Following last week’s incredibly positive price action in the crypto markets, Bitcoin and most major cryptocurrencies have been able to maintain a large majority of their recent price gains. At the time, this positive price action allowed Litecoin to skyrocket over 30% and Ethereum to surge well over 10%.
Despite this, both Litecoin and Ethereum may soon see increased selling pressure, as multiple analysts view these cryptocurrencies as bearish for the time being.
Analysts Claim Ethereum Likely to Drop Towards $114 in Near Future
At the time of writing, Ethereum is trading up just under 1% at its current price of $122 and is up significantly from its weekly lows of $103.
Although Ethereum is expressing stability at its current price levels, it has tried to break above $124 on multiple occasions since pumping late-last week, signaling that this price will likely prove to be a level of relative resistance for the cryptocurrency.
The Cryptomist, a popular cryptocurrency analyst on Twitter, recently shared her thoughts on Ethereum’s current price action, noting that ETH is likely to drop towards $114 before seeing further price gains at a later time.
“$ETH… 130 target hit… Short term fall coming; rising wedge and bearish div… First target $114… Still believe we can see $150 region at a later time,” she explained.
130 target hit
Short term fall coming; rising wedge and bearish div
First target $114Still believe we can see $150 region at a later time pic.twitter.com/AbecEk2Qp2
— The Cryptomist (@TheCryptomist) February 13, 2019
Other cryptocurrency analysts share a similarly bearish sentiment on ETH, with GeorgeCrypto, another popular analyst on Twitter, noting that he is going short on Ethereum after it hit its range high in the mid-to-upper $120 region.
“$ETH | Just went short. Range high swept, expecting a test of range low. Close 50% on a sweep of the low into support. See what we get next. Will update,” he said.
$ETH | Just went short. Range high swept, expecting a test of range low. Close 50% on a sweep of the low into support. See what we get next. Will update. pic.twitter.com/WHQ89mrxiy
— GeorgeCrypto (@George1Crypto) February 13, 2019
Litecoin Sees Increased Selling Pressure as Crypto Markets Trade Mixed
At the time of writing, Litecoin (LTC) is trading down nearly 4% at its current price of under $42. Last Friday, Litecoin led the market surge and climbed over 30% from lows of $32 to highs of $47.
It now appears that Litecoin has been unable to garner a significant amount of buying pressure at its current price levels, as it has been gradually drifting lower ever since it first reached weekly highs of $47 this past Sunday.
Hsaka, a popular cryptocurrency analyst, shared his thoughts on LTC in a recent tweet, claiming that Litecoin is bearish below roughly 0.0117 BTC, which is slightly above its current price of 0.0115 BTC.
“$LTC… Where did all the ‘LTC is the market leader’ posts go? Currently short from 1206, bearish below the red levels.”
Where did all the "LTC is the market leader" posts go?
Currently short from 1206, bearish below the red levels. pic.twitter.com/3mMha86BRF
— Hsaka (@HsakaTrades) February 13, 2019
Although Litecoin has witnessed a sizable drop today, most cryptocurrencies are trading up or down marginally, with XRP trading up 0.3% at its current price of $0.30, EOS trading down 1.4% at $2.87, and Bitcoin Cash trading up 0.2% at $122.78.
Featured image from Shutterstock.
