Ethereum, Litecoin & Ripple’s XRP Technical Analysis – 8th June

Bears are in control: Failure for support levels to hold could lead to more downside

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum ended Monday trading lower by 4.37%. This saw it eat into some of the gains that it had made on Sunday. By the end of the day, it was trading at $2592.47.

Ethereum, like most cryptos, started the week range-bound in weekly resistance and support levels.

In intra-day trading, it started Monday trading below a key support level at $2719.42 on the 23.6% Fibonacci.

Within a few hours of trading, Ethereum was able to push through this resistance. This energized bulls and pushed the price higher for the better part of the morning.

By afternoon, Ethereum was trading at $2805.11, a key multiple-day resistance level. It pushed through this level briefly, but without support from the broader market, Ethereum lost momentum at this resistance.

This led to a heavy correction for the better part of the day. By evening, Ethereum was trading at $2719.4, on the 23.6% fib, which was now intra-day support. It breached this support briefly but managed to retest it at the last hour of the day.

Ethereum is in a heavy correction at the moment and is down by 10.45% to trade at $2490.36. Ethereum’s correction started after bulls couldn’t decisively hold the $2719.4

ETH/USD 1h Chart

A glance at the day ahead

Ethereum has been in a correction for the better part of the morning. It is a combination of a strong market-wide selloff and the fact that Ethereum broke key support at the turn of the day.

It is currently trading at a key support level on the 61.8% Fibonacci at $2454.26. If the market-wide sell-off continues, and the 61.8% fib support does not hold, then Ethereum could test new lows in the day. 

A critical level to watch in a selloff would be $2342.70. This is multiple-day support that if broken, could mark the beginning of a short-term bear trend.

On the other hand, if the sell-off eases off, and the 61.8% support holds, then Ethereum could trade in a range through the day. It would find some resistance on the 50.0% Fibonacci at $2536.72.

If in the day, buyers retake the market and Ethereum pushes through the 50.0% resistance, $2617.56 would come into play. This is the next key resistance in the day.

However, if current market dynamics are anything to go by, an upside is unlikely in the day.  The most likely scenario would either be a range, or a further downside break.

A glance at the technicals

Key resistance: $2805.11

Key support levels

61.8% fib at $2452.26

Multi-day support at $2342.70

Litecoin

Litecoin was in a correction in Monday trading and closed the day lower by 8.16%. This saw it eat into some of the gains that it had made on Sunday. It ended Sunday trading at $161.98.

Litecoin started Monday trading on a high note. This was after bears on Sunday evening failed to push it through key intraday support at $171.75 on the 61.8% Fibonacci.

With support solid, bulls took charge for the better part of the morning. Upside momentum increased when it pushed through intra-day resistance at $176.68 on the 50.0% Fibonacci.

However, by midday, Litecoin faced some strong resistance at $181.60 on the 38.2% Fibonacci. It retested this level twice, in a span of hours, creating a double top. This saw Litecoin enter a correction for the rest of the day.

By evening, Litecoin was trading at $171.75. This was a key support level on the 61.8%. Litecoin managed to hold at this support all through the last hour of Monday trading.

Litecoin is currently trading at $157.00 and is down by 11.54%. The market-wide selloff that started early Tuesday morning saw it push through the 61.8% Fibonacci support.

LTC/USD 1h Chart

A glance at the day ahead

Downside market-side momentum saw it start the day in the red. If the selloff sustains, then the $155.95 support level would be the one to watch. If it breaks, then any chances of an upside in the day would decrease. It could also signal a short-term correction.

On the other hand, if the sell-off eases and the $155.95 support holds, then Litecoin could be range-bound for the day. It could trade between the $155.95 support and the 61.8% Fibonacci resistance at $171.25.

However, if bulls regain control in the broader market, and Litecoin pushes through $171.25, then the next key level to watch would be Monday’s resistance at $181.60 on the 38.2% Fibonacci.

A glance at the technicals

Key resistance: $181.60

Key support levels

61.8% fib at $171.25

Multi-day support at $115.95

Ripple’s XRP

Ripple’s XRP ended Monday’s trading lower by 8.77%. This saw it reverse the gains it had made on Sunday.

Ripple’s XRP started Monday’s trading on a high note. After trading in a range for the better part of Sunday, it was in a breakout on Monday.

It started the day with a decisive push, through key resistance at $0.9436 on the 50.0% Fibonacci.

However, its upside momentum was short-lived, and it found some strong resistance at $0.9667 on the 200-day moving average. Ripple’s XRP tested this price level twice in the morning but was unable to push through it by the afternoon.

The result was a correction that sustained for the rest of the day and extended into Tuesday trading.

Ripple’s XRP is currently trading at $0.861 and is down by 9.53%. It started the day in the red, a continuation of the bearish momentum that started on Monday.

Early Tuesday morning, XRP had broken through key support at $0.9075 on the 61.8% Fibonacci retracement, setting the pace for further downside.

XRP/USD 1h Chart

A glance at the day ahead

If the selloff in the broader market continues, Ripple's XRP could test new lows in the day. In such a scenario, the key level to watch would be 0.7904. This is a multiple-day support level, and if it fails, XRP could enter a short term correction that could last for days.

However, if the broader market sell off eases, then XRP could be range-bound between resistance at $0.9075 on the 61.8% Fibonacci, and support at 0.7904.

It would take a significant bullish momentum in the broader market for XRP to push through the 61.8% resistance. Such would also mark the end of the intra-day correction.

A glance at the technicals

Key resistance: $0.9667

Key support levels

61.8% fib at $0.9075

Multi-day support at $0.7904

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