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

Major Cryptocurrencies bullish: A push through pivots could lead to an upside breakout

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum gained by 13% in Monday’s trading, building up to the gains it had made on Sunday. However, looking back in the month, Ethereum closed the month lower by about 2.5%.

From an overview of Monday’s session, Ethereum started the day bearish. This followed the bull’s failure to push it through the 61.8% Fibonacci resistance at $2,518.07 on Sunday.  The selloff continued for the better part of the morning and saw Ethereum breach key support on the 50.0% Fibonacci at $2,372.32.

However, there wasn’t much support from the broader market. As such, bears could not push it low enough to test the second major support level at $2,226.56 on the 38.2% Fibonacci retracement. This energized bulls to retake control.

By Monday afternoon, bulls had already pushed Ethereum back through the 50.0% Fibonacci, which was now an intra-day resistance level.

With upside Momentum building up in the entire market, Ethereum kept gaining for the rest of Monday trading.

At the time of writing, Ethereum was up by 14.80% to trade at $2,696.80. In early Tuesday trading, bulls were unable to push Ethereum high enough to test $2,841.03, a level that has been a key resistance all through the past week.

This saw Ethereum lose upside Momentum sharply in early morning trading. 

ETH/USD 1h Chart

A glance at the day ahead

Ethereum would need to push through the $2,841.03 pivot for there to be a clear bullish breakout in the day.

However, to push through this price level, Ethereum needs support from the broader crypto market.

If in the day, there isn’t much activity in the broader crypto market, then Ethereum could trade between the $2,841.03 weekly resistance, and the 61.8% Fibonacci support level at $2,518.07.

On the other hand, if overall market sentiment turns bearish, the selloff could see Ethereum breach the $2,518.07 support, and possibly test the 50.0% Fibonacci support at $2,372.32.

If the 50.0% Fibonacci breaks, it would mean that upside momentum is completely lost, and there would be a high possibility of a short-term bear trend that could last for a couple of days.

A glance at the technicals

Key resistance: $2,841.03

Key support levels:

61.8% Fibonacci support: $2,518.07

50.0% Fibonacci retracement: $2,372.32

Litecoin

Litecoin built up on Sunday’s gains to trade higher by 10% on Monday. Despite these gains, Litecoin has had a relatively bearish month. It ended May lower by 30.76%. On Monday, Litecoin was trading at $188.05 by the end of the day.

Bulls were in control of Litecoin for the better part of Sunday evening. However, by the end of the day, they failed to push it through resistance at $175.40 on the 38.2% Fibonacci resistance.

Bullish failure to break through resistance saw Litecoin drop in the early hours of Monday trading. By mid-morning, bears had pushed Litecoin to key support at $165.08 on the 50.0% Fibonacci retracement.

However, without much selling momentum in the broader market, the 50.0% Fibonacci support was able to hold.  This re-energized bulls and Litecoin gained upside Momentum from that point.

Litecoin’s upside Momentum got even stronger in the afternoon after bulls managed to push it through the 38.2% Fibonacci resistance at $175.40. This was a huge indicator of bull power and saw Litecoin trend higher for the rest of the day.

By the end of day Monday, Litecoin had pushed through its second major resistance at $188.18 on the 23.6% Fibonacci retracement.

At the time of writing, Litecoin is up by 9.61% to trade at $185.31. With bulls unable to hold Litecoin above the 23.6% resistance at $188.18. Selling momentum pushed it lower.

Litecoin is now trading in a range between two major support and resistance levels.

LTC/USD 1h Chart

A glance at the day ahead

Litecoin would need to push through the $196.24 pivot for there to be a clear uptrend in the day.

However, pushing through this level would need strong bullish support in the broader market. In such a scenario, Litecoin would be in a breakout, with the potential to trade above the $200 mark.

In the event that there is no major support from the broader market, then Litecoin is likely to oscillate between the 23.6% Fibonacci resistance, and the 38.2% Fibonacci support.

On the other hand, if bears take control of the broader market, Litecoin could possibly breach the 38.2% support in the day. This could see it drop even further and test the 50.0% Fibonacci support at $165.08.

A failure of this price level to hold would mark the beginning of a short term bear trend.

A glance at the technicals

Key resistance: $188.18

Major support levels:

38.2% Fibonacci retracement: $175.40

50.0% Fibonacci retracement: $165.08

Ripple’s XRP

Ripple’s XRP was strongly bullish in Monday’s trading and was up by 15% by the end of the day. However, from a look at the whole month, XRP was in the red. It closed the month lower by 34.94%.

On Sunday evening, Ripple’s XRP was strongly bullish. So bullish that it managed to push through the 200-day moving average resistance level at $0.906.

This bullish momentum spilt over into Monday’s session. XRP rallied for the better part of the morning, and by afternoon, it was trading along key resistance at $1.01723 on the 61.8% Fibonacci.

After a few hours of trading at this price level, market-wide momentum saw XRP pushed through this resistance. This saw it gain for the rest of the day and end Monday trading on high.

At the time of writing, Ripple’s XRP was trading at $1.04, and was up by 3.86%. Bulls were quite strong in early morning trading, but failed to push XRP through $1.06827, a key resistance level for the last two weeks of May.

XRP/USD 1h Chart

A glance at the day ahead

Ripple’s XRP needs to push through the $1.0230 pivot for there to be a clear uptrend. This would be an indicator of a bullish breakout.

If there is no major support from the broader market, Ripple’s XRP could trade in a range above the 61.8% Fibonacci at $1.01723. This price level is now a key intra-day support level for XRP.

An increase in bullish momentum in the broader market could see XRP push through the $1.06827 multi-week resistance, and enter a short-term uptrend.

However, if bearish sentiment grips the broader market, Ripple’s XRP could break the 61.8% support. In such a scenario, the 50.0% Fibonacci at 0.94775 would come into play. If it breaks, then XRP would enter a short-term bear trend.

A glance at the technicals

Key resistance: $1.06827

Key support levels

61.8% Fibonacci retracement: $1.01723

50.0% Fibonacci retracement: $0.94775

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