The crypto market has legs once again. Bitcoin has been increasing during October, pulling some cryptos up with it, as it progresses into the mainstream. Bitcoin approached the all-time high (ATH) just below $65,000 and today Bitcoin pushed above that major level, placing another milestone, while Ethereum and Litecoin have both made breakouts higher.
Ethereum Weekly Chart Analysis
The second bullish leg is well underway for Ethereum
Ethereum has been following Bitcoin higher during this time, as the sentiment remains positive due to the Eth. 2.0 upgrade. ETH/USD bounced off the 20 SMA (gray) on the weekly timeframe in the last week of September and has been increasing for four weeks.
Ethereum was trading just below the big round level at $4,000 for several days, with buyers having second thoughts up there. We mentioned yesterday that Ethereum was going to break above that level soon, since there was no rejection at the $4,000 level, instead the price was sticking to it for too long, which suggested that buyers were accumulating some pressure before the next push to the upside. Now, the price has moved above that resistance level, so buyers remain in charge and the next target is the all-time high at $4,380.
Litecoin Weekly Chart Analysis
The 200 daily SMA has finally been broken for Litecoin
After the first five months of this year, which were really bullish, Litecoin turned bearish, falling to $105 and has been showing weakness since then. The gains were small in August and for about two months the price has been trading sideways in LTC/USD , consolidating in a range.
The 200 SMA (purple) has been acting as a resistance indicator above $190 during this period and both times that the price moved above this moving average it came back down pretty fast. This time though, the increase seems more sustainable since the sentiment in the cryptocurrency market has turned quite positive. next comes the $200 level and after that the September highs at $235.
Litecoin Live Chart
LTC/USD