By Franklin Smith
The crypto space sustained bullishness most of October’s sessions due to improved market sentiment. Bitcoin managed to break past its record peak at $65,000 that has served as a critical psychological level. The event heightened positive market sentiment, and altcoins rose to their multi-month highs.
However, the past few sessions have challenged cryptocurrencies as BTC retreated beneath $60,000. LTC and ETH corrected as well, entering the neutral territory. With that, the alternative coins seem on a bearish phase. Let us dig more.
Ethereum Chart Analysis
ETH/USD Drops Under $4,000 Once More
ETH has depicted strength since the massive bearishness in the market ended in June. It even erased September’s pullbacks and rallied higher to overpower ETH’s crucial psychological level at $4,000.
Moving Averages have been vital as Ethereum’s support indicators. With them, ETH/USD rose to challenge its record high of around $3,380. However, bulls failed to keep the level away, and it acts as the coin’s resistance, even though Ethereum has not retreated that low. Keep in mind that the ETH price oscillates at the level for now.
However, the market suffered a retreat today, and the leading altcoin dropped beneath $4,000. Ethereum might dip in a retracement phase before its next rally. That is because the altcoin witnessed bullish momentum and encountered rejection around its all-time high.
In such a scenario, market participants might consider buying Ether at 100 Simple Moving Average beyond $3,000. However, let us wait to see if Ethereum sellers have the strength to explore such lows.
Litecoin Chart Analysis
Will 200 SMA Serve as LTC’s Support?
Litecoin has traded in the range under the 200 Simple Moving Average on the daily price chart for some time. The initial two breaks past this zone seemed fake as the crypto dropped under the area almost immediately. However, the narrative appears different as Litecoin looks to sustain the break.
This MA already switched into support over the past few sessions, indicating a breakout. The cryptocurrency started bouncing off the level before Wednesday witnessed bearishness. The crypto market suffered a quick fall today as $500 million $BTC faced liquidation. That sent the coin below 200 SMA, a somewhat bearish case. LTC/USD may decline to $150 if the situation fails to reverse.