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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 3rd, 2021

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·5 min read
In this article:
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Ethereum

Ethereum rose by 2.04% on Monday. Following a 0.86% gain on Sunday, Ethereum ended the day at $2,608.12.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,503.70 before making a move.

Steering clear of the first major support level at $2,467, Ethereum rallied to a late intraday high $2,666.36.

Coming up against the first major resistance level at $2,666, however, Ethereum fell back to sub-$2,600 levels before finding late support.

At the time of writing, Ethereum was down by 0.38% to $2,598.24. A mixed start to the day saw Ethereum rise to an early morning high $2,609.07 before falling to a low $2,586.00.

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 $2,593 pivot to bring the first major resistance level at $2,682 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 resistance at $2,700 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 $2,755. Ethereum would need plenty of support, however, to breakout from the 38.2% FIB of $2,740.

A fall back through the $2,593 pivot would bring the first major support level at $2,519 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 $2,430 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,519

Pivot Level: $2,593

First Major Resistance Level: $2,682

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 0.75% on Monday. Partially reversing a 2.89% slide from Sunday, Litecoin ended the day at $141.36.

A mixed start to the day saw Litecoin fall to an early morning intraday low $138.81 before making a move.

Steering clear of the first major support level at $136, Litecoin rallied to a mid-morning intraday high $145.91.

Falling short of the first major resistance level at $147, Litecoin fell back to sub-$140 before finding late support.

At the time of writing, Litecoin was down by 0.12% to $141.19. A mixed start to the day saw Litecoin rise to an early morning high $141.48 before falling to a low $140.16.

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

For the day ahead

Litecoin would need to move through the $142 pivot to bring the first major resistance level at $145 into play.

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

Barring an extended crypto rally, the first major resistance level and Monday’s high $145.91 would likely cap any upside.

In the event of another extended breakout, Litecoin could test the second major resistance level at $149.

Failure to move through the $142 pivot would bring the first major support level at $138 into play.

Barring another extended sell-off, however, Litecoin should continue to steer clear of sub-$130 levels. The second major support level at $135 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $138

Pivot Level: $142

First Major Resistance Level: $145

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 2.16% on Monday. Partially reversing a 2.83% fall from Sunday, Ripple’s XRP ended the day at $0.73980.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.71482 before making a move.

Steering clear of the first major support level at $0.6950, Ripple’s XRP rose to a mid-morning intraday high $0.77278.

Ripple’s XRP broke through the first major resistance level at $0.7665 before falling back to end the day at sub-$0.74 levels.

At the time of writing, Ripple’s XRP was down by 1.02% to $0.73222. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.73756 before falling to a low $0.72730.

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 $0.7425 pivot to bring the first major resistance level at $0.7701 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 and Monday’s high $0.77278 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.8004.

Failure to move through the $0.7425 pivot would bring the first major support level at $0.7122 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.70 levels. The second major support level sits at $0.6845.

Looking at the Technical Indicators

First Major Support Level: $0.7122

Pivot Level: $0.7425

First Major resistance Level: $0.7701

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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