Ethereum, the second-largest cryptocurrency by market cap, has been on a downward trend for the past few weeks, losing more than half of its value since its peak in May. However, some signs suggest that the tide may be turning for the digital asset, as it shows signs of a possible bullish reversal.
One of the signs is the decreasing trading volume, which indicates a lower selling pressure and a potential price spike. Another sign is the decreasing volatility, which reflects a more stable and mature market and often precedes trend reversals. If Ethereum can break out of its current downtrend, it could target $1,900 as its next resistance level.
Ethereum is not the only cryptocurrency that may be poised for a reversal. Shiba Inu, a meme-inspired token that gained popularity earlier this year, also seems to have found a solid bottom and could start short-term rallies. The token has announced a new feature called Shibarium, which will allow users to burn their tokens and receive rewards in return.
These developments show that the crypto market is still dynamic and innovative, despite the recent slump. With Ethereum’s upcoming upgrade to proof-of-stake and Shiba Inu’s growing community, both cryptocurrencies could see more growth and adoption in the future.