Cryptocurrencies have been uncertain since the middle of January, when the decline which started in November stopped. The highs have been getting lower, but most major cryptocurrencies haven’t been making new lows since then, such as Ethereum, while a handful of others have such as Terra LUNA have been displaying bullish pressure during this time. Last week cryptocurrencies reversed higher and they are continuing with that sentiment this week, so the situation is improving and ETH and LUNA coins are looking better.

Terra Daily Chart Analysis – LUNA Stays Close to $100

The 20 SMA is providing support now for LUNA coin

Terra LUNA is an interesting blockchain and the price action for its main utility token LUNA which has resumed the bullish trend since last month shows that. Terra LUNA ranks second regarding the staked amount with $35 billion, overtaking Ethereum, offering a 7% yield which is a good attraction for investors, while the total locked value (TVL) in DeFi stands at $27.23 billion.

So, LUNA/USD has been bullish since reversing last month at the 200 daily SMA (purple) which held twice as support. LUNA coin doubled in value after breaching the previous highs of $103 and reaching a high of $104. The reason for that was the announcement of a $1 billion BTC fund to help support the blockchain’s native stablecoin UST. Last week, the founder of Terraform Labs (TFL) Do Kwon announced plans to accumulate a massive $10 billion worth of BTC to add to the project’s stablecoin reserves.

This is keeping LUNA in demand and now the 20 SMA (gray) has turned into support on the daily chart. The price is reversing higher now and we’re not too far from the resistance above $100, so it looks like LUNA will make a new all-time high soon.

Ethereum Daily Chart Analysis – ETH Moves Above the 50 SMA For the First Time Since the Beginning of December

Ethereum facing the 100 SMA now

Ethereum was making lower lows until January, but has stopped doing that. Although moving averages continue to act as resistance on the daily chart. The 20 SMA (gray) was pushing the price down when the decline was strong, then the 50 SMA (yellow) was pushing the highs lower, but in the last few days, buyers managed to push the price above that moving average which was standing at the $3,000 level.

The Ethereum community is preparing for the merge of the Ethereum mainnet with the proof-of-stake Beacon Chain. This will bring the ability to run smart contracts into the proof-of-stake system, plus the full history and the current state of Ethereum. This will help increase the interest for Ethereum since the current power-of-work system is too expensive. For now, the first step of moving above the 50 SMA has been completed, so let’s see if ETH/USD can push higher in the following days.

Ethereum Coin ETH Live Chart