Ethereum, Litecoin & Ripple’s XRP Technical Analysis – 1st July

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum had a pretty mixed day on Wednesday. By the end of the day, it had made minimal gains from Tuesday’s closing price. It ended the day at $2243.44.

Ethereum started Wednesday bearish after bulls lost the momentum in late Tuesday trading.

It kept trending lower, and within the first two hours of the day, was trading at $2170.57 on the 50.0% Fibonacci support.

However, without buying momentum in the broader market, this support could not hold. What followed was an increase in bearish momentum that saw Ethereum test lows of $2088.34 by the end of the day.

This marked the day’s low, as buying momentum started rising in the broader market.

Ethereum started gaining from the $2088.34 low but found strong resistance at $2170.57 on the 50.0% Fibonacci.

This saw it retest the $2088.34 low and form a double bottom at this price level. This is usually a bullish pattern and emboldened buyers.

What followed is that Ethereum gained the momentum to push through the 50.0% Fibonacci resistance and with high volumes.

With resistance broken, Ethereum rallied for the rest of the day.

Ethereum is currently trading at $2204.26 and is up by 4.31%.  It started the day in the green, an extension of the bullish momentum that started on Wednesday. 

However, this momentum was short-lived as Ethereum quickly tested the 61.8% Fibonacci resistance at $2278.89.

Without much support from the broader market, Ethereum failed to push through this resistance decisively.

What followed was a drop that saw it test the 50.0% Fibonacci, now intra-day support at $2170.57, by daybreak. It was trading at this price level at the time of going to press.

ETH/USD 1-hour chart 070121

A glance at the day ahead

There are two important levels to watch in the day, namely the 50.0% Fibonacci support at $2170.57 and the 61.8% Fibonacci resistance at $2278.89.

If bulls take charge in the day, then the 61.8% Fibonacci resistance at $2278.89 would come into play.

If the buying momentum is strong enough to push Ethereum through this price and holds above it, it would be an indicator that bulls are in control.

This could see it rally all through the day, with the possibility of testing $2400 within the day.

On the other hand, if bearish sentiment rises in the day, the level to watch would be 50.0% Fibonacci resistance at $2170.57.

If Ethereum pushes through this support and holds, it would indicate that bears are firmly in control.

There would be a likelihood of Ethereum testing lows of $2060.92 in the day in such a scenario.

 This is the next key major support on the 38.2% Fibonacci. If it is broken, prices below $2000 could be possible in the day.

On the other hand, if there is little momentum in the broader market, Ethereum is likely to trade in a range between the 50.0% Fibonacci support and the 61.8% Fibonacci resistance.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $2278.89

Key support: 50.0% Fibonacci at $2170.57

Litecoin

Litecoin was bearish all through Wednesday. By the end of day Wednesday, it was down by about 1.57% to trade at $142.14.

Litecoin started Wednesday trading bearish. This was after bull exhaustion in Tuesday’s trading session.

The bearish sentiment that started in the first hour of the day accelerated until late afternoon when it hit the 61.8% Fibonacci support.

By the time Litecoin hit the 61.8% Fibonacci, buying momentum rose in the broader market. This saw this support hold and Litecoin gain for the rest of the day.

Litecoin is currently trading at $139.77 and is down by 1.81%. It started the day bearish after failing to retest Tuesday’s high of $149.28. This was an indicator that bulls were not strong enough, despite the gains of Wednesday evening.

At the time of writing, it was still trending lower and was close to testing the 61.8% Fibonacci support at $136.84.

LTC/USD 1-hour chart 070121

A glance at the day ahead

In the day, the key levels to watch will be the 61.8% Fibonacci support at $136.84 and Tuesday’s high of $149.28, which is now intra-day resistance.

If bearish sentiment rises in the day, the key level to watch would be 61.8% Fibonacci support at $136.84.

If this support fails, it would be an indicator that bears are firmly in control. In such a situation, the next key level to watch would be the 50.0% Fibonacci at $130.50.

 If broken, then it would mark the beginning of a bearish correction that could last into the weekend.

On the other hand, if Litecoin rallies and it pushes through Tuesday’s high of $149.28, it would indicate that bulls are regaining control. In such a scenario, Litecoin could easily test highs of $150 within the day.

However, if the broader market is directionless in the day, then Litecoin could consolidate. In such a scenario, then it would likely trade between the 61.8% Fibonacci support at $136.84 and Tuesday’s high of $149.28.

A glance at the technicals

Key resistance: Tuesday’s high of $149.28

Key support: 61.8% Fibonacci at $136.84

Ripple’s XRP

Ripple’s XRP was bearish for the better part of Wednesday. By the end of the day, it had made marginal gains and was trading at $0.68368. 

XRP started the day bearish, and by daybreak, it was trading at the 61.8% Fibonacci support at $0.6805.

It kept trending lower, and by late afternoon, it was trading at the 50.0% Fibonacci support at $0.6481.

With broader market sentiment turning bullish, XRP bounced off the 50.0% Fibonacci support and gained for the remaining part of the day.

XRP is currently trading at $0.6797 and is down by 0.28%. It started the day in green but quickly lost upside momentum.

At the time of writing, it had breached the 61.8% Fibonacci at $0.6805. This was intra-day support at the time but is now resistance.

XRP/USD 1-hour chart 070121

A glance at the day ahead

In the day, the key levels to watch will be the 50.0% Fibonacci support at $0.6481 and the 61.8% Fibonacci resistance at $0.6481.

If bears take control and push it through the 50.0% Fibonacci support, it would likely be a red day for XRP.

On the other hand, if bulls take control and XRP rallies through the 61.8% Fibonacci, it would be an indicator that bulls are in control.

There would be a possibility of XRP testing price levels above $0.71 in the day in such a scenario.

A glance at the technicals

Key resistance:  61.8% Fibonacci at $0.6805

Key support: 50.0% Fibonacci at $0.6481

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