The decline in Cardano and Ethereum has stalled

Litecoin, Ethereum Price Prediction – Bullish Momentum in LTC, New Highs for ETH

Posted Wednesday, November 3, 2021 by
Skerdian Meta • 2 min read

The cryptocurrency market turned quite bullish in October, as Bitcoin pushed to new highs above $65,000, pulling the whole market up with it. In the past week, we saw a retreat and a consolidation before the next bullish move higher, and it seems like the bullish move has already started this week. The cryptocurrencies that were bullish before, such as Ethereum, have turned even more bullish, making new highs, while the ones that were showing weakness, like Litecoin, have started to make some decent gains too, so let’s have a look at these two cryptos.

Litecoin Daily Chart Analysis – Moving Comfortably Above the 200 Daily SMA

Litecoin has been showing weakness since the crash in May, when it tumbled lower, losing nearly 80% in value. Other cryptocurrencies have been bullish since late July and have made new highs, while Litecoin is a long way away from the highs of May at $417 or the highs of 2017-18 at $420.

The 20 SMA is turning into support for Litecoin now

The 200 SMA (purple) has been keeping this cryptocurrency down, with the price reversing below it pretty quickly. So the price action was suggesting that LTC/USD belongs below the 200 daily SMA. But now it has moved decidedly above that moving average, and it is trading comfortably above it.

The development side is slow for LITECOIN, but there have been some positive moves. CommBank will provide access for its customers to select cryptos, such as Litecoin, for investments via applications. Litecoin is gaining ground in consumer finance as well, but not via Walmart, as the rumour in September suggested. Litecoin has partnered with Visa for a Liteocin Visa card, which has sent transactions to an all-time high of 140K. But, the main reason for this bullish move is the positive sentiment in the crypto market right now.

Litecoin Daily Chart Analysis – Moving Comfortably Above the 200 Daily SMA

Ethereum is not looking back anymore

The bullish momentum in the crypto market is helping the bullish cryptos in particular. Solana made a new high yesterday, while Ethereum is trading comfortably above $4,500, which is also a new high. Goldman Sachs sees the Ethereum price going up to $8,000 in two months. Other analysts see the impulse move sending Ethereum up to $14,000. While we can’t deny the bullish momentum in ETH/USD , we can’t predict what the price will be at the end of the year. All we can say is: buy the pullbacks and hold.

The Ethereum 2.0 or London Hard Fork has been going well, with the Altais upgrade going live 5 days ago. Increasing inflation in the US, Europe and everywhere else is forcing the public to move towards cryptocurrencies, with Ethereum taking its share of the benefits. The GameFi space is also growing and since most of it is built on the Ethereum blockchain, Ethereum is benefiting as well.

So, ETH/USD has been progressing higher, with the 20 SMA (yellow) acting as support on the daily chart, which indicates that the pace of the uptrend is quite strong. This cryptocurrency peaked above May’s high at the end of last month, but it has since retreated below it. Now, it has moved confidently above this level, as it continues to remain quite bullish.

Ethereum Live Chart

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