Foreign media reports that as ETH approaches a key resistance level, there are clear signs of capital reallocation in the spot market for Shiba Inu ( SHIB ). The net flow directions of several major exchanges have diverged, and the market is also watching whether the breakthrough pace of ETH will lead to an increase in the activity of related tokens.
ETH Approaching key resistance level
Reports quote analysts as saying that a symmetrical triangle has formed on the 12-hour chart of ETH. If the price breaks above $2,474, subsequent target levels could be around $3,000.
On-chain data is also used to support this judgment. The article states that before this pattern formed, large holders had transferred over $300 million ETH from exchange addresses to cold wallets. After the supply from exchanges decreased, the price of ETH has currently remained in the range of $2,480 to $2,510, having previously reached a high of $2,660, which is the highest level in nearly eight months.
SHIB Divergence in Exchange Flows
In the spot market, SHIB / USD is currently trading in the range of $0.00000513 to $0.00000527. Reports indicate that its daily relative strength indicator ( RSI ) is at 52.14, which is in a neutral area.
From the daily net flow on major trading platforms, Binance and Coinbase show net outflows, while OKX and Bybit record net inflows. This indicates that the liquidity distribution of SHIB is changing; some of the holdings may be转向 long-term storage, while another portion is flowing into other platforms.
- Binance Had a net outflow of $122,000
- Coinbase Net outflow of $156,100
- OKX and Bybit had net inflows of $199,500 and $93,800 respectively.
Trading volume is still concentrated in Binance.
The report also states that the current spot liquidity of SHIB is still mainly concentrated in Binance, with a daily trading volume of about 2.31 million US dollars. In contrast, the daily trading volume of Bybit has decreased by 64.49%, to about 603,100 US dollars.
The article argues that SHIB maintains a high level of liquidity within the ERC-20 ecosystem over the long term. As such, during the upward phase of ETH, it is often utilized by some traders as a more resilient associated asset. Following this logic, if SHIB breaks below the support level of $0.00000500, or if ETH fails to hold its current triangular range, the short-term strong momentum may slow down.
