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This correlation can be attributed to investor psychology, where confidence gained from Ethereum's gains spills over to other crypto assets, coupled with Ethereum's foundational role in supporting numerous projects and decentralized applications.The potential for a bull market in the wider cryptocurrency space is underpinned by Ethereum's role as a market leader. As ETH breaks through key resistance levels, it could set a precedent for other digital assets to follow.
Turning to the daily chart, the price of SHIB has recently made a bullish crossing over of the 50-day and 100-day EMAs, shown in blue and red, respectively. This crossing can typically be interpreted as a bullish signal. However, the price encounters resistance every time it tries to advance further, aligning with the 200 EMA. The recent trading volumes show sporadic spikes but lack consistent growth, echoing the hesitation on the market.
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