Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 29th July

Bullish sentiment is prevalent, but volumes remain low

Last Updated July 29th 2021
5 Min Read

Ethereum

Ethereum was flat on Wednesday. By the end of the day, it closed pretty much where it had started.

After a volatile Tuesday, Ethereum flat-lined on Wednesday above the 23.6% Fibonacci resistance at $2263.85.

Breaking through this resistance was an indicator that bulls were in control. However, due to lack of volumes, they could not push it higher, hence the consolidation.

The bullish momentum was evident in the minor price fluctuations that happened throughout the day above the 23.6% Fibonacci resistance.

At the start of the day, bulls pushed through the resistance with strong volumes. Bears then tried to take control at daybreak, but the move was strongly rejected when it hit the 23.6% Fib at $2262.85. It was an indicator that this price level had become strong support.

Ethereum is currently trading at $2288.96 and is down by 0.21%. It started the day bearish, but by daybreak, it had found strong support at the 23.6% Fibonacci support at $2263.85.

It was trading in this range at the time of writing, continuing the consolidation pattern that started on Wednesday.

ETH/USD 1-hour chart 072921

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fibonacci support. If bulls take control in the day and push Ethereum higher, the first level to watch would be Wednesday’s high of $2345.19.

If it pushes through this high in the day, it would indicate that Ethereum has broken out of the range where it has traded for over 24-hours.

In such a scenario, the next key level to watch would be the multi-month resistance at $2432.81.

If buying volumes are strong enough to push Ethereum through this resistance, it would indicate a continuation of the bullish trend that started on July 19th. In such a scenario, prices above $2500 could be possible in the day.

On the other hand, if bears take control in the day, the key level to watch would be the 23.6% Fibonacci support at $2263.85.

If bears are strong enough to push through this support, it would be an indicator that they are firmly in control.

In such a scenario, the next key level to watch would be Tuesday night’s low of $2200.92. 

If this is broken, then the 38.2% Fibonacci support at $2159.50 would come into play. Pushing through this support could see Ethereum test prices below $2000 in the day.

However, after a key resistance holding for more than 24-hours, the more likely scenario is a continuation of Wednesday’s range or an upside swing.

A glance at the technicals

Key support: 23.6% Fibonacci at $2263.85

Key resistance: Multi-month resistance at $2432.81

Litecoin

Litecoin was on an uptrend all through Wednesday. By the end of the day, it was up by about 2%.

Litecoin started the day with a push through the 23.6% Fibonacci resistance at $132.89.

It kept edging higher, but in the early morning hours, bears tried to retake control.  However, this move was strongly rejected at the 23.6% Fibonacci support.

What followed is that bulls took control, and with high volumes.  However, by mid-afternoon, bulls started losing momentum just before hitting the multiple-week resistance at $141.95.

This saw bears try to retake control in the early evening. However, with overall market momentum bullish, Litecoin bulls took back control for the rest of the day.

At the time of writing, Litecoin was trading at $140.03 and was up by 3.71%. It started the day bullish, a continuation of Wednesday’s upside momentum.

However, within the first three hours of the day, it hit multiple-week resistance at $141.95.

This saw Litecoin make a slight correction by daybreak. However, with bullish momentum still dominant in the market, this correction was short-lived.

Bulls took back control, but with volumes low in the broader market, the upside momentum has been slow.

LTC/USD 1-hour chart 072921

A glance at the day ahead

In the day, the key level to watch will be the multi-week resistance at $141.95.

If bulls are strong enough to push Litecoin through this resistance, it would be an indicator that they are firmly in control. In such a scenario, Litecoin could test prices above $150 in the day.

However, if volumes remain low, as they are in the broader market today, then the multi-week support at $141.95 would hold.

In such a scenario, Litecoin could trade in a range between the multi-month resistance at $141.95 and the 23.6% Fibonacci support at $132.89.

On the other hand, if bearish sentiment rises in the broader market, then the 23.6% Fibonacci support at $132.89 would come into play.

If the bearish sentiment is strong enough to push through this support, then prices below $130 could be possible in the day.

A glance at the technicals

Key resistance: Multi-week resistance at $141.95

Key support:  23.6% Fibonacci at $132.89

Ripple’s XRP

Ripple’s XRP was one of the most bullish cryptos in Wednesday’s trading session. By the end of the day, it was up by over 12%.

XRP started the day in a range above the 50.0% Fibonacci support at $0.63461. It traded at this price level for the better part of the morning.

It shot up quite strongly by mid-morning and broke through two key resistance levels, the 38.2% Fibonacci at $0.63461 and the 23.6% Fibonacci at $0.69659.

By late afternoon, it had hit multi-month resistance at $0.75253. Volumes declined at this price level, and by the end of the day, XRP was trading at the 23.6% Fibonacci support at $0.69659.

At the time of writing, XRP was trading at $0.705 and was up by 11.19%. It was trading in a range around the 23.6% support at $0.69659 and with low volumes.

XRP/USD 1-hour chart 072921

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fibonacci at $0.69659. If buying volumes rise in the day and bounce off this support, the next level to watch would be multi-month resistance at $0.75253.  If broken, then XRP could test prices above $0.80 in the day.

However, if volumes remain low in the day, then XRP could oscillate around the 23.6% Fibonacci support in the day.

On the other hand, if bears take control in the day and this support is broken, the next key level to watch would be the 38.2% Fibonacci support at $0.66203. If this support is broken, then XRP could test prices below $0.64 in the day.

A glance at the technicals

Key resistance: Multi-month resistance at $0.752534

Key support:  23.6% Fibonacci at $0.69659

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