There’s Still Hope for Ethereum, XRP, and Litecoin

The recent market-wide correction sent investors into fear, but there is still a chance that a bullish breakout may come.


Key Takeaways

  • Ethereum is holding well above a major support barrier, but breaking through it could be catastrophic.
  • Meanwhile, XRP sits in a no-trade zone that will determine where it is headed next.
  • Litecoin, however, is trying to regain the losses recently incurred.

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Ethereum, XRP, and Litecoin are holding above key support levels, suggesting that a bullish advance is not off the table yet.

Support Levels for Etheruem, XRP, and Litecoin

Crypto Briefing recently stated that Ethereum, XRP, and Litecoin were primed for a bullish breakout.

However, the commotion from a 50 BTC transaction linked to Satoshi Nakamoto triggered a sell-off that wiped out more than $30 billion from the entire market.

Even after the latest pullback, these three altcoins are holding steady above crucial support levels.

Ethereum, for instance, continues to trade within an ascending parallel channel that developed on its daily chart during March’s Black Thursday. Although the number two network took a 12% nosedive, the lower boundary of the channel contained the selling pressure.

The market has contained Ethereum within this boundary for the past three months.

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The 23.6% Fibonacci retracement level and the 100-day moving average are currently adding an extra layer of support to this barrier. Consequently, only a candlestick close below this massive support zone will add credibility to the probability of a steep correction that some of the most prominent analysts in the industry have discussed.

Until that happens, it is reasonable to assume that the price history over the last three months will prove accurate, and Ethereum will rise towards the middle or upper boundary of the channel.

Ethereum US dollar price chart
ETH/USD on TradingView

Along the same lines, XRP is being held by the 38.2% Fibonacci retracement level, but there is a significant resistance wall…

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