Cryptocurrencies Price Prediction: Shiba, Ethereum & Bitcoin – European Wrap 5 January – FXStreet
FXStreet Team
FXStreet
Shiba Inu’s (SHIB) price took a surprising route in the first trading days of 2024, defying expectations of a bullish start to the year. Not only has it dipped on the charts, but the meme coin has also nearly invalidated a major bullish reversal technical pattern, increasing concerns of further downside ahead for the investors of this cryptocurrency.
Ethereum (ETH) price is attempting a recovery bounce that could kickstart a run-up to new yearly highs. Supporting on-chain and technical indicators add credence to this bullish ETH outlook. 
Bitcoin price, a day the crash, has nearly recovered, thanks to the investors realizing the FUD behind the incident. On the other hand, the reason behind the FUD was also debunked as spot BTC ETF applicants took another step forward in reassuring users awaiting approval from the Securities and Exchange Commission (SEC).
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Bitcoin price has remained largely unchanged, merely falling to $42,500 during the intra-day lows. Nonfarm Payrolls in the United States rose by 216,000 in December against the expectations of 170,000.
Shiba Inu price nearly broke through the barrier that could have triggered a 34% rally but failed to sustain the bullish momentum. The meme coin posted a double bottom or ‘W’ pattern on the weekly time frame, suggesting a bullish Q1.
Ethereum (ETH) price is attempting a recovery bounce that could kickstart a run-up to new yearly highs. Supporting on-chain and technical indicators add credence to this bullish ETH outlook.
Bitcoin price climbed back 3% on Thursday after falling below $41,000 yesterday owing to the Matrixport FUD. In the last two days, VanEck, Grayscale and Fidelity have filed for registration of securities with the SEC.
Bitcoin (BTC) price remains within the weekly supply zone, with a bold attempt to shatter its mean threshold proving premature. It comes amid an overly cautious market spot and perpetual traders both waiting to play their hand after a decision from the US Securities and Exchange Commission (SEC) regarding spot BTC exchange-traded funds (ETFs).
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