Ethereum Eyes Breakout as Shiba Inu Liquidity Shifts
Ethereum is nearing a potentially significant technical breakout, according to analysis from Ali Martinez. A symmetrical triangle has formed on Ethereum's 12-hour chart, which previously led to a 31% rally within three days. If Ethereum breaks above the $2,474 resistance level, it could target $3,000. Large ETH holders have withdrawn over $300 million worth of Ethereum from exchange wallets and transferred the assets into cold storage, reducing immediately available selling supply.
On-chain activity is supporting a bullish outlook for Ethereum. The asset has been trading within the $2,480-$2,510 range after recently testing an eight-month high near $2,660. Meanwhile, Shiba Inu remains one of the most liquid tokens in the Ethereum ecosystem and could benefit from further Ethereum momentum.
Exchange netflow data shows a mixed redistribution of SHIB liquidity among major exchanges. Binance recorded net outflows of $122,020, while OKX registered $199,480 in net inflows. Bybit's daily SHIB volume dropped 64.49% to about $603,100.