Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 11th, 2021

Ethereum

Ethereum fell by 0.64% on Tuesday. Following a 4.92% rally on Monday, Ethereum ended the day at $3,142.09.

A mixed start to the day saw Ethereum rise to an early afternoon intraday high $3,235.10 before hitting reverse.

Falling short of the first major resistance level at $3,271, Ethereum fell to a late afternoon intraday low $3,051.00.

Steering clear of the first major support level at $2,973, however, Ethereum revisited $3,190 levels before easing back.

At the time of writing, Ethereum was up by 0.25% to $3,150.04. A mixed start to the day saw Ethereum fall to an early morning low $3,135.57 before rising to a high $3,154.14.

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 $3,143 pivot to bring the first major resistance level at $3,235 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 and Tuesday’s high $3,235.10 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. The second major resistance level sits at $3,327.

A fall back through the $3,143 pivot would bring the first major support level at $3,050 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,900 levels. The second major support level at $2,959 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,050

Pivot Level: $3,143

First Major Resistance Level: $3,235

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.52% on Tuesday. Following Monday’s 11.09% surge, Litecoin ended the day at $165.45.

After a choppy morning, Litecoin rose to an early afternoon intraday high $168.42 before hitting reverse.

Falling short of the first major resistance level at $177, Litecoin fell to a late afternoon intraday low $158.86.

Steering clear of the first major support level at $151, however, Litecoin revisited $167 levels before easing back.

At the time of writing, Litecoin was down by 0.06% to $165.35.  A mixed start to the day saw Litecoin fall to an early morning low $165.19 before rising to a high $166.19.

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

For the day ahead

Litecoin would need to avoid the $164 pivot to bring the first major resistance level at $170 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $168.42.

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 the 23.6% FIB of $178 before any pullback. The second major resistance level at sits $174.

A fall through the $164 pivot would bring the first major support level at $160 into play.

Barring an extended sell-off, however, Litecoin should steer clear of the second major support level at $155.

Looking at the Technical Indicators

First Major Support Level: $160

Pivot Level: $164

First Major Resistance Level: $170

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 4.31% on Tuesday. Following a 4.93% rally on Monday, Ripple’s XRP ended the day at $0.85256.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.80080 before making a move.

Steering clear of the first major support level at $0.7778, Ripple’s XRP rallied to a late intraday high $0.86217.

Ripple’s XRP broke through the first major resistance level at $0.8447 and the 23.6% FIB of $0.8533.

A late pullback, however, saw Ripple’s XRP fall back through the 23.6% FIB to sub-$0.85 before ending the day at $0.85 levels.

At the time of writing, Ripple’s XRP was down by 0.35% to $0.84960. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.84853 before rising to a high $0.85388.

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 $0.8385 pivot to bring the 23.6% FIB of $0.8533 and the first major resistance level at $0.8762 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.86217.

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 the second major resistance level at $0.8999.

A fall through the $0.8385 pivot would bring the first major support level at $0.8149 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level sits at $0.7771.

Looking at the Technical Indicators

First Major Support Level: $0.8149

Pivot Level: $0.8385

First Major resistance Level: $0.8762

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