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ETH, HBAR, and SHIB Price Outlook: Bulls or Traps?
The cryptocurrency market is currently experiencing a mix of trends as Ethereum (ETH), Hedera (HBAR), and Shiba Inu (SHIB) face crucial tests. While ETH’s historical February gains and rising on-chain activity suggest upside potential, the ETF outflows remain a significant risk factor. On the other hand, HBAR’s upgrade and accumulation support could lead to a rebound, but a loss below $0.287 may trigger a drop.
HBAR, which is currently trading at $0.3142, has formed a falling wedge pattern, often considered a bullish setup. A breakout above resistance could propel the token towards a 50% rally, with Fibonacci retracement levels indicating potential targets of $0.40 and $0.49. The RSI remains neutral, leaving room for further upside, while the MACD signals a buy.
In contrast, SHIB is under renewed selling pressure, reflecting a decline in large transactions. Data from IntoTheBlock reveals a 61% drop in whale activity, with large transactions plummeting from 353 to 136 within 24 hours. The total volume transferred by whales also fell by 55%, from 6.81 trillion SHIB to 3.05 trillion SHIB, signaling waning investor confidence.
Despite this, SHIB’s open interest remains strong, suggesting some investors still expect a price surge. CoinGlass data shows 18.24 trillion SHIB ($334.44 million) locked in open positions, with Gate.io holding the majority of that amount at 81.03% ($271.03 million). However, a death cross looms as the 50-day SMA nears a crossover below the 100-day SMA, indicating potential downside risk.
The price outlook for each cryptocurrency is as follows:
ETH: The Ethereum price is expected to continue its upward momentum, but ETF outflows remain a significant risk factor. A failure to break through the $2,400 resistance level could lead to a pullback.
HBAR: As previously mentioned, HBAR is forming a falling wedge pattern and has shown accumulation signs in the form of on-chain data. The token’s short-term outlook appears bullish, with the potential for a 50% rally if it can break above resistance.
SHIB: Despite SHIB’s open interest remaining strong, the bearish trend is likely to continue unless $0.000018 (the 0.5 Fib extension) breaks on a large scale. Losing this level could trigger a drop towards the 1.618 Fib extension at $0.00000779.
For now, the current price trends and on-chain data suggest that investors should proceed with caution when considering long positions in these assets.
Source: coinchapter.com
