Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 15th July

Key resistance levels give way as bearish re-take control

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum had a mixed day on Wednesday, but it was up by about a percentage by the end of the day.

It started the day bearish, continuing the trend that has been prevalent all through the week.

By daybreak, it had hit multiple-month support at $1862.62. However, with the selloff in the broader market easing up, this support held strong.

The result is that Ethereum traded in a range around it for the better part of the morning. Then by around Midday, bulls took control of Ethereum, and with high volumes.

The upside momentum was so strong that in just 5-hours, noon to early evening, Ethereum had erased all the losses from earlier in the day.

The rally was so strong that by evening, Ethereum had pushed through the 23.6% Fibonacci resistance at $1990.86.

However, without an increase in bullish sentiment in the broader market, the upside momentum ended around this resistance.

It started ranging from this price level, and by the end of the day, it had started pushing back through resistance. It was an indicator that bears were taking back control.

Ethereum is currently trading at $1964.79 and is up by 4.62%. It started Thursday trading with gains, and for the better part of the morning, was trading above the 23.6% Fibonacci resistance.

Just before daybreak, it rallied past $2000, but this move was quickly rejected, indicative of bear prevalence.

This has energized bears and, for the better part of the morning, has seen Ethereum trade in the red.

At the time of writing, the bearish momentum was accelerating and had eaten into most of the gains made on Wednesday.

ETH/USD 1-hour chart 071521

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fibonacci resistance at $1990.86. If Ethereum fails to retest this price level in the day, then bears are likely to be in control all through the day.

If bearish momentum rises, the next key level to watch would be multi-month support at $1862.62.

If it tests this support and pushes through it, then the chances of an accelerated selloff would be high. In such a scenario, Ethereum could be bearish all through the weekend.

However, if it tests this support and it holds, Ethereum could bounce off it and possibly range around it for the rest of the day.

The other scenario for the day is one where bulls take control in the broader market. In such a scenario, the 23.6% Fibonacci resistance at $1990.86 would come into play.

If buying volumes are strong enough to push Ethereum through this resistance, it will bring the intra-day high of $2039.77 into play.

If bulls push Ethereum through this high, it could mark a continuation of the reversal that started on Wednesday. In such a scenario, the target would be the 38.2% Fibonacci resistance at $2071.33. If this is broken, then Ethereum could be bullish going into the weekend.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $1990.86

Key support: Multi-month support at $1862.62

Litecoin

Litecoin had a pretty mixed day on Wednesday, and by the end of the day, had moved by less than a percentage.

It started the day bearish, and within the first three hours of the day, it had broken through the 23.6% Fibonacci support at $129.38.

This accelerated the bearish momentum, and by daybreak, was trading at $123.62, key multiple-month support for Litecoin.

This support held quite strongly, and by midday, Litecoin started gaining upside momentum. This momentum was so strong that Litecoin had crossed through the 23.6% Fib by early evening, which was now intra-day resistance at $129.38.

It kept gaining from this point, but towards the end of the day, buying volumes declined. This saw bears start getting back into the market, as low volumes lowered the chances of Litecoin testing the 38.2% Fibonacci resistance at $132.94.

The result was that Litecoin entered a range that lasted for the better part of the evening.

Litecoin is currently trading at $128.25 and is up by 2.52%. It started the day with bullish momentum and quickly tested the 38.2% Fibonacci resistance at $132.94.

However, it lacked the momentum to go through this resistance, and bears took control from that point. At the time of writing, the bearish momentum that started earlier in the day was accelerating.

LTC/USD 1-hour chart 071521

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fib resistance at $129.38. This is a key resistance level in the day, and if bulls retake control and push back through it, it could be a bullish day for Litecoin.

However, if bears remain in control, then the multi-month support at $123.62 would come into play. If it holds, Litecoin could consolidate around it in the day.

On the other hand, if it fails, it would be an indicator of increasing bearish momentum. In such a scenario, Litecoin could be in the red all through into the weekend.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $132.94

Key support: Multi-month support at $123.62

Ripple’s XRP

Ripple’s XRP had a pretty mixed day on Wednesday. However, by the end of the day, it was in the green.

It started the day bearish, and by daybreak, had tested key support at $0.58535. This support held, and bulls took control from that point on.

By early evening, it had pushed through the 23.6% Fib resistance and with high volumes.  However, after surpassing this resistance, momentum eased up, and XRP traded in a range for the rest of the day.

At the time of writing, XRP was up by 1.86% to trade at $0.6107.

It started the day bearish after Wednesday’s bullish momentum dried up. Bearish momentum is so strong that at the time of writing, it was accelerating.

XRP/USD 1-hour chart 071521

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fibonacci resistance at $0.61457. If bulls cannot push XRP back through this level, it would be an indicator of strengthening bearish momentum.

In such a scenario, the next key level to watch would be the multi-month support at $0.58535.

If this support holds, then XRP could either bounce off it or range in the day. On the other hand, if this support breaks, then XRP could be bearish going into the weekend.

On the other hand, if bulls manage to push XRP through the 23.6% Fibonacci at $0.61457, then XRP could be in the green all day, with the next target being the 38.2% Fib at $0.63232.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.61457

Key support: Multi-month support at $0.58535

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