We take a look at short-term price action for Ethereum, Litecoin, and EOS. The last 30 days, Ethereum has been the outlier, surging nearly +26%. As Bitcoin price builds momentum post halving, what do the technicals look like on ETH, LTC, and EOS?
Altcoin Performance
In a previous market report, we took a look at XRP, Cardano, and Stellar. It was outlined that Cardano was witnessing the strongest momentum the last 30 days. It was reported that Cardano technicals still looked bullish, and could potentially surge an additional +26%. Since then, Cardano ( ADA ) price has continued the uptrend.
During the last 30 days, Ethereum has been an outlier when compared to Litecoin and EOS. ETH price has surged around +26% compared to LTC and EOS. Litecoin and EOS have experienced the same price action, growing about 1.00-2.00% the last 30 trading sessions.
Ethereum Price Momentum Being Fueled By:
- ETH daily transactions growing the last year
- ETH hash rate recovering and growing since January lows
- ETH unique addresses surging from 83.9 million in Dec 2019 to 97 million as of recent
- Network utilization approaching nearly 94% ( up from 66% levels in January )
- Market excitement surfacing around “Ethereum 2.0” launch in July 2020
Daily Transactions
Over the last month, Ethereum and Litecoin continue to average below 1,000,000 daily transaction counts. On the contrary, EOS has continued to generate 3,000,000+ daily transaction counts the last month. This isn’t anything new for the EOS network. In a previous report on EOS, it was outlined that the main “driving factor behind EOS is the decentralized application markets.” The EOS network has seen significant growth in the Casino and Exchange dAPP markets – helping it fuel transactions.
Ethereum Technical Analysis
ETH built support levels right at $189.00. It will be important to watch this level. If Ethereum can hold that level without dropping below, it will most likely test $213 resistance on the upside. On the flip side, if ETH price can’t hold that support level and dips below $189.00, it will most likely target $166. ETH price is still signaling a solid strength index, not too overbought and not too oversold. We will continue to watch the key support levels to confirm the trend.
Short term upside potential from $189 to $213 = +12.6% growth
Short term downside potential from $189 to $166 = -12% decline
Litecoin Technical Analysis
Litecoin has crucial support right at $38. With LTC price currently trading at $42.77, it’s inching closer to the $38 support zone. If price rejects $38, Litcoin price could experience a very sharp sell-off to $25 zones. Right now, LTC price resides right on top of the 50 day moving average. The move in the next 24HR should be crucial in terms of determining price action.
Litecoin needs to get back above $47 to build some bullish sentiment. Right now the technicals look a lot more bearish than bullish.
Short term upside potential from $42.77 to $47 = +9.8% growth
Short term downside potential from $42.77 to $38 = -11% decline
EOS Technical Analysis
EOS has a very similar setup to Litecoin. EOS also has key support at $2.35. Dipping below this region could result in a steep sell-off. Right now, EOS price currently sits at $2.51 so it has some wiggle room for the time being. If EOS can maintain $2.35 support, it will most likely target $3.00 to the upside.
On the flip side, if EOS dips below the key support level at $2.35, it could be extremely bearish. This could result in a sell-off all the way to $1.45 territories.
Short term upside potential from $2.51 to $3.00 = +19.5% growth
Short term downside potential from $2.51 to $2.35 = -6.37% decline