The Shiba Inu price has crashed this year, erasing billions of dollars in value. SHIB has dropped, falling below $0.000015 due to the ongoing meme coin sell-off, the performance of Ethereum, and the woes surrounding Shibarium, its layer-2 network. So, how high can the Shiba Inu coin price surge if Ethereum rebounds to $4,000?
Can Ethereum Hit $4,000?
Ethereum has continued moving further away from the key psychological point at $4,000. It has plunged by over 35% from that level while continuing to underperform compared to top peers like Bitcoin, BNB, and Mantra.
The Ether price has plunged for several reasons, including the rising competition in the layer-1 industry, competition with layer-2 chains like Base and Arbitrum, and its waning reputation. Spot Ethereum ETFs have not been highly successful, as they have attracted just $3 billion in inflows.
Technicals suggest that Ethereum price has more downside to go as it has formed a death cross, a rising wedge, and a bearish pennant chart pattern. This price action points to further downside, with the next price to watch being at $2,166, its lowest level this month.
On the positive side, Ethereum social sentiment score and MVRV indicators have retreated, indicating ongoing weak sentiment. This suggests that the coin may catch many investors off guard and stage a comeback to $4,000.
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How High Can Shiba Inu Price Get if ETH Hits $4,000?
The weekly chart shows that the SHIB price has been in a steady downward trend in the past few weeks. It has now bottomed at $0.00001261, which coincides with the lowest swing on August 5 last year. That is a sign that it has formed a double-bottom pattern whose neckline is at $0.00003326, its highest swing in December.
Therefore, if this pattern is indeed a double-bottom pattern, the SHIB price will likely rebound and retest the neckline at $0.00003326. Such a move would signal a 135% surge from the current level. That rebound will be boosted if Ethereum soars to the key resistance at $4,000.
However, there is a risk that the Ethereum price will have a strong bearish breakdown, especially if it loses the double-bottom point at $0.0000126. Such a move will point to more downside, with the next support point being at $0.0000059, its lowest point on June 5.
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