Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 20th, 2021
In This Article:
Ethereum
Ethereum fell by 3.86% on Monday. Following a 0.44% loss on Sunday, Ethereum ended the day at $1,818.44.
A mixed start to the day saw Ethereum rise to a mid-morning intraday high $1,918.65 before hitting reverse.
Falling short of the first major resistance level at $1,964, Ethereum slid to an early afternoon intraday low $1,805.47.
Ethereum fell through the first major support level at $1,849 to end the day at sub-$1,820 levels. The second major support level at $1,805 limited the downside on the day.
At the time of writing, Ethereum was flat at $1,818.48. A mixed start to the day saw Ethereum rise to an early morning high $1,822.62 before falling to a low $1,813.42.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $1,848 pivot to bring the first major resistance level at $1,900 into play.
Support from the broader market would be needed, however, for Ethereum to move back through to $1,900 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could resistance at $2,000 before any pullback. The second major resistance level sits at $1,961.
Failure to move through the $1,848 pivot would bring the first major support level at $1,776 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,734 and the 62% FIB of $1,725 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1,776
Pivot Level: $1,848
First Major Resistance Level: $1,900
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin slid by 5.06% on Monday. Following a 0.76% decline on Sunday, Litecoin ended the day at $113.17.
A mixed start to the day saw Litecoin rise to a mid-morning intraday high $120.71 before hitting reverse.
Falling short of the first major resistance level at $123, Litecoin slid to an early afternoon intraday low $111.84.
Litecoin fell through the first major support level at $116 and the second major support level at $112.
Steering clear of sub-$110 levels, Litecoin moved back through the second major support level to end the day at $113 levels.
At the time of writing, Litecoin was down by 0.13% to $113.02. A mixed start to the day saw Litecoin rise to an early high $113.34 before falling to a low $112.70.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $115 pivot to bring the first major resistance level at $119 into play.