Ethereum has always been second to Bitcoin in terms of price, market cap and leading the market up during bullish waves. But, this month Ethereum took the lead in leading the crypto market up, as it kept surging, reaching $4,380s, while other digital currencies were either stagnating or retreating.
But, the latest pullback in the crypto market took ETHEREUM down with it and the price fell to $3,120. This has been the largest retreat in the crypto market and in Ethereum so far. But, it seems like the lows have stagnated now; we had a double attempt at $3,120s in the last two days.
Ethereum Live Chart
ETH/USD
Today it seems like the reversal might come higher, which would be a bullish sign. But at the same time, moving averages are still providing resistance at the top, with the 20 SMA (gray) providing resistance at the top on the H4 chart. As long as the MAs keep acting as resistance, the downtrend will continue.
In Litecoin the situation seems a bit better. It also wen through some major pullback in recent days, losing around 38% of its value. But, it has moved above some of the moving averages, which have turned into support now.
The 20 SMA (gray) held during the decline earlier, after LTC/USD tried to turn bearish again today. So, there’s a chance that the major retreat might have ended in cryptos which we hope, since we are long an these two digital coins.