Ethereum, Litecoin & Ripple’s XRP Technical Analysis - 3rd June

Key support levels holding: A push through key pivots would lead to bullish momentum in the day

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum gained upside Momentum on Wednesday and closed the day higher by 2.74%. This saw it cancel the losses of 2.71% that it recorded on Tuesday. It ended Wednesday trading at $2706.64.

Ethereum started Wednesday trading on a high note. This was after bears failed to push it through key support at $2569.13 on the 200-day moving average on Tuesday night. This energized bulls to take control for the better part of Wednesday morning.

However, by afternoon, Ethereum had failed to push through critical weekly resistance at $2910.70. Failure to go through this price level coupled with little market-wide momentum saw Ethereum enter a correction for the better part of the evening. 

At the moment, Ethereum is trading at $2810.26 and is up by 5.86%. Ethereum started Thursday trading in the red, an extension of the downside momentum that started on Wednesday evening.

However, a few hours into Thursday and bears could not push it through key support at $2645.2 on the 23.6% Fibonacci retracement. This bear weakness saw bulls retake control, and the price is still gaining at the time of writing.

ETH/USD 1h Chart

A glance at the day ahead

Ethereum needs to break through the $3106.91 pivot for an uptrend to be confirmed. Pushing through this price level would see Ethereum enter a bull run that could sustain for a couple of days or weeks.

Without much support from the broader market, Ethereum is likely to oscillate between key resistance at $2910.78, and support on the 23.6% Fibonacci at $2645.25.

However, if bullish momentum rises in the broader market, then the key level to watch would be $2910.78. A major push through this level would see Ethereum gain more upside momentum and possibly trade above $3000 in the day.

On the other hand, if bearish sentiment rises in the market, the key level to watch would be $2645.25 support on the 23.6% Fibonacci. A push through this support level would bring the 200-day moving average support at $2587.78 into play.

Failure by the 200-day moving average support to hold would see the 38.2% support at $2681.64 come into play. If this support fails to hold, it would signal a possible bearish reversal that could last days or weeks.

Overall, there is a lot of support for Ethereum in the $2587.78 and $2681.64 price range. It would take a major selloff in the broader market for this support to break.

A glance at the technicals

Key resistance: $2910.78

Pivot level: $3106.91

Key support levels:

23.6% Fibonacci retracement: $2645.25

200-day moving average: $2587.78

Litecoin

Litecoin edged higher by 2.33% on Wednesday. This saw it reverse some of the losses of 2.70% that it recorded on Tuesday. Litecoin was trading at $187.27 by the end of Wednesday.

Litecoin had relatively low trading momentum on Tuesday. It had been edging lower for the better part of Tuesday evening but managed to hold above $180.65 support on the 200-day moving average.

This saw bulls take control for the better part of Wednesday morning, albeit with little momentum.  Litecoin gained, though marginally all morning until midday when bulls failed to push it through key resistance at $189.09 on the 23.6% Fibonacci.

The failure to test resistance saw it drop and test support at $182.41 on the 50-day moving average. However, given that there was little momentum in this crypto, bears could not push it through support.

This saw Litecoin trend upwards for the better part of the day and test key resistance at $188.09 on the 23.6% Fibonacci. However, bulls failed to hold it at this level, which led to a slight correction in the last two to three hours of the day.  

Litecoin is currently trading at $191.65 and is up by about 3.18%. The correction that started on Wednesday night extended into Thursday morning. This saw it start Thursday trading in the red, a continuation of Wednesday night’s trend.

It edged lower until it tested key support on the 200-day moving average at $181.41. With this support holding, Litecoin regained upside momentum all through early morning trading.

LTC/USD 1h Chart

A glance at the day ahead

Litecoin would need to push through the $208.81 pivot for an upside break to be clear. This would clear the way for a potential bull run in the coming days and weeks.

Increased bullish momentum in the broader market has seen Litecoin push through key resistance at $189.09 on the 23.6% Fibonacci. If this momentum holds, then Litecoin could gain for the better part of the day. The key level to watch would be weekly resistance at $203.16.

However, if this momentum turns negative, then Litecoin could pull back, and possibly find support on the 200-day moving average at $182.21. If this support fails to hold, then the 38.2% key support at $175.53 would come into play.

Overall, there is a lot of support for Litecoin, and market momentum is on the rise at this point.

A glance at the technicals

Key resistance: $189.01

Pivot level: $208.81

Key support levels:

200-day moving average: $182.21

38.2% Fibonacci retracement: $175.53

Ripple’s XRP

Ripple’s XRP gained by 1.43% on Wednesday. This saw it erase a portion of the 2.91% losses it recorded on Tuesday. XRP was trading at $1.02688 by the end of the day, Wednesday. 

Ripple’s XRP was pretty bearish for the better part of Tuesday afternoon. However, by late-night, bears lacked the momentum to breach key support at $0.9941 on the 23.6% Fibonacci.

This saw Ripple’s XRP gain upside momentum for the better part of Wednesday morning. However, without much support from the broader market, the upside momentum could not hold.

The failure of bullish momentum saw Ripple’s XRP edge lower for the better part of   Wednesday trading.

 At the moment, Ripple’s XRP is trading at $1.03 and is up by 0.68%. After bears failed to push XRP through the 50-day moving average support at $1.01558, it regained upside momentum in early Thursday trading.

XRP/USD 1h Chart

A glance at the day ahead

Ripple’s XRP needs to push through the $1.0967 pivot for a bull trend to be clearly defined.

 If bullish sentiment rises in the broader market, Ripple’s XRP could test weekly resistance at $1.0480.

However, if momentum turns bearish in the day, then the 50-day moving average support at $1.01558 would come into play. A push through this price level would see it test $0.9941 support on the 23.6% Fibonacci.

A glance at the technicals

Key resistance: $1.0480

Pivot level: $1.0967

Key support levels:

50-day moving average: $1.01558

23.6% Fibonacci retracement: $0.9941

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