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

Key support and resistance levels at play – Market could go either direction depending on which of the two give way in the day

5 Min Read
Last Updated July 23rd 2021

Ethereum

Ethereum was in the green all through Tuesday. This was after it broke through resistance at $2060.65 on the 38.2% Fibonacci in late Monday trading.

Ethereum started Tuesday in the green with key resistance broken and continued this way up to daybreak.

It was at this point that bears tried to retake control. However, they failed to push it back to the 38.2% Fibonacci, which was now intra-day support.

With key support firmly established, bulls took control up to around Midday, when it hit key resistance at $2169.91 on the 50.0% Fibonacci.

 It traded along this resistance for about two hours as bulls and bears wrestled for control.

However, with bullish momentum rising in the broader market, bulls quickly took control. This led to a continuation of the upside momentum that had started earlier in the day.

By the end of the day, Ethereum had hit a high of $2244.17. However, after more than 48-hours of gains, traders were starting to take profits.

This, combined with the fact that $2244.17 is a level where it has faced some resistance in the last two weeks, saw Ethereum lose upside momentum. By the end of the day, it had started showing signs of a correction.

Ethereum is currently trading at $2132.59 and is up by 0.29%. It started Wednesday trading in the red, continuing the correction that began in late Tuesday trading.

The selling momentum intensified within the first three hours of the day. This was after bears pushed it through the 50.0% Fibonacci, which was now intra-day support.

It has been trending lower from that point on and has come close to testing the 38.2% Fibonacci, which is now intra-day support at $2060.65. However, the selloff has eased off, and the price is stabilizing above the 38.2% Fibonacci.

ETH/USD 1-hour chart 063021

A glance at the day ahead

In the day, the key levels to watch will be the 50.0% Fibonacci resistance at $2169.91 and the 38.2% Fibonacci support at $2060.65.

If bulls regain control in the day, and Ethereum pushes through the 50.0% Fibonacci resistance, it could trend higher.

In such a scenario, the next level to watch would be the 61.8% Fibonacci resistance at $2279.17. A push through this level would make prices above $2500 possible.

On the other hand, if bears take control, the key level to watch would be the 38.2% Fibonacci support at $2060.65. This is a key support in the day, and if broken, would mark the continuation of the correction that started late Tuesday.

In such a scenario, the next key level to watch would be $1926.38. This is a key support level on the 23.6% Fibonacci. If broken, it would mark a continuation of the broader bearish trend that has lasted for two months.

However, if broader market momentum does not lie in any direction, then there would be a likelihood of Ethereum trading in a range all through the day. It could most likely oscillate between the 50.0% Fibonacci resistance and the 38.2% Fibonacci support in such a scenario.

A glance at the technicals

Key support level: 38.2% Fibonacci at $2060.65

Key resistance level: 50.0% Fibonacci at $2169.91

Litecoin

Litecoin was in the green for the better of Tuesday, a continuation of the bullish sentiment that started on Monday.

In early Tuesday trading, Litecoin broke through the 61.8% Fibonacci resistance at $139.60.

This saw it gain upside momentum for the better part of the day. However, by late afternoon, bulls had started losing momentum.

This was due to a combination of two factors. Firstly, bullish momentum in the broader market was starting to slow down.

Secondly, traders were starting to take profits. Quite expected after more than 48-hours of consistent gains. By the end of the day, Litecoin was in a correction, just like most crypto majors.

Litecoin is currently trading at $142.24 and is up by 2.16%. It started the day bearish, a continuation of the bearish momentum that started on Tuesday night.

By daybreak, it had tested the 61.8% Fibonacci at $139.60, a level that is now key support in the day.  At the time of writing, it had bounced off this support and was making minor gains.

LTC/USD 1-hour chart 063021

A glance at the day ahead

In the day, the key level to watch will be the 61.8% Fibonacci support at $139.60.  If bearish momentum gets stronger and this level is broken, it could be a bearish day for Litecoin.

In such a scenario, the next key level to watch would be $133.08. This is a key support level on the 50.0% Fibonacci.  If this level is broken, it would be confirmation that bulls are fully in control.

On the other hand, if the 61.8% Fibonacci support holds, then it would be an indicator of weak bearish sentiment. In such a scenario, the broader market dynamics would come into play.

If the market is directionless, then Litecoin could range between this support and resistance at Tuesday’s high of $149.19.

On the other hand, if bullish momentum is strong in the broader market, then the key level to watch would be yesterday’s high of $149.19. If it is broken, Litecoin could be in the green, with the possibility of testing $160.56 in the day.

A glance at the technicals

Key support level: 61.8% Fibonacci at $139.60

Key resistance level:  Tuesday’s high of $149.19

Ripple’s XRP

Ripple’s XRP, like most crypto majors, was in the green all through Tuesday. In the early hours of Tuesday, it broke through the 50.0% Fibonacci resistance at $0.6558 with high volumes.

This saw it gain all through the day, and by late afternoon, had crossed a second resistance at $0.6904 on the 61.8% Fibonacci.  

However, by the end of the day, upside momentum had eased up, and it started showing signs of a correction.

Ripple’s XRP is currently trading at $0.68 and is up by 3.84%.  It started the day bearish, and by daybreak, had broken the 61.8% Fibonacci, which was support at the time.

XRP/USD 1-hour chart 063021

A glance at the day ahead

XRP is currently trading between the 61.8% Fibonacci resistance at $0.6904 and support at $0.6558 on the 50.0% Fibonacci.

If the broader market is directionless in the day, then XRP could range between these two levels.

If bullish sentiment rises and XRP pushes through the 61.8% Fibonacci resistance, then it would mark the continuation of the bullish sentiment that started 48-hours ago.

On the other hand, if bears take control and XRP breaks through the 50.0% Fibonacci support at $0.6558, it could mark a continuation of the correction that started in late Tuesday trading.

A glance at the technicals

Key support level: 50.0% Fibonacci at $0.6558

Key resistance level: 61.8% Fibonacci at $0.6904

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