Ethereum, Litecoin & Ripple’s XRP Technical Analysis - 31st May

Bears in control as cryptos fail to clear past resistance: Failure to push through pivots could lead to a correction in the week.

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum may have been choppy last week, but it still closed the week earlier by 13%. This saw it recover some of the losses from the previous week. At the close of the week, Ethereum was trading at $2,387.60.

Ethereum started last week on a bullish note. This followed a failure by the bears to push it through the 61.8% Fibonacci support level at $2,012.04. This saw Ethereum rally for the better of the week.

However, by Thursday, bulls were starting to lose momentum. They struggled to push Ethereum through key resistance at $2,914.46 on the 38.2% Fibonacci. Without support from the broader market, failure to break through resistance led to a reversal.

The reversal started on Friday and extended all through the weekend. This extended to Saturday after bears managed to push Ethereum through the 50.0% Fibonacci support, at $2,463.25.

Yesterday, bulls regained some strength but failed to push through the 50.0% Fibonacci, which was now an intra-day resistance level.

Failure to push through resistance saw Ethereum start early Monday trading in bearish territory.  Ethereum is currently trading at $2,388.37 and is down by 0.72%.

ETH/USD 1h Chart

A glance at the week ahead

Ethereum would need to push through the $3,074.24 pivot for there to be a clear upside break. It would be an indicator that bulls are finally in control after trading in a range for nine days.

For Ethereum to break through the $3,074.24 pivot, it would need bullish support from the broader market.

If there is no major support from the broader market, Ethereum is likely to trade in a range, with the 38.2% Fibonacci as key resistance, and the 61.8% Fibonacci as support at $2,012.04.

On the other hand, if bulls manage to take charge in the week, and Ethereum pushes through the pivot, $3,469.07 would be the next resistance. It is a key resistance level on the 23.6% Fibonacci.

However, if there is a sell-off in the broader market, Ethereum could push through key support at $2,012.04 on the 61.8% Fibonacci. In such a case, the next key level to watch would be last week’s low of $1,739.44. Pushing through this level would mark a short term bearish trend for Ethereum.

A glance at the technicals

Key support: $2012.04

Pivot: $3074.24

Key resistance levels

38.2% Fibonacci at $2914.46

23.6% Fibonacci at $3469.07

Litecoin

Litecoin started and ended the week at a pretty much the same price level. This is an indicator that there was nothing much going on with this crypto for most of last week.

After bears pushed Litecoin through key support on the 200-day moving average at $162.24 last week, Litecoin tested new lows at $118.84. However, with support from the broader market, Litecoin pushed back through the $162.24 at the start of the week

This gave the bulls control for the first half of the week. However, by Wednesday, bulls started to lose momentum. Without much support from the broader market, Litecoin failed to push through key resistance at $208.67 on the 61.8% Fibonacci.

Failure to break through resistance saw Litecoin correct and retest support on the 200-day moving average at $177.59. It traded around this price level up until the end of the week.

Litecoin has started the week with little upside Momentum. It opened Monday’s trading below the $177.59 key resistance level. It is currently trading at $173.60 and is down by 1.28%.

LTC/USD 1h Chart

A glance at the week ahead

Litecoin needs to push through the $231.87 pivot for there to be a clear uptrend in the coming days.  For this to happen, Litecoin will need support from the broader market.

However, if there is nothing much going on in the broader market, Litecoin could trade in a range around key support on the 200-day moving average.

In the event that there is a selloff in the broader market, Litecoin could test new lows since it has already broken key support. In such a case, the next key level to watch would be last week’s low of $118.43.

Testing a price level could mark a bearish week for Litecoin. It would also mark the beginning of a short-term bear trend for Litecoin.

A glance at the technicals

Key support: $162.24

Pivot: $231.87

Key resistance levels

61.8% Fibonacci retracement: $208.67

Ripple’s XRP

Ripple’s XRP did not have much momentum last week and opened and closed around the same price level.

After several days of selloffs, Ripple’s XRP gained some upside momentum at the start of the week. This saw it push through the 61.8% Fibonacci at $0.9123, which was now an intra-day resistance level.

This saw Ripple’s XRP rally up until mid-week. However, without support from the broader market, Ripple’s XRP failed to push through key resistance on the 50.0% Fibonacci retracement at $1.1119.

This saw it drop back to the 61.8% Fibonacci price level. Without selling pressure from the broader market, Ripple’s XRP was able to maintain at this price level until the end of the week.

With the 61.8% support holding strong, Ripple’s XRP started this week in gains. At the time of this analysis, Ripple’s XRP was up by14.82%.

XRP/USD 1h Chart

A glance at the week ahead

Ripple’s XRP needs to break through the $1.21132 pivot for the short-term uptrend to be clear.

Even without momentum from the broader market, Ripple XRP bulls are clearly in charge. If they sustain this momentum, then the next key level to watch is the 50.0% Fibonacci retracement at $1.1195. This is a key resistance level for XRP on the day.

In the event that overall market momentum turns bullish and Ripple’s XRP breaks through this resistance, the next key level to watch would be $1.1314 on the 38.2% Fibonacci retracement. A breakthrough could trigger a short-term bull trend for XRP.

On the other hand, if there is a selloff in the broader market, the 61.8% support would come into play. If it fails to hold, then XRP could enter a short-term correction that could last through the week.

However, there is nothing much going on in the broader market, then XRP is likely to trade between $1.3146 (resistance on the 38.2% Fibonacci), and $0.9132 (key support on the 61.8% Fibonacci retracement).

A glance at the technicals

Key support: $0.9123

Pivot: $1.2113

Key resistance levels

50.0% Fibonacci retracement: $1.119

38.2% Fibonacci retracement $1.1314

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