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If we trace Fibonacci retracements from the December minimum to January high of both Ethereum and Litecoin, we are seeing a similar price action in progress.
Most exchanges during the week in both Ethereum and Litecoin took place at the 50% retracement level.
The downward movements of the last 24 hours have led both cryptocurrencies to fall below the 50% retracement level.
After breaking below the 50% retracement level, Ethereum received support for $ 114, which was the breaking point at the end of December and has since come into play as support.
Litecoin is also meeting support after falling below the 50% retracement level.
Litecoin is meeting support at $ 30 which is a psychological point for traders and also previously came into play as support.
The most recent downward conditions have seen that alternative sectors such as Ethereum and Litecoin underperformed Bitcoins.
In the last two weeks, Bitcoin has devalued by 3% in value, while Ethereum and Litecoin have depreciated by 20% and 7% respectively.
Ethereum has largely outperformed other major cryptocurrencies during a surge that has occurred since mid-December at the beginning of January.
However, since then it has underperformed all other major cryptocurrencies.
Key Takeaways:
- Ethereum and Litecoin are showing a similar price action when Fibonacci retracements are drawn from the December low to the high of January.
- Both Ethereum and Litecoin traded around the 50% retracement level for most of the week, but a decline over the last day led Ethereum and Litecoin to support support for $ 114 and $ 30 respectively.
- Ethereum underperformed the other major cryptocurrencies in the last two weeks. Ethereum had previously outperformed since mid-December at the beginning of January.
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