After the recent correction, a significant reduction in volume has tamed volatility in the crypto markets. Most coins appear staggered with limited action, but this could be build up to a major move. This technical analysis will evaluate where Ethereum, XRP, and Litecoin could be headed.
Over two weeks ago, Ethereum broke below the 7-week moving average followed by a significant correction down to the 50-week moving average sitting around $190. It appears the 50-week moving average is now acting as support, preventing the price of ETH from a further drop. Watching whether this support holds or breaks will be critical.
Based on the 1-week chart, a move above the 7-week moving average could signal a continuation of the bullish trend. But, a move below the 50 and 30-week moving average would indicate a further decline.