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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 2nd, 2021

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·5 min read
In this article:
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Ethereum

Ethereum rose by 0.86% on Sunday. Following a 2.84% gain on Saturday, Ethereum ended the week up by 16.53% to $2,555.43.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,511.5 before making a move.

Steering clear of the first major support level at $2,452, Ethereum rallied to a late intraday high $2,699.00.

Ethereum broke through the first major resistance level at $2,585 and the second major resistance level at $2,636.

A late pullback, however, saw Ethereum fall back through the major resistance levels to end the day at sub-$2,560 levels.

At the time of writing, Ethereum was up by 0.71% to $2,573.67. A mixed start to the day saw Ethereum fall to an early morning low $2,545.70 before rising to a high $2,579.22.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the $2,589 pivot to bring the first major resistance level at $2,666 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,650 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $2,699.00 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could resistance at $2,800 before any pullback. The second major resistance level sits at $2,776. Ethereum would need plenty of support, however, to breakout from the 38.2% FIB of $2,740.

Failure to move through the $2,589 pivot would bring the first major support level at $2,478 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$2,400 levels. The second major support level at $2,401 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,478

Pivot Level: $2,589

First Major Resistance Level: $2,666

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.89% on Sunday. Following a 0.81% decline from Saturday, Litecoin ended the week up by 9.81% to $140.28.

A mixed start to the day saw Litecoin rise to an early morning intraday high $149.87 before hitting reverse.

Litecoin broke through the first major resistance level at $147 and the second major resistance level at $149.

The reversal, however, saw Litecoin slide to a late intraday low $138.14.

Litecoin fell through the first major support level at $142 and the second major support level at $140 before a partial recovery to $140 levels.

At the time of writing, Litecoin was up by 0.63% to $141.17. A mixed start to the day saw Litecoin fall to an early morning low $139.93 before rising to a high $141.36.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $143 pivot to bring the first major resistance level at $147 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $145 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $150 would likely cap any upside.

In the event of another extended breakout, Litecoin could test the second major resistance level at $155.

Failure to move through the $143 pivot would bring the first major support level at $136 into play.

Barring another extended sell-off, however, Litecoin should continue to steer clear of sub-$130 levels. The second major support level at $131 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $136

Pivot Level: $143

First Major Resistance Level: $147

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 2.83% on Sunday. Following a 0.89% loss on Saturday, Ripple’s XRP ended the week up by 19.54% to $0.72533.

After a mixed start to the day, Ripple’s XRP rose to a mid-morning intraday high $0.77741 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.7581 and the second major resistance level at $0.7697.

The reversal, however, saw Ripple’s XRP slide to a late intraday low $0.70587.

Ripple’s XRP fell through the first major support level at $0.7363 and the second major support level at $0.7262.

Steering clear of sub-$0.70 levels, Ripple’s XRP moved back through to $0.72 levels to reduce the deficit.

At the time of writing, Ripple’s XRP was up by 0.68% to $0.73027. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.72250 before rising to a high $0.73027.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move through the $0.7362 pivot to bring the first major resistance level at $0.7665 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.75 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 $0.80 before any pullback. The second major resistance level sits at $0.8077.

Failure to move through the $0.7362 pivot would bring the first major support level at $0.6950 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.6647.

Looking at the Technical Indicators

First Major Support Level: $0.6950

Pivot Level: $0.7362

First Major resistance Level: $0.7665

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

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