This week Ethereum (ETH) has pushed through its 200-day moving average on the two-day chart, flashing one of its most reliable continuation signals. But at the same time, its most prominent meme proxy, Shiba Inu (SHIB), is just behind. Though not for long, if the charts hold true.

SHIB is currently up 9.13%, approaching its own 200-day moving average on the same two-day time frame.

At press time, SHIB was trading at $0.00001522. The last time Ethereum broke above this long-term resistance, it triggered a multi-week vertical rally. The same setup appears to be forming under SHIB's surface.

Right now, the token is on a clear upward trend, with an increase in trading volume. This is often a sign that a bigger price movement is about to happen.

SHIB's dominance on the Ethereum network is unrivaled, with a market cap of $8.97 billion. Despite new meme entrants and L2-native contenders rising, SHIB continues to serve as a de facto barometer of Ethereum-based risk appetite, essentially acting as a high-beta proxy for ETH's speculative tailwinds.

This proxy narrative seems to be gaining traction again. Ethereum has already cleared its final pre-$4,000 resistance level, reaching $3,750. While SHIB has yet to confirm a similar breakout, it has closed the gap between its 50-day and 200-day lines.

If this crossover occurs, the next zone to watch for SHIB sits around $0.00001698, with a clear path toward $0.0000205 if volume and ETH strength persist.

SHIB doesn't need to lead the rally, but it's poised to follow in Ethereum's footsteps. Historically, when ETH makes a decisive move, its shadow assets don’t stay quiet for long.