Ethereum, Litecoin & Ripple’s XRP Technical Analysis – 10th June

Key resistance levels at play: Failure to push through them could see major cryptos turn bearish

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum made gains on Wednesday’s session and closed the day higher by 4.075%. This saw it eat into the losses that it recorded in Tuesday’s trading session. By the end of the day, Ethereum was trading at $2611.

From a review of Wednesday’s trading, Ethereum started the day bearish. This followed a failed bullish rally on Tuesday evening. Its failure followed Bull’s inability to push the price through key resistance at $2536.72 on the 50.0% Fibonacci.

What followed was a selloff that lasted all through the early morning session. However, by daybreak, Ethereum had found some support at $2425.26. It traded along this price level for a while before gaining for the better part of the morning.

By mid-afternoon, Ethereum found some resistance at $2536.72 on the 50.0% Fibonacci. This held for a while, but with support from the broader market, Ethereum was able to push through it.

This saw it rally for the better part of the afternoon. However, by the end of the day, Wednesday, it had hit a key resistance level at $2617.56. With upside momentum declining in the broader market, Ethereum could not push through this price level.

Failure to push through resistance saw it retrace through the last few hours of Wednesday.

Ethereum is currently trading at $2555.61 and is up 3.58%. It started Thursday trading with strong buying momentum. This was after the correction on Wednesday night trading failed to push it through $2536.72. This was now an intra-day support level on the 50.0% Fibonacci.

However, this momentum was short-lived as bulls could not push it through the 38.2% Fibonacci resistance at $2617.56. This saw Ethereum form a double top at this resistance, and bears have been in control from that point.

A glance at the day ahead

ETH/USD 1-hour chart 061021

Ethereum is currently trading at a key intraday support level on the 50.0% Fibonacci at $2536.72.

If this support fails, and overall market momentum turns bearish, Ethereum could head lower. In such a scenario the 61.8% Fibonacci support at $2454.29 would come into play.

If this support does not hold, then there would be a huge risk of Ethereum retesting Tuesday’s lows. It would also negate any potential upside that had formed in Wednesday’s session.

On the other hand, if there isn’t strong bearish sentiment in the broader market, the 50.0% Fibonacci support could hold. How it plays out from there depends on the level of activity within the Ethereum ecosystem.

Without much activity in the market, Ethereum could be range-bound for the rest of the day. This would see it trade between the 50.0% support level at $2536.72 and the 38.2% Fibonacci resistance at $2617.56.

However, if buying momentum rises and Ethereum pushes through the 38.2% Fibonacci resistance, the next level to watch would be $2654. 50. This is a key resistance level on the 200-day moving average.

Pushing through the 200-day MA would mark the beginning of a short-term bull trend, one that could see it rally all through the weekend.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $2617.56

Key support: 50.0% Fibonacci at $2536.72

Litecoin

Litecoin gained by about 7% in Wednesday’s trading session. This saw it reverse the losses it made on Tuesday. By the end of the day, Litecoin was trading at $172.50.

Litecoin started Wednesday’s trading session bearish. This was after bulls lacked the momentum to push it high enough to the 38.2% Fibonacci resistance at $164.97.

This saw it turn bearish for the better part of the morning, and even test key support at $157. 28 on the 23.6% Fibonacci.

However, by mid-morning, it had regained momentum to trade above this price level. The upside momentum was supported by a sudden uptick in the broader market.

This saw Litecoin rally all through the afternoon. By evening, Litecoin was trading at a key resistance level on the 50.0% Fibonacci. It ended the day around this resistance, as it lacked the momentum to push through it in the day.

Litecoin is currently trading at $169.04 and is up by 6.25%. It has started Thursday morning trading bearish after bulls failed to push the 50.0% Fibonacci earlier in the day.

This has seen it trend towards the 38.2% Fibonacci support at $164.97.

A glance at the day ahead

LTC/USD 1-hour chart 061021

Litecoin is currently trending downwards. If bearish sentiment rises in the broader market, Litecoin could test the 38.2% Fibonacci support.

If this support is broken, the next one to watch would be the 23.6% Fibonacci at $157.28. Failure for this level to hold would mark the beginning of a bear trend that could last into the weekend.

On the other hand, if bullish sentiment rises in the broader market, the 50.0% Fibonacci resistance at $171.19 would come into play.

If the momentum is strong enough to push through this resistance, the next level to watch would be $177.29 on the 61.8% fib. It could mark the beginning of an uptrend that could extend into the weekend if it gets through this level.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $177.29

Key support: 38.2% Fibonacci at $164.97

Ripple's XRP

Ripple’s XRP ended Wednesday trading higher by 5%. By the end of the day, it was trading at $0.92205.

Ripple’s XRP started Wednesday’s session bearish. This was after bulls lacked the momentum to push high enough and test the 38.2% resistance at $0.9033 in late Tuesday trading.

By mid-morning, it had found support at $0.857. It traded along this level until the afternoon, when a price spike in the broader market saw it blow through the 38.2% Fibonacci resistance. It kept trending upwards for the rest of the day.

Ripple’s XRP is currently trading at $0.886. It started the day bearish and has been trending lower all morning.

A glance at the day ahead

XRP/USD 1-hour chart 061021

Without any influence from the broader market, XRP could trade in a range between the 38.2% Fibonacci resistance at $0.9033 and the 23.6% Fibonacci support at $0.8575.

However, if there is a selloff in the broader market and XRP breaks the 23.6% support, then it could mark the beginning of a short-term bear trend that could last into the weekend.

On the other hand, if bulls take charge in the broader market and XRP pushes through the 38.2% Fibonacci resistance, it could mark the beginning of an intra-day bull trend, one that could last into the weekend.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.9033

Key support: 23.6% Fibonacci at $0.8575

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