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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 29th, 2021

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·5 min read
In this article:
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Ethereum

Ethereum rose by 0.01% on Wednesday. Following a 3.23% gain from Tuesday, Ethereum ended the day at $2,300.42.

A mixed start to the day saw Ethereum fall to a mid-morning intraday low $2,245.10 before making a move.

Steering clear of the first major support level at $2,195, Ethereum rallied to a late morning intraday high $2,347.88.

Falling short of the first major resistance level at $2,364, however, Ethereum briefly fell back to sub-$2,300 and into the red.

A late move back through to $2,300 levels prevented a loss on the day.

At the time of writing, Ethereum was down by 0.42% to $2,290.87. A mixed start to the day saw Ethereum rise to an early morning high $2,301.39 before falling to a low $2,286.48.

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

For the day ahead

Ethereum would need to move back through the $2,298 pivot to bring the first major resistance level at $2,351 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $2,347.88.

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

In the event of another broad-based crypto rally, Ethereum could resistance at $2,400 before any pullback. The second major resistance level sits at $2,401.

Failure to move back through the $2,298 pivot would bring the first major support level at $2,248 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$2,100 levels. The second major support level at $2,195 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,248

Pivot Level: $2,298

First Major Resistance Level: $2,351

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 4.24% on Wednesday. Following a 2.78% gain on Tuesday, Litecoin ended the day at $140.47.

A mixed start to the day saw Litecoin fall to a mid-morning intraday low $132.43 before making a move.

Steering clear of the first major support level at $130, Litecoin rallied to a late intraday high $142.07.

Litecoin broke through the first major resistance level at $138 and the second major resistance level at $140.

A late pullback, however, saw Litecoin briefly fall back through the second major resistance level before ending the day at $140 levels.

At the time of writing, Litecoin was down by 0.96% to $139.12. A bearish start to the day saw Litecoin fall from an early morning high $140.50 to a low $138.82.

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

For the day ahead

Litecoin would need to avoid the $138 pivot to bring the first major resistance level at $144 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $142.07.

Barring an extended crypto rally, the first major resistance level and resistance at $145 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $150. The second major resistance level sits at $148.

A fall through the $138 pivot would bring the first major support level at $135 into play.

Barring an extended sell-off, however, Litecoin should continue to steer clear of sub-$125 levels. The second major support level at $129 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $135

Pivot Level: $138

First Major Resistance Level: $144

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 13.80% on Wednesday. Following a 3.44% gain on Tuesday, Ripple’s XRP ended the day at $0.73364.

Tracking the broader market, Ripple’s XRP fell to a mid-morning intraday low $0.63183 before making a move.

Steering clear of the first major support level at $0.6211, Ripple’s XRP rallied to a late morning intraday high $0.75324.

Ripple’s XRP broke through the day’s major resistance levels to end the day at $0.73 levels.

At the time of writing, Ripple’s XRP was down by 1.31% to $0.72400. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.73927 before falling to a low $0.72174.

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 $0.7062 pivot to bring the first major resistance level at $0.7806 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.75324.

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 $0.8276.

A fall through the $0.7062 pivot would bring the first major support level at $0.6592 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.60 levels. The second major support level sits at $0.5848.

Looking at the Technical Indicators

First Major Support Level: $0.6592

Pivot Level: $0.7062

First Major resistance Level: $0.7806

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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