Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 24th, 2021
In This Article:
Ethereum
Ethereum rallied by 4.99% on Friday. Following a 1.43% gain on Thursday, Ethereum ended the day at $2,125.81.
A bullish start to the day saw Ethereum rise to a mid-morning high $2,094.46 before hitting reverse.
Ethereum broke through the first major resistance level at $2,065 before falling to a late afternoon intraday low $1,948.68.
The reversal saw Ethereum fall through the first major support level at $1,967.
Finding late support, however, Ethereum rallied to a late intraday high $2,131.51.
Ethereum broke back through the first major resistance level and the second major resistance level at $2,105 to end the day at $2,120 levels.
At the time of writing, Ethereum was down by 0.34% to $2,118.50. A mixed start to the day saw Ethereum rise to an early morning high $2,131.48 before falling to a low $2,107.64.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $2,084 pivot to bring the first major resistance level at $2,173 into play.
Support from the broader market would be needed, however, for Ethereum to breakout from Friday’s high $2,131.51.
Barring an extended crypto rally, the first major resistance level and resistance at $2,200 would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could resistance at $2,300 before any pullback. The second major resistance level sits at $2,221.
A fall the $2,084 pivot would bring the first major support level at $2,037 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,900 levels. The second major support level at $1,948 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,037
Pivot Level: $2,084
First Major Resistance Level: $2,173
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin rose by 2.93% on Friday. Following a 2.44% gain on Thursday, Litecoin ended the day at $124.28.
After a mixed start to the day, Litecoin fell to late afternoon intraday low $117.06 before making a move.
Finding support at the first major support level at $117, Litecoin rose to a late intraday high $125.06.
Litecoin broke through the first major resistance level at $123 to end the day at $124 levels.
At the time of writing, Litecoin was up by 0.21% to $124.54. A mixed start to the day saw Litecoin fall to an early morning low $123.91 before rising to a high $124.79.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid the $122 pivot to bring the first major resistance level at $127 into play.