidation pause after the initial vertical move. Should this hold, Bitcoin could challenge $80,000 and potentially reach the May high near $82,000. A deeper correction would likely target the $71,000–$72,000 range around the long-term moving average, providing an opportunity for a structural retest. Below that, the $67,000–$68,500 cluster offers additional support. A move toward $70,000 need not invalidate the broader comeback, especially if it results in a more robust technical structure after the sharp $64,000-to-$80,000 advance.

Shiba Inu Consolidates Near Resistance

Shiba Inu is demonstrating that its recent recovery may still have runway, despite facing resistance near its long-term moving average. The token has surged from approximately $0.00000445 to momentarily reach $0.00000620, quickly piercing short and medium-term moving averages with substantial volume. However, the long-term moving average at $0.00000574 has proven challenging, with the token producing a long upper wick and correction after briefly trading above it. Main resistance now sits between $0.00000570 and $0.00000600. SHIB currently trades near $0.00000543, having retained most gains from its latest breakout, with support near the orange moving average around $0.00000494.

As Bitcoin and Ethereum establish themselves above critical long-term moving averages, this renewed strength across major cryptocurrencies could expand liquidity and capital flow throughout the broader crypto ecosystem, benefiting alternative assets and emerging layers.

Source: U.Today. Not financial advice.