Ethereum (ETH) Bullish as MAs Turn Into Support, Litecoin (LTC) Price Bearish, Failing at the 200 Daily SMA
Skerdian Meta • 2 min read
Ethereum was looking pretty bullish and it was leading the cryptocurrency market for some time, before the major crypto crash in May. Even after the crash ended, Ethereum has been showing resilience, as it gained around 250% from July’s low until early September, when it broke above the $4,000 level.
The second crypto crash in September took its toll on all cryptos, and Ethereum retreated below $3,000, but nothing can keep a good cryptocurrency down. The 100 SMA (green) held as support on the daily chart during the retreat last month, and Ethereum bounced off that moving average.
Ethereum Daily Chart Analysis – The 50 SMA Turned Into Support Again Today
Ethereum bouncing off MAs on the daily chart
The price bounced off the 100 daily SMA and climbed above the 50 SMA (yellow) again, which worked as support before, and is doing the same job again now. The “ETH 2.0” upgrade in August was supposed to make transaction fees cheaper and less volatile, but the hard fork has had a limited impact.
On the other hand, rival blockchains, which are considered “Ethereum killers”, such as Cardano, Solana etc., are taking advantage of Ethereum’s challenges. But, despite that, ETHEREUM is looking bullish once again, with moving averages turning into support.
Litecoin Daily Chart Analysis – The 200 SMA Still Keeping LTC/USD Down
The opposite is happening to Litecoin. On the LTC/USD daily chart, we can see that the 200 SMA (purple) has been acting as resistance for LTC/USD since August. We have seen this crypto rise above this level twice, but both attempts at turning Litecoin bullish have failed, and the price remains below the 200 SMA.
The 200 SMA is the ultimate resistance for LTC/USD
So, this crypto remains subdued, and this moving average remains the ultimate resistance. Litecoin will be considered bullish only after it has pushed above the 200 SMA and is able to hold the gains, while this moving average turns into support. Until then, it’s too risky to buy this cryptocurrency.
But, Litecoin has its positive side, with the BRD wallet adding support for Litecoin. It considers Litecoin as one of the oldest and most reliable cryptos for payments to its users. Bitcoin has also turned bullish again today, moving above $56,000, which is pulling other cryptos up, and Litecoin is benefiting from this, but for the time being, we are staying out of Litecoin.