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On Friday, Litecoin launched a phenomenal rally that allowed the entire market to progress. Can Ethereum continue to win alone or will the Bitcoin and Litecoin shares reflect Ethereum's future course?
Ethereum Award: Market Overview
Ethereum 00 and Litecoin have both held incredible rallies in recent days. The strong upward movement of Bitcoin has displaced it over many levels of resistance and it seems that Ethereum and Bitcoin have both experienced a double bottom (ETH @ $ 100). Now, a growing number of badysts are starting to predict if the entire market is at a low ebb.
4 hour chart
The 5MA starts to go under the 10, while the ETH consolidates for the next move. The altcoin is still trading above 50 mA and despite the recent downturn, the 12EMA remains cross above 26EMA on the chart at 4 o'clock and the ETH seems to place a minimum higher than the exponential resistance.
The Stoch has given up the overbought territory, while the RSI reflects ETH's current state of consolidation, as it has stabilized in bullish territory. The MACD also remains optimistic and at the time of writing, the CMF and the order book show that current price levels are biased towards bulls. It seems that traders think that the rally still has legs.
Clearly, anyone who has looked at a cryptocurrency chart over the past year will remember that the price of Bitcoin remains a secondary threat for almost all altcoins, with the exception of Litecoin and Binance Token. Which means, although any combination of technical indicators may seem bullish for ETH, a sharp decline in the price of the BTC may be a curtain for the current configuration.
Chart Short ETH-USD
The number of shorts continues to fall, a trend also observed on the BTC-USD shorts chart, which shows that bear interest has fallen to its lowest level in two months.
ETH remains bullish above the 26 level (114 USD) and below that point it could fall to 100 USD to 112 USD, but at the time of writing the order book, it indicates a substantial interest for the purchase of 114 USD. It is therefore possible that the looking for a quick scalp.
The ETH will consolidate at 26EMA ($ 114) and continue to rise or the current rally is out of breath. All comments are welcomed!
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for badysis are provided by TradingView.]
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Images reproduced courtesy of Shutterstock, Trading View. Market data from Bitfinex
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