#Litecoin and #Ethereum Forecast (29 MARCH 2024)

Ethereum Forecast: Continues to Grind Higher

Ethereum rallies, targeting $700 and potentially $4100. Strong support at $3000 and $1000. Bullish trend aligned with Bitcoin, with inflows suggesting a continued upward trajectory in crypto market.

• Ethereum rallied slightly during the trading session on Thursday, as it looks like we continue to see a lot of inflows when it comes into crypto.
• Ultimately, this is a market that every time is if you need to be a buyer of it, due to the fact that it has been so overwhelmingly bullish, right along with Bitcoin.
• That being the case, I’m paying close attention to the $700 level, because we can break above there, then I believe that Ethereum really could start to take off.

Underneath, I see the 50-Day EMA as a potential support level, followed by the thousand dollars level. The $3000 level was a major psychological victory for bulls, and therefore you have to look at it through the prism of a potential floor in the market. I do like the idea of taking advantage of “cheap Ethereum” going forward, because it does allow you to scale into a longer-term position.

The ceiling above

The $4100 level for me is the ceiling above, and we will have to pay close attention to it if we do start to rally. Ultimately, I think this is a situation where you have to be very cautious, but you also have to recognize that we are extraordinarily bullish and that’s not likely to change very this, I think it’s only a matter of time before we break above the $4100 level and continue to go much higher. In that environment, I think it’s likely that the market goes looking for the $4500 level the next several months.

Underneath, if we were to break down below the $3000 level, it would change the outlook for this market completely, making it extraordinarily bearish all of the sudden. Ultimately, this is a market that I think will continue to take its cues from bitcoin, so therefore you need to pay close attention to that market as well. In the end, I think you have a situation where are going to continue to see money flowing into crypto in general, and of course as Ethereum is the backbone for most ecosystems, it does make a certain amount of sense that it would be one of the major beneficiaries.

Litecoin Forecast: Continues to Probe Higher

Litecoin sees steady rally, aiming to breach $100. Strong momentum and Golden Cross signal bullish trend, with a potential surge towards $125. Support at $80 with focus on following Bitcoin's trajectory.

• Litecoin has seen a bit of a rally over the last couple of months, just as we have seen in other crypto markets.
• All things being equal, Litecoin typically will follow the trajectory of Bitcoin, although at a much lower pace.
• Ultimately, this is a market that seems to be struggling with the idea of $100, so we can break above there I think it’s very possible that we start to see momentum jump into the market and we get a bit of “FOMO trading” coming into the picture.

Litecoin Continues to Rise

Regardless, the one thing that you see on this chart is that we continue to rise in value. The last couple of days have been a little bit choppy, but at the end of the day it is still a very bullish market. We recently seen the Golden Cross, with the 50-Day EMA breaks above the 200-Day EMA, a longer-term “buy-and-hold” scenario. Ultimately, this is a market that I think continues to see a lot of momentum chasing, but you can do so little easier than you can with bitcoin, due to the fact that it’s a cheaper contract.

If we can break above the $106 level, I think Litecoin has a real shot at going much higher, perhaps reaching toward the $125 level. Underneath, the 50-Day EMA, sitting right around the $80 level, should be your support. I don’t have any interest in shorting crypto at the moment, and that of course includes Litecoin. Whether or not we get any adoption into crypto when it comes to the real world is a completely different question altogether, but right now it certainly looks like nobody cares. This is all about chasing hot money, so therefore you have to trade with the momentum. Ultimately, this is a market that given enough time should continue to see a lot of inflows, but it doesn’t necessarily mean that we will go straight up in the air. Make sure to watch her leverage, because crypto of course can be extraordinarily volatile, but it’s obvious that we only have one direction right now.

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