What's next for Ethereum, XRP and Litecoin after the recent plunge ?

Ethereum retracted more than 50 percent over the last few weeks to reach a low of $174, for the first time since mid-May. The correction comes after ETH peaked at $366 on June 26.

By measuring the Fibonacci retracement indicator from the low of $80.70 on December 15 to the high of $366 on June 26, it appears that Ethereum retraced to the 61.8 to 65 percent Fibonacci retracement zone.

If Ethereum is indeed likely to rebound from the current price level, it could find resistance on its way up around the 50 and 38.2 percent Fibonacci retracement levels, which are sitting at $223 and $256, respectively.

A break below the 65 percent Fibonacci retracement level could take it down to $143, where the 78.6 percent Fibonacci retracement level sits at.

There is a high probability for a rebound that could take Ethereum to the 50 percent Fibonacci retracement level.

The recent legal actions taken by the SEC against Veritaseum, which took its price down more than 60 percent within a few hours, could be taken as an example of the impact that such news could pose for XRP. In the meantime, while the SEC responds to the recent complaint filed against Ripple it will be wiser to remain out of XRP. Based on the 1-week chart, this cryptocurrency could soon drop down to the next level of support that sits around $0.19 if the selling pressure behind it increases.

Based on the Fibonacci retracement indicator Litecoin spent over a month consolidating between the 38.2 and 50 percent Fibonacci retracement area.

Litecoin dropped 22 percent to reach the 61.8 percent Fibonacci retracement zone, which can be taken as a completion of the bear pennant.

If Litecoin indeed rebounds from the current price levels, it could find some level of resistance around $85, which is where the 50 percent Fibonacci retracement zone is at.

A break below the 61.8 percent Fibonacci retracement level is a strong signal of a trend reversal from bullish to bearish.