Altcoins such as Ethereum, XRP, and SHIB are facing significant pressure following a recent decline in prices. Ethereum is struggling to maintain support above $1,600, XRP shows signs of underperformance, and SHIB is near a critical breakdown level. Current technical analysis suggests bearish trends for all three assets, raising concerns about their potential for recovery amidst ongoing macroeconomic uncertainties.
Altcoins like Ethereum (ETH), XRP, and Shiba Inu (SHIB) are experiencing notable pressure following a robust start to Q1. The recent downtrend began as Ethereum breached critical price support levels around $1,600. SHIB approaches another significant drop, while XRP struggles to maintain momentum relative to Bitcoin. All three assets exhibit bearish trends, leading traders to question whether recovery is feasible or if further declines are unavoidable.
Ethereum’s recent performance shows weakness, having lost the key support range of $1,570 to $1,600, a historical rebound zone. Currently priced at approximately $1,574, ETH has suffered a nearly 4% decline over the past day, albeit with a prior 10% surge last week. Rising macroeconomic uncertainties and increasing ETH futures inflows compound concerns about sustaining levels above $1,500 in the short term.
Technical analysis signals a bearish outlook for Ethereum, with the token trading beneath critical exponential moving averages (EMAs) including the 26 EMA, 50 EMA, 100 EMA, and 200 EMA. This persistent downward trend negates any short-term bullish expectations and raises the possibility of a further drop towards $1,500 or even $1,200 if the bearish momentum persists.
XRP continues to lag despite an initially promising year. It remains constrained within a descending channel due to multiple failures to surpass the 26 EMA. The relative strength index (RSI) remains neutral, portraying market indecision amidst low trading volume, suggesting weak market interest. To signal potential recovery, XRP must close above the 26 EMA with substantial volume support to avert stagnation or a deeper decline.
SHIB’s price is precarious, currently hovering at $0.00001168 with ongoing failures to establish stable support. The major EMAs are trending downward, and recent rejections at $0.00001270 further consolidate its bearish trend. Should SHIB dip below $0.00001050, a retest of the crucial psychological level at $0.00001000 may occur.
However, optimism lingers; a swift rebound may be catalysed by positive news or a broader market recovery. For SHIB, reclaiming the range between $0.00001200 and $0.00001270 with high trading volume could reignite bullish momentum. Conversely, XRP’s recovery depends on breaking above its established downtrend line.
The immediate future holds critical implications for these altcoins. Should Ethereum fail to regain its former support, significant price drops may follow. XRP requires breakthroughs above its short-term EMAs, while SHIB must reinforce its position above $0.00001200 to redirect its bearish trend. With declining overall trading volumes amid increasing macroeconomic challenges, the outlook remains uncertain yet not entirely devoid of hope.
While Bitcoin maintains its dominance, altcoins continue to struggle with notable declines in Ethereum, XRP’s sluggish performance, and SHIB’s vulnerability. Experienced investors recognise the potential for rapid shifts in sentiment and market movements. For now, the prevailing trend favours bearish conditions, with traders advised to adopt patience until Ethereum stabilises or clearer market signals arise.
