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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 10th, 2021

By:
Bob Mason
Updated: Aug 10, 2021, 01:02 UTC

Following Monday's rally, steering clear of the day's pivot levels would deliver further upside for the majors on the day.

Bitcoin and Litecoin over dollar banknotes.

Ethereum

Ethereum rallied by 4.92% on Monday. Reversing a 4.71% slide from Sunday, Ethereum ended the day at $3,162.34.

A mixed start to the day saw Ethereum fall to a mid-morning intraday low $2,892.50 before making a move.

Ethereum fell through the first major support level before rallying to a late afternoon intraday high $3,190.00.

The breakout saw Ethereum break through the first major resistance level at $3,155 before falling back to sub-$3,100 levels.

Finding late support, however, Ethereum broke back through the first major resistance level to end the day at $3,160 levels.

At the time of writing, Ethereum was up by 0.51% to $3,178.39. A mixed start to the day saw Ethereum fall to an early morning low $3,150.00 before rising to a high $3,200.00.

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

ETHUSD 100821 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,082 pivot to bring the first major resistance level at $3,271 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,200 levels.

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 test resistance at the 23.6% FIB of $3,369 and the second major resistance level at $3,379.

A fall through the $3,082 pivot would bring the first major support level at $2,973 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,800 levels. The second major support level sits at $2,784.

Looking at the Technical Indicators

First Major Support Level: $2,973

Pivot Level: $3,083

First Major Resistance Level: $3,271

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin surged by 11.09% on Monday. Reversing a 3.96% fall from Sunday, Litecoin ended the day at $166.42.

A bearish start saw Litecoin fall to an early morning intraday low $145.36 before making a move.

Finding support at the first major support level at $145, Litecoin surged to a late intraday high $171.00.

Litecoin broke through the first major resistance level at $156 and the second major resistance level at $162.

A late pullback, however, saw Litecoin fall back to $162 levels before wrapping up the day at $166 levels.

The second major resistance level at $162 delivered support late on.

At the time of writing, Litecoin was down by 0.56% to $165.49. A mixed start to the day saw Litecoin rise to an early morning high $167.25 before falling to a low $165.40.

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

LTCUSD 100821 Hourly Chart

For the day ahead

Litecoin would need to avoid the $161 pivot to bring the first major resistance level at $177 and the 23.6% FIB of $178 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $171.00.

Barring an extended crypto rally, the first major resistance level and resistance at the 23.6% FIB of $178 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 $187.

A fall through the $161 pivot would bring the first major support level at $151 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level sits at $135.

Looking at the Technical Indicators

First Major Support Level: $151

Pivot Level: $161

First Major Resistance Level: $177

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 4.93% on Monday. Reversing a 4.62% fall from Sunday, Ripple’s XRP ended the day at $0.81959.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.76107 before making a move.

Steering clear of the first major support level at $0.7543, Ripple’s XRP rallied to a late afternoon intraday high $0.82805.

Ripple’s XRP broke through the first major resistance level at $0.8232 before falling back to end the day at sub-$0.82.

At the time of writing, Ripple’s XRP was down by 0.58% to $0.81486. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.82251 before falling to a low $0.81481.

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

XRPUSD 100821 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.8029 pivot to bring the first major resistance level at $0.8447 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.82805.

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 the 23.6% FIB of $0.8533 and the second major resistance level at $0.8699.

A fall through the $0.8029 pivot would bring the first major support level at $0.7778 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.76 levels. The second major support level sits at $0.7359.

Looking at the Technical Indicators

First Major Support Level: $0.7778

Pivot Level: $0.8029

First Major resistance Level: $0.8447

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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