Ethereum, Litecoin Price Prediction – ETH/USD Faces the 20 Daily SMA, LTC/USD Faces the 200 SMA Above
Skerdian Meta • 2 min read
It seems like the bearish momentum in the crypto market has come to an end, as buyers try to get the situation under control. After the big crash on Tuesday last week when El Salvador adopted Bitcoin as national currency, the sentiment in the cryptocurrency market remained bearish. Although, most major cryptos stopped making new lows and now they are turning higher.
Ethereum Analysis – ETH/USD Heading for $4,000 Again, After $3,000 Holds
Ethereum bouncing off the 50 SMA on the daily chart
Ethereum was looking quite bullish after the decline in the crypto market ended in July, gaining more than 200% in value, while BITCOIN was lagging behind, as Ethereum 2.0 rolls out. ETH/USD pushed above the $4,000 level for a moment and was trading just below it after some profit-taking before the crash came last week.
Although, the decline stopped just above the support level at $3,000. The zone surrounding that area is a strong support area, which held for several days, helped by the 50 SMA (yellow) as well. That moving average is pushing the lows higher, so the situation is looking better now for Ethereum, although the 20 SMA (gray) remains above at the moment, so buyers will have to push above it to target $4,000 again next.
Litecoin Analysis – LTC/USD Trying to Break ABove the 200 SMA
Litecoin bouncing off the support area above $160
Litecoin was quite bullish as well until Tuesday last week, particularly in the first week of September. It surged higher to $230s, after breaking the 200 SMA (purple) on the daily chart, which is now acting as resistance once again for LTC/USD .
But the crash came and the price fell below that moving average again. Although, the support above $160 held, helped by the 50 daily SMA (yellow) like in Ethereum and it is pushing the lows higher here as well. We saw a spike on Monday in this crypto, after rumors that Walmart was going to accept Litecoin as a means of payment. But. that was a hoax and Litecoin dived back down.
Although, we booked profit on our LTC/USD buy signal, which we had opened at the support zone before. Now, buyers are having another go at the 200 SMA as the price crawls higher. So, the bearish momentum seems over in Litecoin as well and if it moves above the 200 SMA soon it would be a good signal to buy this crypto.