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

Intra-day support levels at play – If they hold, Monday’s bullish trend will continue

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum was bullish all through Monday. By the end of the day, it was up by over 10%. 

Ethereum started the day, bullish after breaking 23.6% Fibonacci resistance at $1863.30 in the first hour of the day.

The momentum was so strong that in the first hour Ethereum also break through the 38.2% Fibonacci at $1960.35. By day break, it had broken through the 50.0% Fibonacci at $2037.38.

However, after such a strong rally in the morning, Ethereum eased up in early afternoon, as traders started taking profits. This saw it fall back through the 50.0% Fibonacci, which was now intra-day support at $2037.38.

This was short-lived though, and two hours after the correction, it gained upside momentum again. It easily pushed through the 50.0% Fibonacci, and kept gaining all through the day.

By the end of the day, Ethereum had tested the 61.8% Fibonacci resistance at $2115.94. 

However, by the time Ethereum hit this resistance, the upside momentum in the broader market had eased up.

The result was that Ethereum traded along this resistance in the last hours of the day. It hit it twice and failed, but managed to break through it in the last hour of the day.

However, this was quickly reversed, and Ethereum ended the day with a bearish candle just above the 61.8% Fibonacci.

At the moment, Ethereum is trading at $2121.54 and is up by 7%. It started the day in the red after bulls lost momentum at the 61.8% Fibonacci in late Monday trading. 

However, it quickly regained this momentum and, by daybreak, had retested the 61.8% Fibonacci resistance. It was trading along this resistance at the time of going to press.

ETH/USD 1-hour chart 062921

A glance at the day ahead

In the day, the 61.8% Fibonacci resistance at $2115.94 will be the price to watch. If Ethereum breaks through this price level with high volumes, it would indicate that the bullish momentum that started on Monday would continue.

In such a scenario, the next key level to watch would be $2249.97. This is the next key resistance level for Ethereum in the day. If this resistance is broken, Ethereum would be on course to test price levels above $2300 in the day or within the week.

On the other hand, if Ethereum drops through the 61.8% Fibonacci with high volumes, it would indicate bull exhaustion.

In such a scenario, the key level to watch would the 50.0% Fibonacci at $2037.38. This is a key support level in the day.  If it holds, then Ethereum could be range-bound for the day as the price consolidates.

On the other hand, if Ethereum fails at the 50.0% Fibonacci support, it would be an indicator that bears are regaining control. There would be a high possibility of Ethereum testing prices below $2000 in the day in such a scenario.

However, if the current price action is anything to go by, Ethereum is likely to keep gaining through the day.

In case of a correction, the 50.0% Fibonacci at $2037.38 could offer strong support in the day.

A glance at the technicals

Key support: 61.8% Fibonacci at $2115.94

Litecoin

Litecoin was bullish all through Monday, and by the end of the day, was up by over 7%. At the close of the day, it was trading at $137.60.

Litecoin started Monday trading bullish by pushing through the 38.2% Fibonacci resistance at $129.07 in the first hour of trading.

However, this momentum started to falter just after daybreak, and bears appeared to be taking control. This did not last though, as bulls’ regained control shortly after.

By afternoon, Litecoin had pushed through the 50.0% Fibonacci resistance at $136.34.  This saw it trade in the green all through the day.

However, by the end of the day, it had started to lose momentum around this price level. Nonetheless, Litecoin closed the day above the 50.0% Fib, an indicator that bulls were still firmly in control.

Litecoin started Tuesday trading holding firmly above the 50.0% Fibonacci, which was now intra-day support at $136.34.

It had a mixed day in early morning trading, and by daybreak had started gaining upside momentum. However, it is yet to test the next key resistance at $143.48 on the 61.8% Fibonacci.

At the time of writing, Litecoin was up by 6.43% to trade at $141.29.

LTC/USD 1-hour chart 062921

A glance at the day ahead

In the day, the key level to watch for Litecoin will be the 61.8% Fibonacci resistance at $143.48.

If bulls are strong enough to push Litecoin through this price level, then it would mark a pretty bullish day for Litecoin. In such a scenario, prices above $160 could be a possibility in the day.

On the other hand, if bears take control, the key level to watch would be $136.34. This is key intra-day support on the 50.0% Fibonacci.

If the 50.0% Fibonacci holds, then Litecoin could range in the day. If it fails, Litecoin could turn bearish and test the 38.2% Fibonacci support at $129.07.

A glance at the technicals

Key support: 50.0% Fibonacci resistance at $136.34

Ripple’s XRP 

Ripple’s XRP made marginal gains on Monday, and by the end of the day, was trading at $0.6512. 

It started Monday trading in the green, and within the first two hours of the day, it pushed through key resistance at $0.6365 on the 38.2% Fibonacci.

However, it lacked momentum from that point and traded along the 38.2% fib all through the day.

At the time of writing, XRP was up by 2.48% to trade at $0.6643. It started the day in the green and was trending higher all through Tuesday morning.

XRP/USD 1-hour chart 062921

A glance at the day ahead

In the day, XRP has two key levels that could determine its direction. The first one is the 50.0% Fibonacci resistance at $0.6758. If XRP has the momentum to push through this level, it could be bullish throughout the day.

The other level to watch is the 38.2% Fibonacci support at $0.6366. If this support fails, then XRP could be bearish in the day, with the next key support at $0.5882. This is a key support level on the 23.6% Fibonacci.

If the 50.0% Fib resistance and the 38.2% support remain untouched in the day, then XRP could be range-bound in the day.

A glance at the technicals

Key support: 38.2% Fibonacci resistance at $0.6366

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