Ethereum, Litecoin & Ripple’s XRP Technical Analysis (Weekly) – 7th June

Major cryptos range-bound – A breakout could happen in any direction

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum gained last week to close higher by 13%. This was the same percentage that it gained with, in the week ending 31st May. By end of day June 6th, Ethereum was trading at $2710.97.

Ethereum started the week ending 6th June on a high note. It built on the momentum from the week ending 31st May to push through key resistance at $2463.25 on the 50.0% Fibonacci.

This momentum held for the better part of the week. By mid-week, Ethereum came close to testing $2905.06. This is a key resistance level on the 38.2% Fibonacci.

However, without much support from the broader crypto market, it could not test the $2905.06 resistance.  What followed was a correction all through Friday and Saturday.

The weekend correction, while triggered by the broader market, was not strong enough to see Ethereum retest the 50.0% fib at $2462.35, a price level that was now support.

Ethereum is currently trading at $2779.58 and is up by 2.79%.  With bears unable to push it to a key support level, Ethereum bulls have taken control at the start of the week, and have been pushing it higher all through Monday morning trading.

ETH/USD 1h Chart

A glance at the week ahead

From a look at the past week, it is quite clear that Ethereum is trading in a range. It is trading between the 50.0% Fibonacci support at $2463.25, and the 38.2% Fibonacci resistance at $2905.06.

Ethereum would need strong broader market momentum to push through these two levels. If in the week, bulls take control in the broader market, and Ethereum pushes through $2905.06, it could be quite significant to its short-term trend.

That’s because it would mark the completion of a bullish reversal that started on the 23rd of May.   Such a move would put Ethereum on course to an uptrend that could see it test $3459.67 resistance on the 23.6% Fibonacci.  Further push-through resistance could easily see it retest its all-time highs.

On the other hand, if bears take control in the broader market, and the 50.0% Fibonacci support fails to hold, then it would put Ethereum in a danger zone. That’s because it would be an indicator that the reversal that started on the 23rd of May has failed.

In the event that the $2463.25 support fails to hold, then price levels below $2000 could play out. It’s all about the direction that Ethereum will break out this week.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $2905.06

Key support:  50.0% Fibonacci at $2463.25

Litecoin

Litecoin ended last week lower by 3.82%. It was a slightly better showing than the losses of 5.62% that Litecoin recorded in the week ending 31st May.  It ended last week at $173.95.

Litecoin seems to be range-bound and recorded little to no activity all through last week. It started the week with bullish momentum and even pushed through key resistance at $178.03 on the 200-day moving average.

Litecoin kept gaining marginally for the better part of the week, and by Thursday, it had pushed through key resistance at $190.48 on the 61.8% Fibonacci. However, without much support from the broader market, Litecoin could not sustain its momentum.

This saw it correct on Friday, and even breach the 200-day moving average, which was now support at $178.03. It traded around the 200-day moving average all through the weekend.

Litecoin is currently trading at $178.66 and is up marginally by 0.72%. It is in a tight range, and could easily break out in any direction.

LTC/USD 1h Chart

A glance at the week ahead

Litecoin has started the week in a tight range and is oscillating around the 200-day moving average.

If the broader market turns bullish, Litecoin could push through the 61.8% Fibonacci resistance at $191.48. This would mark the completion of the bullish reversal that started on the 23rd of May. It would also put Litecoin on course to test the 50.0% Fibonacci resistance at $232.61.

On the other hand, if bearish sentiment rises in the broader market, and Litecoin corrects, then there would be a risk of a major drop. The first major support level for Litecoin in such a scenario would be the May 23rd low of $118.43.

If this price level fails to hold, then there would be a huge risk of Litecoin testing prices below the $100 mark.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $191.48

Key support:  200-day moving average at $178.03

Ripple’s XRP

Ripple’s XRP ended last week with gains of 2%, a buildup to the gains it had made in the previous week. It closed the week at $0.929.

Ripple’s XRP, like most top crypto’s, was range-bound for the better part of last week. It oscillated between resistance at $1.0839 on the 50.0% fib and support at $0.880 on the 61.8% fib.

Between Monday and Thursday, Ripple’s XRP was on an uptrend. However, without much support from the broader market, Ripple’s XRP could not push through the $1.0839 resistance.

This saw it enter a correction for the better part of the weekend. Nonetheless, the bearish sentiment in the broader market was not strong enough to push Ripple’s XRP through the 61.8% support.

Ripple’s XRP is currently trading at $0.9522 and is up by 1.26%.  Failure by bears to push it through key support at $0.880 has given XRP some upside momentum in early Monday trading.

XRP/USD 1h Chart

A glance at the week ahead

Ripple’s XRP is still range-bound despite the gains it has made in early morning trading. If bullish sentiment rises in the broader market, XRP could break through the 50.0% fib resistance at $1.0839.

This would mark the beginning of an uptrend and a confirmation of the bullish reversal that started on the 23rd of May.

On the other hand, if there is a bearish sentiment in the broader market and the $0.880 support does not hold, then XRP could enter a danger zone.

That’s because it would mean that the bullish reversal that started on the 23rd of May has failed.  A correction could see XRP test levels below $0.80. Its next major support level for XRP would be at $0.70 on the 200-day moving average.

Overall, XRP is at a price level where it can break out in any direction.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $1.0839

Key support:  61.8% Fibonacci at $0.880

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