Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 20th, 2021
Ethereum
Ethereum rose by 5.58% on Thursday. Following a modest 0.01% gain on Wednesday, Ethereum ended the day at $3,184.21.
A mixed start to the day saw Ethereum fall to an early morning intraday low $2,960.00 before making a move.
Steering clear of the first major support level at $2,933, Ethereum rose to a late intraday high $3,187.48.
Ethereum broke through the first major resistance level at $3,109 to end the day at $3,180 levels.
At the time of writing, Ethereum was up by 0.70% to $3,206.52 A mixed start to the day saw Ethereum fall to an early low $3,178.65 before rising to a high $3,208.00.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $3,111 pivot to bring the first major resistance level at $3,261 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,250 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $3,300 would likely cap any upside.
In the event of another broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369. The second major resistance level sits at $3,338.
A fall through the $3,111 pivot would bring the first major support level at $3,034 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,900 levels. The second major support level sits at $2,883.
Looking at the Technical Indicators
First Major Support Level: $3,034
Pivot Level: $3,111
First Major Resistance Level: $3,261
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin rose by 5.30% on Thursday. Reversing a 1.25% decline from Wednesday, Litecoin ended the day at $175.57.
A mixed start to the day saw Litecoin fall to a mid-day intraday low $162.66 before making a move.
Steering clear of the first major support level at $161, Litecoin rose to a late intraday high $175.90.
Litecoin broke through the first major resistance level at $173 to end the day at $175 levels.
At the time of writing, Litecoin was up by 0.38% to $176.23. A mixed start to the day saw Litecoin rise to an early morning high $176.69 before falling to a low $174.98.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid the $171 pivot to bring the 23.6% FIB of $178 and the first major resistance level at $180 into play.
Support from the broader market would be needed, however, for Litecoin to break back out from the 23.6% FIB.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level at sits $185.
A fall through the $171 pivot would bring the first major support level at $167 into play.
Barring an extended sell-off, however, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $158.
Looking at the Technical Indicators
First Major Support Level: $167
Pivot Level: $171
First Major Resistance Level: $180
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP
Ripple’s XRP rallied by 7.82% on Thursday. Following a 4.46% gain on Wednesday, Ripple’s XRP ended the day at $1.23437.
Tracking the broader market, Ripple’s XRP fell to a mid-day intraday low $1.09086 before making a move.
Steering clear of the 38.2% FIB of $1.0659 and the first major support level at $1.0657, Ripple’s XRP rallied to a late intraday high $1.23499.
Ripple’s XRP broke through the first major resistance level at $1.2111 to end the day at $1.234 levels.
At the time of writing, Ripple’s XRP was down by 0.47% to $1.22859. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.23768 before falling to a low $1.22114.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $1.1867 pivot to bring first major resistance level at $1.2826 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.25 levels.
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 $1.35 before any pullback. The second major resistance level sits at $1.3309.
A fall through the $1.1867 pivot would bring the first major support level at $1.1385 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The 38.2% FIB of $1.0659 and the second major support level at $1.0426 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1.1385
Pivot Level: $1.1867
First Major resistance Level: $1.2826
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
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Thanks, Bob
This article was originally posted on FX Empire