Ethereum, Litecoin & Ripple’s XRP Technical Analysis – 25th June

Key pivot levels at play as the market struggles to find direction in Friday trading

5 Min Read
Last Updated July 23rd 2021

Ethereum

Ethereum had a mixed day on Thursday. It opened and closed at pretty much the same price level. By the end of the day, it was trading at $2000.91.

Ethereum was trending lower all through Wednesday evening. By the end of the day, it was trading at a key support level at $1926.02 on the 23.6% Fibonacci.

It is on this support level that it started Thursday trading. With the 23.6% Fib support looking strong, bulls took control in the first hour of Thursday.

However, this momentum did not last, and within two hours of the day, bears took control of the market. This saw the 23.6% Fibonacci support give way by daybreak.

This didn’t last, though, as bullish momentum gripped the broader market. Ethereum quickly gained bullish sentiment, and its price rallied back through the 23.6% Fibonacci.

It gained all through the day, until the evening when it hit intra-day resistance at $2009.80. Without much support from the broader market, Ethereum could not push through this minor resistance level.

What followed was a correction that lasted for the better part of the evening. However, the bearish sentiment was not strong enough to see Ethereum retest the 23.6% Fibonacci support.

Ethereum is currently trading at $1974.30 and is up by 2.51%. It started Friday’s trading bearish, a continuation of the bearish sentiment that started on Thursday night. It has been trending lower all through the morning but is yet to retest the 23.6% Fibonacci support.

ETH/USD 1-hour chart 062521

A glance at the day ahead

In the day, the key level to watch will be 23.6% Fibonacci support at $1926.02. If Ethereum tests this level and holds, it would indicate that bearish sentiment is not that strong in the market.

There would be a high chance of Ethereum trading in a range all through the day in such a scenario. This would be a continuation of the market consolidation that started in Thursday’s trading session.

On the other hand, if the selloff gets stronger in the day, and bears manage to push Ethereum through the 23.6% support, it could indicate a continuation if the bearish reversal started earlier in the week.

Ethereum could be in the red all weekend in such a scenario, with the possibility of testing the more critical support at $1707.16.

However, if Ethereum gains upside momentum in the day and pushes through the 38.2% Fibonacci at $2061.20, it would indicate that bulls are taking control.

Ethereum could rally all through the day in such a scenario, with the 50.0% Fibonacci resistance at $2061.20 as the next target.

If in the day Ethereum pushes through the 50.0% Fibonacci, this crypto could stay green all through the weekend.

A glance at the day ahead

Key pivot level: 23.6% Fibonacci support at $1926.0

Litecoin

Litecoin was gaining all through Thursday, a continuation of the bullish momentum that started on Tuesday.

Litecoin was in a mini-reversal on Wednesday evening that saw it hit the 23.6% Fibonacci support at $123.40.

This support held for the day and energized bulls in early Thursday morning trading. However, bears tried to push Litecoin lower and saw the 23.6% Fib support tested twice before daybreak.

The result was a double bottom, a bullish signal that energized buyers for the better part of the day.

By Thursday evening, Litecoin had gained enough upside momentum to test, and break the 38.2% Fibonacci resistance.

However, by this time, volumes were low, and the broader market was pretty much directionless. This saw Litecoin ease up and trade along this resistance until the end of the day.

Litecoin is currently trading at $134.10 and is up by 3.73%. It started Friday trading above the 38.2% Fibonacci, continuing the bullish momentum that started on Thursday.

However, by daybreak, bearish sentiment had engulfed Litecoin, and it broke through the 38.2% Fibonacci with high volumes. Litecoin is currently trending lower and is struggling to regain the momentum that could see it break back through the 38.2% Fibonacci.

LTC/USD 1-hour chart 062521

A glance at the day ahead

In the day, the key level to watch for Litecoin will be the 38.2% Fibonacci at $134.39. If Litecoin lacks the momentum to push through this resistance, it could be a bearish Friday.

In such a scenario, the next key level to watch would be the 23.6% Fibonacci support at $123.40.

If bears are strong enough to break this support, Litecoin could experience bearish sentiment extending into the weekend.

On the other hand, if the broader market has little activity in Friday trading, Litecoin could range around the 38.2% Fibonacci all through the day.

However, if Litecoin pushes through the  38.2% Fibonacci resistance with high volumes, then it would mark a continuation of the uptrend that started in late Tuesday trading.

In such a scenario, the next key level to watch would be the 50.0% Fibonacci resistance, at $143.10. If it manages to push through this level, then Litecoin could be green this weekend.

A glance at the day ahead

Key pivot level: 38.2% Fibonacci resistance at $134.39

Ripple’s XRP

Ripple’s XRP was in the green all through Thursday’s trading session. By the end of the day, it was trading at $0.6675.

XRP started Thursday’s trading session bullish. This was after the 23.6% Fibonacci support held during Wednesday night’s minor correction.

It gained from this price level all through Thursday. By late Thursday evening, XRP had pushed through the 38.2% Fibonacci resistance at $0.6693.

Despite the momentum easing a little in the last two hours of the day, it still closed Thursday, trading above this resistance.

At the time of writing, XRP was trading at $0.6593 and was up by 1.75%. It has been bearish all through Friday morning after bulls lost the momentum to hold it above the 38.2% Fibonacci resistance.

XRP/USD 1-hour chart 062521

A glance at the day ahead

XRP is in a correction at this moment. If bears retain control in the day, the key level to watch would be the 23.6% Fibonacci support at $0.6087. If this is broken, then XRP could possibly be in the red all through the weekend.

However, if XRP gets back above the 38.2% Fib resistance with high volumes, the next key level to watch would be the 50.0% Fib resistance at $0.7184.

If it pushes through this price level, then XRP could be green this weekend.  However, if there is little momentum in the broader market, XRP is likely to range between the 23.6% Fib support at $0.6087, and the 38.2% Fib resistance at $0.6693 all through Friday.

A glance at the day ahead

Key pivot level: 38.2% Fibonacci resistance at $0.6693

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