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The formation of a major technical pattern on Ethereum (ETH) has begun to influence the performance of related highly liquid assets in the ERC-20 ecosystem.
As ETH prepares to break through resistance, the Shiba Inu (SHIB) spot market has recorded an unusual redistribution of capital among major players, confirming the token's status as the main proxy asset of the current market cycle.
A symmetrical triangle has formed on Ethereum's 12-hour chart. According to Ali Martinez's analysis (Ali Charts), the previous breakout from a similar formation drove a 31% gain in three days. A breakout above resistance at $2,474 would put the projected target at $3,000.
On-chain statistics support the technical picture: immediately before the pattern formed, large holders withdrew more than $300 million in ETH from exchange addresses to cold wallets. Against the backdrop of declining supply, the coin is holding within the $2,480–$2,510 range after testing an eight-month high of $2,660.
The beta factor: Why Shiba Inu remains the Ethereum ecosystem's main "leverage" asset
On the spot market, SHIB/USD is holding within the $0.00000513–$0.00000527 range, while the relative strength index (RSI) on the daily timeframe stands at a neutral 52.14. As the underlying network builds momentum, daily netflow data from major regulated platforms has recorded structural changes in the token's liquidity as per CoinGlass:
- Capital movements: Net outflows were recorded from spot wallets on Binance (-$122.02K) and Coinbase (-$156.07K), indicating withdrawals for long-term storage. Meanwhile, OKX (+$199.48K) and Bybit (+$93.82K) recorded net inflows.
- Trading volumes: The bulk of spot liquidity remained concentrated on Binance ($2.31M), while daily trading volume on Bybit fell 64.49% to $603.10K.
Shiba Inu's historically high liquidity within the ERC-20 ecosystem makes the token a natural "leverage" asset when traders take profits from Ethereum's price movements.
For the local bullish scenario to remain intact, SHIB must hold above the $0.00000500 support zone, while Ethereum must maintain its position within the boundaries of the 12-hour triangle.
Arman Shirinyan
Dan Burgin
