ETH, SHIB, SUI: Top cryptocurrencies to watch this week

The past week saw the most significant bullish momentum in the market since early March, as the global crypto market cap surged to $2.85 trillion.

Bitcoin led the rally, climbing 4.81% following Donald Trump’s victory in the U.S. presidential election, surpassing its previous all-time high and approaching the $80,000 mark, entering a price discovery phase.

Altcoins followed suit, contributing significantly to the overall market growth. Key performers included Ethereum, Cardano, and Binance Coin, all seeing strong price gains.

The market is experiencing broad-based gains, with Bitcoin driving the overall surge while altcoins continue to show momentum. This shift has sparked optimism across the crypto space, with investors keen on how the market will evolve in the coming weeks.

Ethereum breaches $3,000

Ethereum (ETH) capitalized on last week’s market uptrend, reclaiming multi-month highs. After a brief dip of 2.8% on November 4, ETH surged by 27.3% over the following days, with the majority of gains occurring on November 6 following Donald Trump’s election victory. ETH soared 12.49% on that day, marking its largest intraday gain in three months, which helped it break through key resistance levels, including the $3,000 mark and the upper Keltner channel.

By the end of the week, Ethereum had closed above $3,100, positioning itself in an overbought region. However, the bullish momentum could still continue, with potential pullbacks to support at $2,981 if the buying pressure weakens. The Relative Strength Index (RSI) surged to 75.62, confirming an overbought condition, yet still leaving room for further growth if the bulls maintain control. Ethereum’s next major resistance level lies at $3,396.

Shiba Inu spikes 21%

Last week, Shiba Inu (SHIB) saw a remarkable 21% rally, marking its most bullish weekly performance in over a month. This surge was part of a broader market uptrend, with SHIB finally breaking through the psychological resistance at $0.00002 on November 9, the first time it had done so in nearly a month. The meme coin ended the week at $0.00002050, holding above this level.

The rally was fueled by a bullish crossover on SHIB’s MACD indicator on November 6, signaling the potential for continued upward momentum. Although SHIB consolidated for two days after the crossover, it resumed its rise and is now trading above $0.000022.

The next major resistance for Shiba Inu is the June peak at $0.00002622. On the downside, SHIB’s immediate support is found at the 23.6% Fibonacci level around $0.00002157, with further support at $0.00002055, just above the key $0.00002 level.

SUI claims new ATH

Although altcoins are still far from their peak values, Sui (SUI), the native token of the layer-1 blockchain, has managed to hit a new all-time high, aligning with Bitcoin. Recently, it reached $3.14, surpassing its previous peak of $2.36.

On November 9, SUI surged by a remarkable 20%, breaking into the $3 range for the first time since its launch. As the week progressed, it touched a new record of $3.14 before pulling back slightly to around $3.1. This upward movement has been consistent, as the token has been forming higher lows.

Currently, the Stochastic Momentum Index (SMI) is at 79.1, suggesting that Sui is approaching overbought territory.

Investors should monitor the $2.75 support level in case of a potential pullback.