Ethereum, Litecoin & Ripple’s XRP Technical Analysis – 24th June

Market looking for direction after a volatile 72-hours – Key support and resistance levels at play

Last Updated July 23rd 2021
6 Min Read

Ethereum

Ethereum was in a recovery yesterday and erased most of the losses that it made on Tuesday. By the end of the day, it was up by over 6% to end the day at $1926.89.

Ethereum started Wednesday trading with bullish momentum. This was after it pushed through the 23.6% Fibonacci resistance at $1926.02 within the first three hours of the day.

It gained all through the early morning hours but started showing signs of weakness by daybreak.

This was after a bearish engulfing candle emerged just before Ethereum could test the 38.2% Fibonacci resistance at $2061.20.

Failure to test the 38.2% resistance saw bear take control from that point. However, bullish sentiment was still there, and the tussle between buyers and sellers saw Ethereum trend in a range until late afternoon.

Without much support from the broader market, the buying sentiment disappeared, and Ethereum turned bearish all through the evening.

By the end of the day, Ethereum had found support on the 23.6% Fibonacci at $1926.02.

At the moment, Ethereum is trading at $1913.33 and is down by 4.37%. It started Thursday trading bullish after the 23.6% Fibonacci support held in late Wednesday trading.

However, this was only for about 2-hours, after which bears took control and pushed it through the 23.6% Fibonacci with high volumes. It was trading below the 23.6% Fibonacci at the time of writing.

 ETH/USD 1-hour chart 062421

A glance at the day ahead

If bearish sentiment persists and Ethereum fails to retest the 23.6% Fibonacci, which is now intra-day resistance, then it could be a red day.

In such a scenario, the key level to watch would be $1707.16. This is a critical support level for Ethereum, and if broken, prices below $1500 could be seen in the day.

On the other hand, if Ethereum gains upside momentum and pushes through the 23.6% Fibonacci resistance at $1926.02, it would be an indicator that bulls are still in control.

This could see it continue the momentum that started on Wednesday. If the upside momentum is strong enough, the key level to watch would be the 38.2% Fibonacci resistance at $2061.20.

If it pushes through the 38.2% Fibonacci resistance, it would be indicative of strong bullish momentum. In such a scenario, Ethereum could gain all through into the weekend.

However, if the broader market is directionless in the day, Ethereum could likely trade in a range between the 23.6% Fibonacci resistance, and support at $1707.16.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $1926.0

Key support:  Multi-week support at $1707.16

Litecoin

Litecoin made a strong recovery in Wednesday’s trading session, after Tuesday’s selloff. By the end of the day, it was up by over 10%.

In late Tuesday trading, Litecoin was in recovery. The upside momentum was so strong that it was trading at $123.40 on the 23.6% Fibonacci resistance by the end of the day.

Bullish sentiment was so strong that this resistance was broken within the first three hours of Wednesday trading.

This energized bulls to take control, but by daybreak, momentum had eased up. The result was that Litecoin started trading in a range for the better part of the morning.

By late afternoon, Litecoin momentum turned bearish and started trending lower all through the evening.

However, bears were not that strong either, and by the end of Wednesday, Litecoin managed to hold firmly above the 23.6% Fibonacci intra-day support at $123.40.

At the time of writing, Litecoin is trading at $129.28 and is down by 0.51%. It started Thursday trading in the green after bears failed to push it through the 23.6% Fibonacci.

However, it has been quite choppy all through the early morning trading. Litecoin has already retested the 23.6% Fib support once and looks close to testing it again.

It hasn’t come close to testing the 38.2% Fibonacci resistance at $134.39 at any moment since the day started.

LTC/USD 1-hour chart 062421

A glance at the day ahead

Litecoin started the day bullish but seems to be losing that momentum as the day progresses.

If bearish sentiment engulfs the broader market in the day, then the key level to watch for Litecoin would be the 23.6% Fibonacci support at $123.40.

If this level breaks, it would mark the beginning of a bearish day for Litecoin. In such a scenario, the next key level to watch would be the $105.62 support.

Litecoin had already tested this price level in Tuesday’s selloff. If it breaks this time around, then it could see Litecoin trade bearish into the weekend.

On the other hand, if bullish sentiment rises in the broader market, the key level to watch for Litecoin would be the 38.2% Fibonacci resistance at $134.39.

If this resistance is broken, the next key level to watch would be the 50.0% Fibonacci at $143.10. This is a key intra-day resistance level that if broken, could see Litecoin rally all through the weekend.

However, if there is no momentum in the broader market, Litecoin could trade in a range between the 23.6% Fibonacci support at $123.40 and 38.2% Fibonacci resistance at $134.39.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $134.39

Key support:  23.6% Fibonacci at $123.40

Ripple’s XRP

Ripple’s XRP was in recovery on Wednesday. By early evening, it came close to hitting the 38.2% Fibonacci at $0.6693.

Failure to test this level was a signal that bullish sentiment was not strong enough. This saw XRP turn bearish again.

By the end of the day, XRP was trading at $0.6078 on the 23.6% Fibonacci support.

Ripple’s XRP is currently trading at $0.6421 and is down by 1.13%. It started Thursday’s session bullish after bouncing off the 23.6% Fibonacci support.

It gained all through early morning trading but failed to test the 38.2% Fibonacci resistance.

This has seen the bullish momentum that started earlier in the day ease off. XRP is currently trading in a range between the 23.6% Fibonacci support at $0.60786 and the 38.2% Fibonacci resistance at $0.6693.

XRP/USD 1-hour chart 062421

A glance at the day ahead

If bulls take control in the broader market, the key level to watch would be the 38.2% Fibonacci resistance at $0.6693.

If upside momentum is strong enough to push XRP through this level, then it could be in the green all through the day. If the bullish sentiment extends beyond the 50.0% Fibonacci resistance at $0.7184, XRP could be in the green going into the weekend.

On the other hand, if the broader market turns bearish, then the 23.6% Fibonacci support at $0.6078 would come into play.

If it is broken, then XRP could be in the red all through the day. If the selloff extends below the $0.5097 support, XRP could trade in the red going into the weekend.

The other scenario would be a range-bound day. If the broader market is directionless in the day, XRP could range between the 38.2% Fib resistance at $0.6693 and the 23.6% Fib support at $0.6078.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $0.6693

Key support:  23.6% Fibonacci at $0.6078

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