VanEck Europe launched a new exchange-traded note (ETN) based on SUI today. This product is available in 15 European countries and is one of several new VanEck ETNs in this market.

Amidst this development, SUI’s price is experiencing massive spikes.

VanEck Europe’s ETN Approach

According to a new press release, asset manager VanEck’s European branch is launching an exchange-traded note (ETN) based on SUI. This product will be available in 15 European countries, several of which are not in the EU. ETNs are very similar to ETFs, but they are riskier assets with generally looser regulatory restrictions.

VanEck Europe has been on a spree of ETN activity recently. Last week, it offered a PYTH-based ETN for the same 15 countries, available through the same exchanges. In October, it also added staking rewards to its pre-existing Solana ETN, which is again in Europe. The firm’s press release did not discuss its European ETN strategy but did focus on its choice of SUI.

“In our view, [Sui] has strong growth potential, because its consistently low transaction costs make it a real alternative to older blockchains. The VanEck Sui ETN gives investors the opportunity to participate in the development of this promising blockchain network in a… comparatively simple way,” said Menno Martens, Crypto Product Manager at VanEck Europe.

Martens also praised the Sui blockchain’s scalability and user-friendly design. VanEck Europe’s CEO Martijn Rozemuller also praised its transaction speeds, calling it a bridge between Web2 and Web3. Their choice of SUI is quite timely because it’s currently enjoying an all-time high with tremendous price spikes.

SUI reached this price spike on November 12, one day before the announcement. By the next morning, however, commentators noticed several bearish signals that might indicate a deeper decline. Shortly afterwards, HIPPO, the first SUI meme coin, launched, and this helped propel a continued market interest.

Between VanEck Europe’s announcement and SUI’s first meme coin, investor hype may be able to overcome some of these ominous long-term prospects. The entire crypto market is experiencing an unprecedented series of bullish portents, and SUI is no exception. Future development may or may not shake investor confidence, but that confidence has been bolstered today.

For now, this bullish signal for SUI is just one piece in VanEck Europe’s broader ETN strategy, whose overarching goals are unclear. All these ETN offerings in the last month have concentrated within this region, and the firm may continue to launch new products.

Ethereum price started a downside correction from the $3,450 zone. ETH is now consolidating and facing hurdles near the $3,250 resistance.

• Ethereum started a short-term downside correction from the $3,450 zone.
• The price is trading above $3,120 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rise if it remains stable above the $3,120 zone.

Ethereum Price Hits Support

Ethereum price started a fresh increase above the $3,1200 resistance like Bitcoin. ETH was able to climb above the $3,220 and $3,320 resistance levels to move further into a positive zone.

It even surged above the $3,400 level and traded to a new monthly high. A high was formed at $3,445 before there was a minor pullback. The price dipped below the $3,320 and $3,250 support levels. A low was formed at $3,124 and the price is now consolidating.

Ethereum price is now trading above $3,120 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,230 level or the 50% Fib retracement level of the recent decline from the $3,340 swing high to the $3,124 low.

There is also a connecting bearish trend line forming with resistance at $3,240 on the hourly chart of ETH/USD. The first major resistance is near the $3,260 level. The main resistance is now forming near $3,320. A clear move above the $3,320 resistance might send the price toward the $3,450 resistance.

An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. Initial support on the downside is near the $3,150 level. The first major support sits near the $3,120 zone.

A clear move below the $3,120 support might push the price toward $3,050. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,880.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,120

Major Resistance Level – $3,250

Leading meme coin Shiba Inu (SHIB) has seen an 18% price drop in the past 24 hours. This mirrors the broader cryptocurrency market’s downturn, with global market capitalization falling by 5% over the same period.

An assessment of the meme coin’s on-chain and technical setup has revealed a weakening bullish momentum and a growing dominance of bearish sentiment. This indicates that SHIB may extend this downtrend. Here is how. 

Shiba Inu Loses Its Bulls

Shiba Inu’s declining open interest (OI) confirms the decrease in market activity and a waning of bullish enthusiasm among the meme coin holders. As of this writing, this stands at $82.49 million, noting a 32% fall over the past 24 hours. 

OI refers to the total number of active contracts in the futures or options market that have not yet been settled, expired, or closed out. When it falls, it is a bearish signal. It suggests that traders are closing out their positions, likely because they believe the asset’s value will continue to drop or because they want to limit losses.

This drop in OI amid falling prices, as in SHIB’s case, is a sign that bearish sentiment is strong among market participants.

Additionally, the meme coin’s Mean Dollar Invested Age (MDIA) has declined steadily since November 9, confirming the uptick in selling pressure in the market. As of this writing, SHIB’s MDIA is 877, having decreased by 1.5% over the past four days.

The MDIA tracks the average age of coins based on their dollar value. It measures how long, on average, a dollar invested in a cryptocurrency has remained idle in its current wallet address. A higher MDIA suggests that investors have kept their holdings over extended periods, while a lower MDIA means recent capital inflows or outflows.

When an asset’s MDIA falls, it suggests that older coins are being moved, indicating increased trading activity. When this happens during a period of price decline, it indicates profit-taking or loss-cutting.

It suggests a shift in market sentiment, with investors showing a greater willingness to sell their holdings. This selling activity contributes to a bearish trend as selling pressure outweighs buying pressure.

SHIB Price Prediction: Key Targets To Watch

As of this writing, Shiba Inu trades at $0.000023. Its double-digit fall over the past 24 hours has caused its price to decline toward its 20-day exponential moving average (EMA), which tracks its average price over the past 20 trading days.

The 20-day EMA acts as a dynamic support level in an upward trend. A decline towards this level means a drop in buying pressure.

However, it offers a support floor where price corrections or pullbacks often find buying interest. For Shiba Inu, its 20-day EMA forms support at $0.000020.

If the price breaks below the 20-day EMA, it indicates a shift in momentum, as the meme coin is no longer finding support at this level. This breakdown will attract further selling, as traders view it as a bearish sign, prompting them to exit or take short positions. Should the $0.000020 price level fail to hold as support, the SHIB price drop will continue to $0.000016. 

However, if the 20-day EMA provides support, SHIB’s price may resume its uptrend and attempt to reclaim $0.000028.