Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 12th, 2021
Ethereum
Ethereum rose by 0.65% on Wednesday. Reversing a 0.64% loss from Tuesday, Ethereum ended the day at $3,162.61.
A mixed start to the day saw Ethereum fall to an early morning intraday low $3,122.22 before making a move.
Steering clear of the first major support level at $3,050, Ethereum rose to an early afternoon intraday high $3,275.00.
Ethereum broke through the first major resistance level at $3,235 before sliding back to end the day at sub-$3,200 levels.
At the time of writing, Ethereum was up by 0.34% to $3,173.35. A mixed start to the day saw Ethereum fall to an early morning low $3,150.00 before rising to a high $3,173.87.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $3,187 pivot to bring the first major resistance level at $3,251 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,200 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $3,275.00 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 $3,339.
Failure to move through the $3,187 pivot would bring the first major support level at $3,098 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,034 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $3,098
Pivot Level: $3,187
First Major Resistance Level: $3,251
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin rose by 3.24% on Wednesday. Reversing a 0.52% decline from Tuesday, Litecoin ended the day at $170.79.
A mixed start to the day saw Litecoin fall to an early morning intraday low $164.30 before making a move.
Steering clear of the first major support level at $160, Litecoin rallied to a late intraday high $176.10.
Litecoin broke through the first major resistance level at $170 and the second major resistance level at $174.
Falling short of the 23.6% FIB of $178, Litecoin fell back through the second major resistance level to end the day at sub-$171.
At the time of writing, Litecoin was up by 1.25% to $172.92. A mixed start to the day saw Litecoin fall to an early morning low $170.20 before rising to a high $173.13.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid the $170 pivot to bring the first major resistance level at $177 and the 23.6% FIB of $178 into play.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $176.10.
Barring an extended crypto rally, the first major resistance level and 23.6% FIB 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 $182.
A fall through the $170 pivot would bring the first major support level at $165 into play.
Barring an extended sell-off, however, Litecoin should steer clear of the second major support level at $159.
Looking at the Technical Indicators
First Major Support Level: $165
Pivot Level: $170
First Major Resistance Level: $177
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP
Ripple’s XRP surged by 18.89% on Wednesday. Following a 4.31% gain on Tuesday, Ripple’s XRP ended the day at $1.01214.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.84853 before making a move.
Steering clear of the first major support level at $0.8149, Ripple’s XRP rallied to a late intraday high $1.09000.
Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $0.8533 to end the day at $1.00 levels.
At the time of writing, Ripple’s XRP was up by 0.94% to $1.02163. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.00879 before rising to a high $1.03659.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid the $0.9836 pivot to bring first major resistance level at $1.1186 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.09000.
Barring an extended crypto rally, the first major resistance level and resistance at $1.15 would likely cap any upside.
In the event of another breakout, Ripple’s XRP could test resistance at $1.30 before any pullback. The second major resistance level sits at $1.2250.
A fall through the $0.9836 pivot would bring the first major support level at $0.8771 and the 23.6% FIB of $0.8533 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level sits at $0.7421.
Looking at the Technical Indicators
First Major Support Level: $0.8771
Pivot Level: $0.9836
First Major resistance Level: $1.1186
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
