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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 30th, 2021

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·5 min read
In this article:
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Ethereum

Ethereum fell by 0.66% on Sunday. Following a 0.83% decline on Saturday, Ethereum ended the week down by 0.46% to $3,226.46.

A mixed start to the day saw Ethereum rise to an early morning intraday high $3,287.73 before hitting reverse.

Coming up against the first major resistance level at $3,288, Ethereum slid to an early morning intraday low $3,153.75.

The sell-off saw Ethereum fall through the first major support level at $3,210 and the second major support level at $3,172.

Steering clear of sub-$3,150, Ethereum found late support to revisit $3,259 levels before falling back into the red.

At the time of writing, Ethereum was up by 0.06% to $3,228.45. A mixed start to the day saw Ethereum fall to an early morning low $3,213.29 before rising to a high $3.231.68.

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

For the day ahead

Ethereum would need to avoid a fall back through the $3,223 pivot to bring the first major resistance level at $3,292 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $3,287.73.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369. The second major resistance level sits at $3,491.

A fall back through the $3,223 pivot would bring the first major support level at $3,158 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,089 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,158

Pivot Level: $3,223

First Major Resistance Level: $3,292

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.74% on Sunday. Following a 0.35% loss on Saturday, Litecoin ended the week down by 6.18% to $174.48.

A mixed start to the day saw Litecoin rally to an early morning intraday high $182.75 before hitting reverse.

Litecoin broke through the first major resistance level at $178 and the second major resistance level at $181.

More significantly, Litecoin also broke through the 23.6% FIB of $178 before sliding to an early afternoon intraday low $173.18.

While falling back through the major resistance levels and the 23.6% FIB, Litecoin avoided the first major support level at $172.

Finding late support, Litecoin revisited $178 levels before falling back into the red. The first major resistance level and 23.6% FIB of $178 pegged Litecoin back.

At the time of writing, Litecoin was up by 0.02% to $174.52. A mixed start to the day saw Litecoin fall to an early morning low $174.00 before rising to a high $175.29.

Litecoin left the major support and resistance levels untested early on

For the day ahead

Litecoin would need to move through the $177 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 out from the 23.6% FIB.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $182.75 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 $186.

Failure to move through the $177 pivot would bring the first major support level at $171 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $167.

Looking at the Technical Indicators

First Major Support Level: $171

Pivot Level: $177

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 fell by 0.55% on Sunday. Following a 3.88% loss from Sunday, Ripple’s XRP ended the week down by 7.01% to $1.14131.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $1.16081 before hitting reverse.

Falling short of the first major resistance level at $1.1837, Ripple’s XRP slid to an early morning intraday low $1.11251.

Ripple’s XRP fell through the first major support level at $1.1214 before briefly revisiting $1.16 levels. A bearish end to the day, however, saw Ripple’s XRP fall back into the red.

At the time of writing, Ripple’s XRP was flat at $1.14129. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.13692 before rising to a high $1.14433.

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 back through the $1.1403 pivot to bring first major resistance level at $1.1681 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.16 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1.16707 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $1.20 before any pullback. The second major resistance level sits at $1.1949.

A fall back through the $1.1403 pivot would bring the first major support level at $1.1135 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 38.2% FIB of $1.0659. The second major support level at $1.0857 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.1135

Pivot Level: $1.1403

First Major resistance Level: $1.1681

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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