The market takes two hits at once: smaller assets like SHIB are avoided due to risk, and larger assets like ETH and BTC are unattractive to investors due to their flawed position relative to gold.
The Lost Shiba Inu Key Level
A psychological blow that highlights just how bad the current market situation has become for the meme-inspired asset is Shiba Inu’s official addition of another zero to its price. While SHIB is now trading around $0.0000097, it has completely returned to five-zero territory after collapsing below the critical $0.000010 level following weeks of pressure and a relentless downtrend.
This decline confirms what has been worrying traders for days: the structure of the Shiba Inu has completely collapsed. The token surpassed all major moving averages, including the 50, 100, and 200-day EMAs, and lost its long-standing ascending support line that had kept it afloat since early summer.
SHIBUSDT Chart by TradingView”>
When the $0.0000115-0.0000120 zone failed to hold, a selloff ensued, causing volumes to skyrocket as panic spread across markets with a high concentration of retail buyers.
As for technical analysis, SHIB is currently in a confirmed free fall. Deep oversold conditions are indicated by the RSI falling below 35, but there is no immediate indication of reversal momentum. In the past, these types of meme asset failures typically accelerated before a significant recovery occurred.
Due to the speed of the current movement, even this range could be tested sooner rather than later. The next obvious support level lies between $0.0000080 and $0.0000085.
To make matters worse, cryptocurrency sentiment is still fragile following last week’s wave of multi-asset liquidations. Because SHIB is correlated with Bitcoin and other risky altcoins, it experiences the same macro downdraft, characterized by evaporating liquidity, increasing volatility, and fear-driven speculative flows.
The turning point of Ethereum
As its price continues to decline and approaches its 200-day exponential moving average, Ethereum 
ETHUSD is approaching a turning point that could decide whether the current downtrend continues or deepens into a correction.
With Ethereum now trading at around $3,790, it has lost almost all of its October gains and is now within $250 of the 200 EMA, which sits at around $3,550. Historically, this technical line has been one of ETH’s strongest dynamic supports, reducing losses during sell-offs in the broader market.
However, if buyers fail to maintain this level, the market could quickly move into a longer-term bearish structure. A coordinated sell-off of ETH, Bitcoin and other altcoins caused the recent collapse, driven by cascading liquidations across the cryptocurrency sector.
A notable loss of near-term momentum was indicated by the asset’s recent decline below the 50 and 100 day EMAs. Meanwhile, the Relative Strength Index (RSI) fell to the 38-40 range, indicating bearish pressure but also suggesting that ETH is approaching oversold territory, which could be a sign of a brief rebound.
Although trading volumes remain high, sellers have been the main driver of activity rather than accumulation. This implies that until more solid evidence surfaces, investors are still hesitant to return to the market.
Restoring confidence and invalidating the current breakdown pattern would require a bounce above $4,000 for Ethereum to regain ground. Ethereum could attempt a technical recovery from this area, possibly creating a local bottom if the 200 EMA at $3,550 holds. However, in the event of a breakout, a much longer decline is possible as the next support will only appear between $3,200 and $3,300.
Bitcoin on thin ice
Given that Bitcoin is floating on thin ice, the long-held $100,000 mark is now less of a distant risk and more of an inevitable outcome. After weeks of losing ground, Bitcoin has officially fallen below all of its significant short-term moving averages, including the 50-day and 100-day EMAs. The 200-day EMA, currently trading at around $108,000, now serves as its last line of defense.
At press time, Bitcoin is trading near $105,800, already falling below that important 200 EMA support level. In the past, investors have stepped in to accumulate at this level. However, this time the conviction seems weaker. Selling pressure has increased in both spot and derivatives markets, and liquidity pools below $104,000 – $102,000 are expanding, indicating that further declines may occur before a significant recovery.
There is no denying the bearish technical picture. At red candles, volume increased, which is a blatant sign of panicked exits rather than calculated buying. The current market setup places the RSI position at 42 – suggesting possible oversold conditions – cold comfort. Because traders are careful to avoid catching falling knives, the general sentiment has shifted from buying the dip to waiting for the end.
The next target is $100,000, a psychologically powerful level that is currently open if Bitcoin firmly loses its footing at $108,000. Since there isn’t much structural support between the two, the progression toward six figures is essentially free-for-all – not in a bullish sense but rather in the sense that nothing significant stops the decline. The market is about to enter the decisive phase, to put it briefly.
The trend could be saved by a strong recovery from $108,000, but if Bitcoin continues to fall, the much-anticipated test of $100,000 – this time from the top rather than the bottom – could come much sooner than expected.
