What Is the Projected Decline of ETH Price This Week? Bearish Trend Indicates Whale Accumulation for SHIB & DTX Exchange

Weakness is evident in major cryptocurrencies like Ethereum and Bitcoin following a drop in the crypto market on Monday. Ethereum’s price dropped by nearly 10% and found support near the $3,650 level. Meanwhile, Shiba Inu (SHIB) continues to face downside rejection, indicating buying interest at lower levels.

Despite the volatility, utility-driven projects like DTX Exchange have maintained momentum. The presale for DTX Exchange has reached the $10 million milestone, with crypto whales shifting their profits to the project. This accumulation suggests that DTX Exchange may bring significant returns on investment after its listing.

In terms of Ethereum’s price analysis, the cryptocurrency has faced challenges near the $4,000 level due to increased market volatility. This level is significant as it represents both an all-time high and a psychological level. After dropping from its all-time high, Ethereum’s price briefly fell below the short-term moving averages of 10 and 20 days but quickly regained strength and rose above $3,500.

Currently, Ethereum’s price has support at the 20-day moving average, while the 10-day moving average acts as a barrier. The relative strength index (RSI) has dropped to 57 from the overbought zone, indicating profit booking in Ethereum. If the 20-day moving average fails to hold the price, the immediate support is at $3,450.

Bearish sentiments are increasing as the inflow of Ethereum ETFs reaches a record high without any breakthrough past the all-time high resistance point. However, future data suggests that traders remain confident, with no expectations of further price declines. The recent drop in Ethereum’s price may have been caused by concerns about the global economic slowdown and its impact on the cryptocurrency markets.

The broader market correction has also affected Shiba Inu (SHIB), the second-largest memecoin. It has dropped over 20% from its monthly high of $0.00003344. The Fibonacci retracement indicates that the price of Shiba Inu (SHIB) faced rejection at the critical 0.618 FIB level, suggesting a continuation of the downtrend that started in March.

The decline in Shiba Inu (SHIB) coincided with a significant drop in its burn rate. ShibBurn reported that the burn rate decreased by nearly 90%, with only 413,412 SHIB coins burned. This drop followed a massive burn of 250 million Shiba Inu (SHIB) coins in a single transaction on Friday. Although over 410 trillion coins have been burned since its launch, there are still 589 trillion coins in circulation.

DTX Exchange has performed remarkably well, raising $10 million in its presale with 23,500 unique holders. This makes it the top presale of 2024. The strong performance of DTX Exchange suggests that it may conclude its presale ahead of schedule and list on Tier-1 exchanges like Binance and Coinbase.

DTX Exchange has developed the first hybrid protocol, enhancing its platform’s sophistication and competitive edge. It is also the only platform where traders can access over 120,000 instruments in popular assets such as stocks, commodities, and cryptocurrencies. With features like 1,000x leverage and distributed liquidity pools, DTX Exchange is a popular choice among traders for its efficiency in order execution.

With its unique infrastructure and potential disruption in the exchange industry, DTX Exchange has the potential to outperform Ethereum (ETH) and Shiba Inu (SHIB). Investors interested in innovative and trending sectors like crypto may consider DTX Exchange, as its Ethereum-based token is currently trading at a discounted price of $0.12.

Learn more:

– Buy Presale
– Visit DTX Website
– Join The DTX Community