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

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The cryptocurrency market was very successful last week, with a remarkable 16% increase in the global cryptocurrency market capitalization, reaching $2.32 trillion. During this positive trend, altcoins like Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB) are among the top cryptocurrencies to watch ahead of Monday.

Top cryptocurrencies to watch this week: ETH, DOGE, SHIB - 1
ETH, DOGE and SHIB prices – March 3 | Source: Santiment

ETH surpasses $3,400

ETH is up 9.6% this week.

While Bitcoin (BTC) has captured the attention of market participants this week, Ethereum has capitalized on the rally, making substantial pushes beyond crucial psychological thresholds that had historically posed formidable challenges during its previous rallies.

At the start of the week, Ethereum started off on a positive note, posting an impressive three-day winning streak from February 26-28. During this period, the cryptocurrency overcame the psychological resistance levels of $3,200 and $3,300.

Remarkably, February 28 emerged as the most bullish day for Ethereum, with the asset surging 4.40% amid Bitcoin’s rally past $63,000. However, ETH saw a pullback on February 29 after reaching a high of $3,521. The last time ETH reached the $3,500 level was in April 2022, before the Terra-induced price drop.

After retesting $3,500 on February 29 due to increased exchange outflows, Ethereum faced intense bearish pressure, resulting in a 1.33% decline – this was the first intraday loss of Ethereum for the week. Nonetheless, a recovery push on March 1 saw ETH break through and hold $3,400.

Despite selling pressure attributed to increased exchange flows and a potentially overbought RSI, Ethereum has managed to stay above $3,400, currently trading at $3,411 at the time of reporting.

DOGE records 55% surge

While Ethereum posted a bullish week, its gains pale in comparison to Dogecoin. Notably, DOGE has become one of the most significant beneficiaries of the market’s uptrend despite starting the week at a modest price of $0.08611.

Before the recent rally, Dogecoin was in a consolidation phase, fluctuating between $0.094 and $0.076 year-to-date, with $0.09438 acting as a formidable resistance level. On February 27, DOGE successfully surpassed this threshold, reaching a high of $0.10058.

After the correction of the $0.10 resistance, Dogecoin maintained its position above the $0.094 level, ending February 27 at $0.00766 with an impressive intraday gain of 9.45%. The meme coin built on this momentum, making a substantial gain of 18.69% on February 28, surpassing the $0.11 and $0.12 levels.

DOGE maintained its uptrend until reaching a 16-month high of $0.15074 on March 2. This price represented a 75% increase from Dogecoin’s weekly opening price of $0.08611. The token faced strong resistance at $0.15, but held well above $0.14, closing the day at $0.14206.

In a notable retracement from the March 2 highs, Dogecoin saw a 6.07% decline today as the market corrects after the week-long uptrend. Despite these bearish developments, DOGE maintains a considerable 55% gain for the week, currently trading at $0.13335.

SHIB is in the list of top gainers

The crypto market has witnessed a resurgence of meme coins amid the uptrend, with Shiba Inu emerging as one of the biggest winners. SHIB began the week at the $0.000009 level, a threshold at which it had continued to trade amid the market’s previous bearish consolidation phase.

Shiba Inu was holding above $0.000009 at the time, looking to leverage the threshold as a springboard for more substantial gains when a market uptrend manifests. This plan worked out well, as the asset took advantage of Bitcoin’s rally to achieve one of the most substantial weekly gains in the market.

SHIB recorded several substantial intraday gains, with the lowest being 4.18% on February 26.

The month of March bodes well for the token as it recorded its biggest intraday gains on March 1 and 2, up 34.33% and 33.93%, respectively. SHIB eventually toppled MATIC, DOT, and TRX to become the 12th largest asset by market capitalization.

Amid these price surges, SHIB broke through the $0.00001 and $0.00002 areas, reaching a 22-month high of $0.00002390 on March 2 before witnessing a retracement. Despite the retracement, Shiba Inu retained a spot among the top 5 gainers this week, changing hands at $0.00002176 amid a 125% weekly gain.

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