Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 30th July

Bulls falter at key resistance levels despite a spike in buying volumes

Last Updated July 30th 2021
5 Min Read

Ethereum

Ethereum was mostly flat all through Thursday. By the end of the day, it was up by less than a percentage.

On Wednesday, bulls pushed Ethereum through the 23.6% Fibonacci resistance at $2272.71 but lacked the volumes to go higher.

This saw it consolidate around this Fibonacci, a situation that extended into Thursday.

By early Thursday morning, the 23.6% Fibonacci had firmly been established as a key support level.

It tested and bounced off this Fibonacci just before daybreak. However, with little activity in the broader market, the bounce was minor and did not lead to any noticeable increase in price.

This went on until the early afternoon when bears tried to take control. However, they were quickly rejected, just above the 23.6% Fibonacci support.

This energized bulls, and for the better part of the evening, Ethereum was slowly trending up, albeit with a minor dip in the last two hours of the day.

At the time of writing, Ethereum was up by 4.61% to trade at $2403.61.  It started the day in a continuation of the range-bound trading that characterized Wednesday and Thursday.

However, this only lasted for two hours before bulls took control in the broader market. Ethereum shot up, and by daybreak, had rallied to test multi-month resistance at $2445.45.

It didn’t have the momentum to push through this resistance, though and has since eased up a little.

Ethereum is currently in a minor correction, but the momentum remains bullish after the strong rally earlier in the day.

ETH/USD 1-hour chart 073021

A glance at the day ahead

In the day, the key level to watch will be the multi-month resistance at $2445.45. If buying volumes increase and this resistance is broken, the chances are that it could test prices above $2400 in the day.

Such price action could also indicate the potential for Ethereum to be in the green all through the weekend.

However, if bulls cannot push Ethereum through the $2445.45 multi-month resistance, then two scenarios could play out today.

The first one is a range-bound day. In such a scenario, Ethereum could oscillate between the monthly resistance and the 23.6% Fibonacci support at $2272.71.

The second scenario is one where Ethereum breaches the 23.6% Fibonacci support. Such a scenario would be an indicator that bears have retaken control.

If this happens, the next key level to watch would be the 38.2% Fibonacci support at $2166.02. If this is broken, then Ethereum could test prices below $2100 in the day.

It would also indicate a potentially bearish weekend for Ethereum.

A glance at the technicals

Key resistance: Multi-month resistance at $2445.45

Key support: 23.6% Fibonacci at $2272.71

Litecoin

Litecoin was bullish all through Thursday, albeit with low volumes. By the end of the day, it was up by about 1.7%.

Litecoin started Thursday trading bullish, a continuation of the upside momentum that started on Wednesday.

However, after a high volumes bullish candle in the first hour of trading, Litecoin failed to test multiple-week resistance at $143.66.

This saw bears take control from the second hour of the day. However, with overall market momentum bullish, bears could not push Litecoin low enough to test the 23.6% Fibonacci support at $134.19.

By daybreak, bulls were in control and kept pushing Litecoin higher until early afternoon. Due to the low volumes in the market, bears made a second attempt.

Again they lacked the momentum to push Litecoin low enough to test the 23.6% Fibonacci support.  What followed is that Litecoin turned bullish for the rest of the day.

Litecoin is currently trading at $141.57 and is up 1.31%. It started Friday trading in the green, and by daybreak, had tested multiple-week resistance at $143.66.

However, after more than 48-hours in the green and volumes relatively low, Litecoin has failed to push through this resistance.

The result is that it has entered a minor correction, but overall momentum remains bullish.

LTC/USD 1-hour chart 073021

A glance at the day ahead

In the day, the key level to watch will be the multi-week resistance at $143.66. In the event that bulls take control in the broader market, and this resistance is broken, Litecoin could test prices above $150 in the day.

It would also be an indicator of a potentially bullish weekend for Litecoin.

On the other hand, if volumes decline in the day, Litecoin could consolidate in the day. In such a scenario, it could trade between the multi-week resistance at $143.66 and the 23.6% Fibonacci support at $134.19.

However, if bearish sentiment rises and the 23.6% Fibonacci support is broken, then Litecoin could test prices below $130 in the day. It would also be an indicator of a potentially bearish weekend for this crypto.

A glance at the technicals

Key resistance: Multiple week resistance at $143.66

Key support: 23.6% Fibonacci support at $134.19

Ripple’s XRP

Ripple’s XRP was flat all through Thursday. Volumes were so low that it barely made any moves in the day.

XRP started Thursday trading around the 23.6% Fibonacci support after volumes dried up in late Wednesday trading.

It spiked off this support just before daybreak but quickly got back to trading in a flat line.

This went on until the last two hours of the day when bullish momentum started to increase.

At the time of writing, XRP was up by $0.7429 and was up by 5.66%. It started the day bullish, and by daybreak, it had hit multiple-week resistance at $0.76538.

However, this resistance is proving to be quite strong, and XRP is in a correction after hitting it. 

XRP/USD 1-hour chart 073021

A glance at the day ahead

In the day, the key level to watch will be the multiple-week resistance at $0.76538.

If it breaks through resistance, then there could be a chance of XRP testing prices above $0.78 in the day.

It would also be a pointer to a potentially bullish weekend.

On the other hand, if volumes decline in the day, XRP could trade in a range between multiple-week resistance at $0.76538 and the 23.6% Fibonacci support at $0.70640.

The other scenario would be an increase in selling volumes in the day. If this happens and the 23.6% Fibonacci support is broken, then prices below $0.68 could be possible in the day.

A glance at the technicals

Key resistance: Multiple week resistance at $0.76538

Key support: 23.6% Fibonacci at $0.70640

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