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

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·5 min read
In this article:
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Ethereum

Ethereum surged by 11.64% on Wednesday. Following a 6.23% rally on Tuesday, Ethereum ended the day at $3,829.39.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,384.24 before making a move.

Steering clear of the 23.6% FIB of $3,369 and the first major support level at $3,252, Ethereum rallied to a late intraday high $3,843.12.

Ethereum broke through the first major resistance level at $3,548 and the second major resistance level at $3,665 to end the day at $3,800 levels.

At the time of writing, Ethereum was up by 0.97% to $3,792.42. A mixed start to the day saw Ethereum rise to an early morning high $3,838.28 before falling to a low $3,782.18.

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

For the day ahead

Ethereum would need to avoid the $3,686 pivot to bring the first major resistance level at $3,987 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,900 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $4,000 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $4,145.

A fall through the $3,686 pivot would bring the first major support level at $3,528 into play.

Barring another extended sell-off, however, Ethereum should steer well clear of the second major support level at $3,227. The 23.6% FIB of 3,369 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,528

Pivot Level: $3,686

First Major Resistance Level: $3,987

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 5.40% on Wednesday. Following a 2.50% gain on Tuesday, Litecoin ended the day at $180.86.

A bearish start to the day saw Litecoin fall to an early morning intraday low $168.57 before making a move.

Steering clear of the first major support level at $166, Litecoin rallied to a late intraday high $182.78.

Litecoin broke through the first major resistance level at $176 and the second major resistance level at $181 before easing back.

More significantly, Litecoin broke through the 23.6% FIB at $178 to end the day at $180 levels.

At the time of writing, Litecoin was down by 0.34% to $180.24. A mixed start to the day saw Litecoin fall to an early morning low $179.66 before rising to a high $181.54.

Litecoin left the major support and resistance levels untested early on

For the day ahead

Litecoin would need to avoid the 23.6% FIB of $178 and the $177 pivot to bring the first major resistance level at $186 into play.

Support from the broader market would be needed, however, for Litecoin to break back out from Wednesday’s high $182.78.

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

In the event of an extended breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level at sits $192.

A fall through the 23.6% FIB of $178 and the $177 pivot would bring the first major support level at $172 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $163.

Looking at the Technical Indicators

First Major Support Level: $172

Pivot Level: $177

First Major Resistance Level: $186

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 4.33% on Wednesday. Following a 7.82% rally on Tuesday, Ripple’s XRP ended the day at $1.2377.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.15995 before making a move.

Steering clear of the first major support level at $1.1046, Ripple’s XRP rallied to a late intraday high $1.23600.

In spite of the breakout, however, Ripple’s XRP fell short of the first major resistance level at $1.2556.

At the time of writing, Ripple’s XRP was down by 0.97% to $1.22565. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.23941 before falling to a low $1.22296.

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 $1.2112 pivot to bring first major resistance level at $1.2625 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.25 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 $1.30 before any pullback. The second major resistance level sits at $1.2873.

A fall through the $1.2112 pivot would bring the first major support level at $1.1864 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.10 levels. The second major support level at $1.1352 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.1864

Pivot Level: $1.2112

First Major resistance Level: $1.2625

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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