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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 1st, 2021

By:
Bob Mason
Updated: Jul 1, 2021, 00:45 UTC

It's a bearish start to the day for the majors. Failure to move through early highs would leave support levels in play.

Silver and golden coins with bitcoin, ripple and ethereum symbol

Ethereum

Ethereum rose by 5.13% on Wednesday. Following on from a 3.94% gain on Tuesday, Ethereum ended the day at $2,276.72.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,089.16 before making a move.

Steering clear of the first major support level at $2,078, Ethereum rallied to a late intraday high $2,288.00.

Ethereum broke through the first major resistance level at $2,251 to end the day at $2,270 levels.

At the time of writing, Ethereum was down by 1.70% to $2,237.91. A mixed start to the day saw Ethereum rise to an early morning high $2,277.44 before falling to a low $2,235.25.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 010721 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,218 pivot to bring the first major resistance level at $2,347 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $2,288.00.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $2,500. The second major resistance level sits at $2,417.

A fall through the $2,218 pivot would bring the first major support level at $2,148 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,019 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,148

Pivot Level: $2,218

First Major Resistance Level: $2,347

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 0.12% on Wednesday. Following a 4.70% gain on Tuesday, Litecoin ended the day at $144.36.

A mixed start to the day saw Litecoin rise to an early morning intraday high $146.94 before hitting reverse.

Falling short of the first major resistance level at $150, Litecoin fell to a late afternoon intraday low $136.09.

Litecoin fell through the first major support level at $138 before a late move back through to $144 levels.

At the time of writing, Litecoin was by 1.24% to $142.57. A bearish start to the day saw Litecoin fall from an early morning high $144.43 to a low $142.18.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 010721 Hourly Chart

For the day ahead

Litecoin would need to move back through the $143 pivot to bring the first major resistance level at $149 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $146.94.

Barring an extended crypto rally, the first major resistance level and resistance at $150 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $160. The second major resistance level sits at $153.

Failure to move back through the $143 pivot would bring the first major support level at $138 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$130 levels. The second major support level at $132 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $138

Pivot Level: $143

First Major Resistance Level: $149

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 0.60% on Wednesday. Partially reversing a 9.51% rally from Tuesday, Ripple’s XRP ended the day at $0.70304.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.71322 before hitting reverse.

Falling short of the first major resistance level at $0.7443, Ripple’s XRP slid to a late afternoon intraday low $0.64855.

Ripple’s XRP fell through the first major support level at $0.6546 before a partial recovery to $0.70 levels.

At the time of writing, Ripple’s XRP was down by 1.48% to $0.69262. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.70433 to a low $0.69236.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 010721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.6883 pivot to bring the first major resistance level at $0.7280 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.71322.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.80. The second major resistance level sits at $0.7529.

A fall through the $0.6883 pivot would bring the first major support level at $0.6633 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.6236.

Looking at the Technical Indicators

First Major Support Level: $0.6633

Pivot Level: $0.6883

First Major resistance Level: $0.7280

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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