Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 20th July

Key support levels at play as bearish sentiment persists

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum was in a range for the better part of Monday. By the end of the day, it was down by 6%.

After a pretty bearish day on Sunday, Ethereum ended the day at $1899.20 on the 38.2% Fib support.

It had ranged around this level for the better part of Sunday evening, giving buyers hope that it could hold. This saw Ethereum make a strong bullish uptick on the first hour of Monday trading.

However, with the broader market heavily bearish, bulls quickly lost momentum. By the second hour of the day, Ethereum had broken the 38.2% support.

This didn’t deter buyers, and they made a strong showing up until daybreak when Ethereum tested this support a second time. However, bullish momentum was not strong enough to push Ethereum through the 38.2% Fib, which was now intra-day resistance.

What followed is that Ethereum crashed from that point on until Mid-afternoon, when it hit second support at $1830.41 on the 23.6% Fibonacci.

While it broke through the 23.6% Fibonacci with high volumes, the momentum quickly declined. This was an indicator that after more than 24-hours of selling, short sellers were taking profits.

Nonetheless, the overall market momentum remained bearish. Even as short selling eased up, bulls were not that strong. This saw Ethereum trade in a range below the 23.6% Fibonacci for the rest of the day.

At the time of writing, Ethereum was trading at $1749.84 and was down by 8.28%. It started the day trading in a range, a continuation of late Monday’s price action.

Within the first four hours of the day, bulls made an attempt to retake control, and push it through the 23.6% Fib at $1830.41.  

However, with selling momentum still prevalent, this was quickly rejected, and Ethereum turned bearish from that point.

The selloff has been quite strong since the 23.6% Fib resistance was rejected. By the time of writing, it had hit multi-month support at $1719.02.  This support seems to be holding strong though, and Ethereum has bounced off it in the last couple of hours.

ETH/USD 1-hour chart 072021

A glance at the day ahead

In the day, the key level to watch will be multi-month support at $1719.02. If bearish sentiment sustains, and the $1719.02 support is broken, then Ethereum could test prices below $1600 in the day.

However, if this support holds, and Ethereum bounces off it with high volumes, then the key level to watch would be the 23.6% Fibonacci resistance at $1830.41. If it breaks through it, there could be a chance of Ethereum trading in the green all through the day.

On the other hand, if the $1719.02 multi-month support holds, but volumes remain low, then Ethereum could trade in a range through the day.

In such a scenario, it could either trade along the $1719.02 support all day, or oscillate between the multi-month support, and the 23.6% Fib on the upper side.

A glance at the technicals 

Key support: Multi-month support at $1719.02

Read Also: Is Ethereum a Good Buy?

Litecoin

Litecoin had a pretty bearish day on Monday.  By the end of the day, it was down by 9%.

Litecoin started Monday trading with a bullish candle that erased most of the losses made on Sunday. This was after it tested the 38.2% Fibonacci support at $118.50, and bounced off it. 

However, with bearish momentum still prevalent in the broader market, bullish momentum was quickly crashed. What followed was a crash that saw Litecoin push through the 38.2% Fib support with high volumes.

Bulls tried to retake control just before daybreak but failed for a second time. This saw Litecoin crash for the better part of the day, and by early evening, had broken through the 23.6% Fibonacci support at $113.53. 

However, after more than 24-hours of selling, Litecoin was entering oversold territory.  This saw it range around the 23.6% Fib support for the rest of the day.

At the time of writing, Litecoin was down by 11.50% to trade at $106.26. After trading in a range for the better part of Monday, bears took control in early Tuesday trading.

The selloff was so strong that at the time of writing, bears had pushed Litecoin to multi-month support at $105.49.

LTC/USD 1-hour chart 072021

A glance at the day ahead

If Litecoin bears push it through the $105.49 monthly support in the day, then it could test prices below $100 in the day.

However, if in the day it bounces off this support, volumes would come into play. If buying volumes are strong enough in the day, then the 23.6% Fibonacci, which is now resistance at $113.53, would come into play.

If it breaks through the 23.6% Fibonacci, then there could be a good chance of Litecoin trading in the green all through the day.

However, if volumes are low, Litecoin could range around the $105 price level in the day.

A glance at the technicals

Key support: Multi-month support at $105.49

Check Out: Litecoin Forecast: Will LTC Reach $500? 

Ripple’s XRP

Ripple’s XRP was bearish all through Monday. By the end of the day, it was down by about 7%.

XRP started the day trading at the 50.0% Fibonacci resistance at $0.58759. With bearish sentiment prevalent in the broader market, this resistance held in the day.

What followed was a bear trend that lasted all through the day. By the end of the day, XRP had broken the 38.2% Fibonacci support at $0.57117, and with high volumes.

At the time of writing, XRP was trading at $0.5317 and was down by 9.45%.

It started the day bearish, and in early morning trading, broke the 23.6% Fibonacci support at $0.55088. By daybreak, it had hit multi-month support at $0.51804.   It had bounced off it at the time of writing.

XRP/USD 1-hour chart 072021

A glance at the day ahead

In the day, the key level to watch will be the multi-month support at $0.51804. If this support fails, then XRP could test prices below $0.45 in the day.

However, if it holds, then XRP could either range around it, or rally off it. This will depend on the volumes. If volumes are low, then it could be a range-bound day.

On the other hand, if bullish volumes increase, then XRP could test the 23.6% Fib resistance at $0.55088. If they are strong enough to push through it, then XRP could be in the green all day. 

A glance at the technicals

Key support: Multi-month support at $0.51804

Don't Miss: Should You Buy Ripple?

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