Ethereum, Litecoin & Ripple’s XRP Weekly Technical Analysis – 28th June

Key support levels at play – If they hold, it could be a bullish week for crypto majors

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum was strongly bearish last week and lost around 8% of its value. By the end of the day, Sunday, Ethereum was trading at $1819.31. 

Ethereum started the week with a strongly bearish candle. This was after it breached key support at $2370.45 on the 50.0% Fibonacci in the week ending 20th June.

The strong bearish sentiment saw it drop hard enough to test key support at the 61.8% Fibonacci on Monday 21st June.

With broader market momentum turning bearish, this support could not hold. This saw Ethereum break the 61.8% Fibonacci on Tuesday and test a low of $1708.93.

However, a sharp pullback saw Ethereum close Tuesday, trading above the 61.8% Fibonacci. This was indicative of strong support at the $1700 price level.

This was also evident in the fact that it managed to hold strongly above the 61.8% Fibonacci support after the pullback on Tuesday.

With the broader market turning bearish again on Thursday, Ethereum broke the 61.8% Fibonacci support a second time.

However, this support was quite strong, and despite the selloff, it held all through Friday and Saturday. By Sunday, Ethereum had started gaining upside momentum.

Ethereum is currently trading at $1969.74 and is up by 4.65%. It has started Monday trading in the green and has pushed through the 61.8% Fibonacci at $1902.90. It has pushed through this level with high volumes, an indicator that bulls are firmly in control.

ETH/USD 1-day chart 062821

A glance at the week ahead

The key level to watch will be the 61.8% Fibonacci support at $1902.90. If this support holds, then Ethereum could be in the green through the week.

In such a scenario, the next key level to watch would be 50.0% Fibonacci resistance at $2370.45.

If this level holds, then Ethereum could trade in a range for the better part of the week. The range would be between the 50.0% Fib resistance at $2370.45 and the 61.8% Fibonacci support at $1902.90.

However, if the upside momentum is strong enough to push through the 50.0% Fib resistance, it would indicate strong bullish strength.

 In such a situation, the next key level to watch would be the 38.2% Fibonacci resistance at $2847.34. Pushing through this resistance would mark the beginning of a short-term uptrend that could last all through the week.

However, if the broader market turns bearish, and the 61.8% Fibonacci support fails, then the key level to watch would be the $1700 support.

If it fails, then Ethereum’s next support level would be at $1613.03. This is a price level where it has found considerable support over the last four months. Breaking this support would mark the beginning of a more medium-term bearish trend for Ethereum.

However, if its current price action is anything to go by, then Ethereum could hold above the $1700 support through the week.

A glance at the technicals

Key support: 61.8% Fibonacci at $1902.90

Litecoin

Litecoin was bearish for the better part of last week. By the end of the week, it was down by 11%, to trade at $125.79.

Litecoin started last week bearish, a continuation of the trend that has lasted for weeks.

On Monday last week, it was deep in the red, but managed to hold above $123.34, a 6-month support level. However, with market momentum turning strongly bearish, this support could not hold.

Litecoin pushed through it with high volumes but only for a few hours. It bounced back towards the end of the day and held firmly above it.

With support strong, Litecoin saw some gains on Wednesday, but they were not strong enough for a major upside break. The result was that Litecoin traded in a range above the $123.34 support for the next couple of days.

Over the weekend, it made a double bottom around this price level, setting the stage for the gains it has shown in early morning trading.

Litecoin is currently trading at $131.63 and is up by 2.25%. It bounced off this support in the morning after the double bottom it formed over the weekend.

LTC/USD 1-day chart 062821

A glance at the week ahead

Litecoin is holding strong above the 6-month support at $123.34. If bullish sentiment rises in the broader market, the upside target for Litecoin would be the 61.8% Fibonacci at $185.94.

If the upside momentum is strong enough to push it through this price level, it would mark the beginning of a bullish reversal.

Further gains and the 50.0% Fibonacci resistance at $229.68 would come into play.

However, in the event, that bearish sentiment gets stronger and the $123.34 support is broken, then there could be a risk of Litecoin testing prices below $100 in the week.

If the current market trend is anything to go by, this is unlikely. The $123.34 support could hold for the week.

A glance at the technicals

Key support: 61.8% Fibonacci at $185.94

Ripple’s XRP

Ripple’s XRP started and ended the week bearish. In the past week, it was down by 10%.

XRP started the week bearish. On Monday last week, it dropped hard, but it managed to hold above multi-month support at $0.5781.

This support level was quite strong, and this was quite evident in Tuesday trading. On Tuesday, XRP pushed through this level, but it had pulled back enough to trade above it by the end of the day.

This saw it make minor gains all through the week. Over the weekend, XRP had a slight dip that saw it form a double bottom at the $0.5781 support.

It has bounced off it in early morning trading today and is currently up by 3.41%.

XRP/USD 1-day chart 062821

A glance at the week ahead

In the week ahead, the key level to watch will be the $0.5781 support. If it holds and upside momentum in the broader market increases, the key level to watch is the 61.8% Fibonacci resistance at $0.8559.

If the momentum sustains through this level, then XRP could see major gains in the week. Otherwise, it could be range-bound between the $0.5781 support and the 61.8% resistance at $0.8559.

On the other hand, if XRP drops below the $0.5781 support, then it could test prices below $0.40 in the week.

A glance at the technicals

Key support: 61.8% Fibonacci at $0.8559

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.