ETH Ethereum and LTC Litecoin Price Analysis March 7

ETH/USD, Ethereum


Ethereum markets were negative during trading on Tuesday, as we continue to see this market very difficult to get excited about to the upside. We are currently grinding back and forth, and I think that will continue to be an issue.

The pair prices Ethereum Dollar today are breaking down the static support placed in the area $ 798.00 (purple horizontal line). At this point if the breakdown will be confirmed it is likely that prices will test the 200-period exponential moving average, previously tested (purple circle), where the behavior of the cross will be very important.

Ethereum also fell against the Euro, dropping over 2%. There is support below at the €650 level, and there is a chance to  see a bit of a bounce due to that. However, if we break down below the €650 level, the market looks likely to drift down to the €600 level next, as it is a large, round, psychologically significant number.

LTC/USD, Litecoin

The price of Litecoin after the breakout with increasing volumes (orange circle) of the dynamic resistance (red trendline) are moving in a lateral trend with very low volumes. A possible break with strong volumes of the static barrier placed in the area of $ 234.50 (horizontal purple line) could give new strength to the cross.

Looking technically, with the recent fall into LTC/USD back through $200, the price has been caught 50 DMA, around $186. On the daily time frame, a descending channel can be seen forming, seeing the price bounce within and drift lower. Should the price continue south, the trend line which caught the price in early February could come into play. On the flipside, if the bulls return a retest of $200 is probable, which would then bring the $250-300 region back into view, where much resistance awaits.

At the moment of writing LTC is traded for 196$, according to coinmarketcap.

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