Ethereum, Litecoin & Ripple’s XRP Technical Analysis – 2nd June

Major cryptos in indecisive territory: A push through key pivots would be indicative of bullish sentiment

Last Updated July 23rd 2021
6 Min Read

Ethereum

Ethereum was a little bearish on Tuesday and ended the day lower by 2.71%. This saw it eat into some of the gains it had made on Monday. It ended Tuesday trading at $2634.42.

A review of Tuesday’s trading session shows that it started Tuesday strongly bullish. Bullish momentum in late Monday trading saw it push through the $2637.20 resistance on the 23.6% Fibonacci.

However, without much support from the broader market, Ethereum bulls could not get it to test multi-week resistance at $2736.44.  This saw it drop for the better part of the day.

By afternoon, Ethereum had tested key support on the 200-day moving average at $2549.67.  With little to no momentum in the broader market, this support held strong, and Ethereum gained for the rest of the day.

The upside momentum was weak,in mid-morning trading  in the dayhough, and Ethereum failed to test $2637.20 on the 23.6% Fibonacci, which was now an intra-day resistance level.

At the moment, Ethereum is trading at $2635.74 and is down by 0.73%. It started Wednesday in mixed territory and has retested the $2637.20 intra-day resistance twice. However, upside momentum has been weak all morning, and resistance is holding.

ETH/USD 1h Chart

A glance at the day ahead

Ethereum needs to break through the $2752.53 pivot for there to be an upside breakout.  For this to happen, there would need to be strong bullish support from the broader market.

If overall market momentum shoots up, and Ethereum manages to push past intra-day resistance at $2637.20, then there would be a good chance of bulls dominating for the better part of Wednesday. This would also bring the $2752.53 pivot into play, with the possibility of a breakout.

However, without much support from the broader market, then the $2627.20 resistance could hold for the day. This would see Ethereum most likely oscillate between this resistance, and $2468.23, which is a key support level on the 38.2% Fibonacci retracement.

In the event that there is a sell-off in the broader market, then the 38.2% Fibonacci support could break. This would create a short-term bear trend that could bring the 50.0% Fibonacci support at $2334.12 into focus. A break through this price level would be confirmation of a reversal.

A glance at the technicals

Key resistance: $2637.20

Pivot: $2752.52

Key support levels

38.2% Fibonacci: $2468.63

50.0% Fibonacci: 2334.12

Litecoin

Litecoin had a slight correction of 2.70% in Tuesday’s trading session. This saw it eat into the gains of 10% that it had made on Monday. Litecoin ended Tuesday’s trading at $182.98.

Litecoin started Tuesday’s trading with bullish momentum. This was after bulls took control for the better part of Monday evening. Litecoin was so bullish at the start of the day that it briefly pushed through key resistance at $187.67 on the 23.6% Fibonacci.

However, without much support from the broader market, Litecoin’s bullish momentum came to an abrupt end shortly after. This saw it trend lower for the better part of the morning, with $187.67 on the 23.6% Fibonacci now becoming intra-day resistance.

The selloff in Litecoin was not that strong though, and it easily found support at $180.44 on the 200-day moving average. Litecoin hit this support by afternoon and traded along this price level for the better part of the day.

Litecoin is currently trading at $185.71 and is up by 1.43%. Litecoin started Wednesday trading grinding upwards slowly along the 200-day moving average. In mid-morning trading, Litecoin bulls had been energized by the interplay of two key moving averages (the 50-day and the 100-day moving averages).

LTC/USD 1h Chart

A glance at the day ahead

Litecoin needs to push through the $195.62 pivot level for the uptrend to be clearly defined. For this to happen, Litecoin would need support from the broader crypto market.

If in the day, there is an increase in bullish momentum, then Litecoin could easily push through intra-day resistance at $187.67 on the 23.6% Fib. This would also bring the $195.62 pivot into play, with the potential for an upside breakout.

However, if there isn’t much support from the broader market, then Litecoin’s upside for the day could be capped at $187.67.

On the other hand, if there is a selloff in the broader market and the 200-day moving average does not hold, then the 38.2% Fibonacci support at $175.11 would come into play. A break through this could mark the start of a short-term bear trend.

Without selling or buying pressure from the broader market, Litecoin could trade between the 23.6 resistance without much activity in the broader marketand 38.2% support level.

A glance at the technicals

Key resistance: $187.67

Pivot: $195.62

Key support levels

200-day Moving average: $180.44

38.2% Fibonacci: $175.11

Ripple’s XRP

Ripple’s XRP edged lower on Tuesday and ended the day lower by 2.91%. This saw it eat into some of the 15% gains that it had made on Monday.

From a look at Ripple’s XRP Tuesday trading activity, it started Tuesday’s session bullish. This was a buildup to Monday’s upside momentum that saw XRP push through key resistance at $0.9941 on the 23.6% Fibonacci.

This momentum sustained for the better part of the morning. However, by daybreak, the momentum had diminished. This was after bulls failed to push through $1.0962, a multiple days resistance levels.

Failure to push through resistance, saw XRP enter a correction that lasted for the better part of the day.  By the end of day, Ripple’s XRP was trading at $0.9941 on the 23.6% Fibonacci, which was now an intra-day support level.

Ripple’s XRP is currently trading at $1.01 and is down by 1.80%. Ripple’s XRP started Wednesday’s trading session at the 23.6% support level. It has been trading around this price level for the better part of the morning.

XRP/USD 1h Chart

A glance at the day ahead

Ripple’s XRP needs to break through the $1.0962 pivot for an uptrend to be confirmed. It would mark the beginning of a short term uptrend.

Without much activity in the broader market, Ripple’s XRP has been trading along a key support level. This support is holding strong, and XRP is bulls seem to be taking control.

If there is an increase in buying momentum in the broader market, Ripple’s XRP could test $1.0962 in the day.

On the other hand, if there is strong selling pressure in the broader market, then the 23.6% support level would come into play.

A breach of this support level could see Ripple’s XRP possibly test $0.9322 in the day. This is a key support level in the day at the 38.2% Fibonacci. A breach of this level could see XRP enter a short-term correction.

A glance at the technicals

Key resistance: $1.0962

Pivot: $1.10819

Key support levels

23.6% Fibonacci: $0.9941

38.2% Fibonacci: 0.9322

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