Shiba Inu (SHIB) has experienced a notable shift in its upward momentum as it attempts to retest the $0.00003 mark, encountering a significant obstacle along the way. Insights from crypto analytics provider IntoTheBlock (ITB) shed light on the key resistance levels and price volumes influencing SHIB's price action.

According to ITB data, Shiba Inu's break-even average price currently stands at $0.000025, with a substantial volume of 72.96 trillion SHIB concentrated at this level. Approximately 5.13% of SHIB addresses, totaling 68,620, are situated at this break-even point.

As SHIB aims to advance further, it faces a formidable resistance zone within the price range of $0.00003 to $0.000036, with an average price of $0.000033. This resistance level is characterized by a significant concentration of addresses, with a total of 140.13K addresses holding 19.44 trillion SHIB within this range. This resistance zone is deemed crucial in SHIB's journey towards surpassing its all-time high (ATH).

The potential impact of the 140,000 addresses accumulated within this resistance zone should they decide to sell when their holdings become profitable could lead to continued price pressure. Despite this resistance, the Shiba Inu ecosystem predominantly comprises addresses in profit, with 827,480 addresses, representing over 61.82% of the total, currently "In the Money."

Despite the retracement observed in SHIB, it remains one of the most ambitious altcoins within the crypto market, originating as a meme coin project and subsequently undergoing significant developments. With a market capitalization of $15.09 billion, SHIB currently ranks as the 12th largest asset, trading at a price of $0.00002557.

While SHIB's retracement may be viewed as a temporary setback, it occurs amidst a broader bullish sentiment driven by anticipation surrounding the approval of a spot Ethereum ETF by the SEC. While the approval has yet to be granted, the market optimism surrounding this prospect is benefiting SHIB and other cryptocurrencies alike.