Ethereum (ETH), $300 Million Major Movement...Shiba Inu (SHIB) Shows Mixed Flows

▲ Ethereum (ETH), Shiba Inu (SHIB)/AI-generated image

As Ethereum (ETH) aims to break past $3,000, Shiba Inu (SHIB) experienced mixed fund flows across major exchanges.

According to crypto media outlet U.Today on September 14 (local time), a symmetrical triangle pattern has formed on Ethereum's 12-hour chart. Crypto analyst Ali Martinez noted that a similar pattern breakout in the past led to a 31% surge in three days. This time, if it breaks past the $2,474 resistance, $3,000 is set as the target price.

On-chain flows also indicated a decrease in Ethereum supply. Large holders moved over $300 million worth of Ethereum from exchanges to cold wallets just before the pattern formed. Ethereum previously tested its 8-month high of $2,660.

For Shiba Inu, the direction of net inflows varied significantly across major exchanges. Binance saw a net outflow of $122,020, and Coinbase experienced a net outflow of $156,070. Conversely, OKX recorded a net inflow of $199,480, and Bybit saw a net inflow of $93,820. U.Today interpreted the net outflows from Binance and Coinbase as a signal of withdrawals for long-term holding purposes.

Spot trading liquidity was most concentrated on Binance. Binance's daily Shiba Inu spot trading volume reached $2.31 million. Bybit's trading volume decreased by 64.49% to $603,100. The daily Relative Strength Index (RSI) was 52.14, indicating a neutral zone.

U.Today analyzed that Shiba Inu needs to maintain the $0.000005 support level to sustain its upward trend. It also pointed out the importance of Ethereum maintaining its 12-hour symmetrical triangle range. The attempted breakout of Ethereum, along with the reallocation of Shiba Inu funds observed on major exchanges, has emerged as a key observation point in the market.

[Article Key Summary]

-Ethereum has formed a symmetrical triangle pattern, which could target $3,000 if it breaks past the $2,474 resistance.

-Large holders moved over $300 million worth of Ethereum from exchanges to cold wallets.

-Shiba Inu saw net outflows from Binance and Coinbase, while recording net inflows on OKX and Bybit.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*