Ethereum and Litecoin Price Forecast: Navigating the Push to $1,812 and $70 Amid Regulatory Shifts and Market Dynamics

Key Insights

• The U.S. SEC is actively reviewing 8-10 Bitcoin ETP proposals, with major financial firms like ARK Invest and BlackRock among the applicants.
• The U.K. has enacted the Economic Crime and Corporate Transparency Bill, allowing authorities to seize cryptocurrencies linked to illicit activities without a formal conviction.
• FTX’s bankruptcy estate has made significant cryptocurrency transfers to centralized exchanges, potentially affecting Bitcoin’s price.
• Ethereum’s market displays a short-term bullish trend, with its price consolidation near key technical indicators like the 50 EMA.
• Litecoin’s market sentiment leans bullish, especially with its trajectory following a breakout from a symmetrical triangle pattern at $66.35.

Quick Fundamental Outlook

Recent developments are reshaping the cryptocurrency market. The U.S. SEC is examining eight to ten Bitcoin exchange-traded product proposals, sparking anticipation of a direct Bitcoin ETF’s potential approval. Notably, only ETFs tied to Bitcoin futures have received SEC’s endorsement so far. Major firms like ARK Invest and BlackRock are among the applicants, with the ongoing speculation possibly affecting Bitcoin’s price.

In the U.K., a new law, the Economic Crime and Corporate Transparency Bill, grants authorities the power to seize cryptocurrencies involved in illegal activities, even without a conviction. This move, effective since October 26, 2023, strengthens the crackdown on crypto-related crimes.

Meanwhile, FTX’s bankruptcy estate has transferred significant cryptocurrency values to centralized exchanges, including an $8.6 million Bitcoin move to Binance. The reasons for these transfers are uncertain but might be affecting Bitcoin’s price.

Overall, these events impact the wider cryptocurrency sphere, including Ethereum and Litecoin. The U.K.’s regulatory stance and the U.S.’s potential ETF approvals might sway investor sentiment, while FTX’s transfers highlight the crypto market’s interconnected nature.

Ethereum Price Prediction

Ethereum‘s market activity saw a slight decline, with its current price at $1,779.6, marking a 1.49% decrease over the past 24 hours. On a 4-hour chart timeframe, the pivotal price level hovers at $1,765.

Immediate resistance is set at $1,812, followed by further resistance at $1,855 and $1,888. On the flip side, immediate support is found at $1,736, with subsequent supports at $1,703 and $1,665.

Turning to technical indicators, the RSI (Relative Strength Index) sits at 47. This value indicates a bearish sentiment, as it’s below 50. The 50-Day Exponential Moving Average (50 EMA) is currently at $1,720. Given that the price is above the 50 EMA, this suggests a short-term bullish trend.

In terms of chart patterns, the ETH/USD pair is consolidating just above the 50 EMA and the 50% Fibonacci retracement level near $1,765. The upper boundary is marked at $1,815. This consolidation above critical levels signifies potential bullish momentum.

The overall trend for Ethereum leans bullish as long as the price remains above $1,765. In the short term, traders can anticipate Ethereum testing the resistance at $1,812 in the coming days.

Litecoin Price Prediction

Litecoin has experienced a slight dip, currently priced at $67.51, marking a 1.46% decrease in the last 24 hours. Analyzing the 4-hour chart, we see a pivotal price point at $68. Immediate resistance is at $70, with subsequent resistance levels at $73 and $76. On the downside, immediate support is pegged at $66, with further supports at $64 and $61.

In terms of technical indicators, the RSI (Relative Strength Index) is currently at 48, suggesting a bearish sentiment as it’s slightly below the 50 mark. The 50-Day Exponential Moving Average (50 EMA) sits right at $67. Given the price’s proximity to the 50 EMA, this indicates a balance between bullish and bearish sentiments.

Chart patterns reveal that the LTC/USD pair is on an upward trajectory, following a breakout from a symmetrical triangle pattern at $66.35. The asset’s movement outside this triangle and its support at the 50% Fibonacci retracement level of $66.35 signals potential bullish momentum.

Conclusion: The overall trend for Litecoin appears bullish as long as it remains above $66.30. In the short term, market participants can expect Litecoin to challenge the resistance at $70 in the subsequent trading sessions.

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