Shiba Inu rebounds on seller fatigue as Ethereum tests $1,900 resistance
In brief
- Shiba Inu recovered 1.7% to $0.0000114 after July lows amid reduced selling pressure.
- SHIB rebound driven by seller fatigue, not fresh bullish catalysts or aggressive buying.
- Ethereum trades near $1,870, testing 200-day moving average resistance around $1,936.
SHIB's Technical Setup
SHIB remains below all major moving averages, with the 50-day EMA hovering near $0.0000118. The relative strength index (RSI) has recovered from oversold territory and is approaching the 42 level, signaling that the immediate downside pressure has eased. Resistance sits at $0.0000118 and $0.0000120, but these levels have turned into contested zones rather than firm barriers.
The underlying trend remains bearish. Selling pressure that dominated in June and early July has loosened its grip, but SHIB hasn't broken into a sustained recovery. Instead, the token appears to be establishing a short-term base following its protracted decline. Trading volume hasn't spiked, suggesting the market is consolidating rather than building momentum for a larger move.
Ethereum's Momentum Test
Ethereum is in a different position. The network token has recovered from lows near $1,550 and climbed back toward $1,900, currently trading around $1,870. It's established a series of higher highs and higher lows throughout July, a pattern that suggests building confidence.
The 50-day and 100-day EMAs have moved into support around $1,796 and $1,732 respectively, and ETH's recovery has been bolstered by growing momentum. The real test comes ahead. Ethereum is now testing its 200-day moving average near $1,936, a level that's acted as resistance repeatedly throughout 2025. Breaking above this zone would signal a shift toward more sustained upside.
