Ethereum, Cardano and Shiba Inu – European Wrap 30 August

Ethereum (ETH) is consolidating in its price action. Price is getting squeezed in from both sides by buyers and sellers. The highs are getting lower, and the lows are getting higher. A breakout looks imminent, and it will be critical to see if ETH can run up again toward the higher boundary at $3,391.


ETH/USD daily chart

As non-fungible token creators consider minting NFTs on Ethereum “unfeasible” due to high transaction costs, Cardano offers a viable and low relative cost alternative on its mainnet. 

Shiba Inu has presented a clear downtrend since its local top at $0.00000947 on August 17. SHIB has painted a bearish outlook with a governing technical pattern that suggests the canine-themed cryptocurrency still faces the risks of a 7% drop from the current level. 

More pain yet to come for SHIB