Cryptocurrency Market Faces Challenges as Ethereum, XRP, and Shiba Inu Struggle

The cryptocurrency market remains in a state of flux, with several key assets facing significant challenges. One such asset is Ethereum (ETH), which is currently trading close to its major moving averages. This indicates that bears are still in control of the overall trend.

Technically speaking, ETH is stuck below its short-term moving averages, making it difficult for buyers to establish a solid base. The market's inability to recover higher resistance zones and rising above short-term moving averages suggests that momentum is not changing.

XRP, on the other hand, is trading precariously close to the $1 mark. The asset has formed lower highs, and its price action clearly displays a bearish structure. Despite recent stabilization attempts, XRP's inability to recover higher moving averages indicates that the overall trend continues to favor downward pressure.

Shiba Inu (SHIB) is also facing significant challenges, with its price action showing a bearish structure. The asset is stuck below important moving averages and unable to establish long-term upward momentum. Recent recovery attempts have been weak and short-lived, indicating that sellers are still in control.