Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 25th, 2021

Ethereum

Ethereum fell by 4.55% on Tuesday. Reversing a 2.52% gain from Monday, Ethereum ended the day at $3,172.52.

A mixed start to the day saw Ethereum rise to a mid-morning intraday high $3,360.00 before hitting reverse.

Falling short of the 23.6% FIB of $3,369 and the first major resistance level at $3,390, Ethereum slid to a late afternoon intraday low $3,133.45.

Ethereum fell through the first major support level at $3,245 and the second major support level at $3,166.

Finding late support, however, Ethereum broke back through the second major support level to end the day at $3,170 levels.

At the time of writing, Ethereum was up by 0.79% to $3,196.46. A mixed start to the day saw Ethereum fall to an early morning low $3,170.00 before rising to a high $3,213.40.

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

For the day ahead

Ethereum would need to move through the $3,222 pivot to bring the first major resistance level at $3,310 and 23.6% FIB of $3,369 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,300 levels.

Barring an extended crypto rally, the 23.6% FIB of $3,369 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,400. The second major resistance level sits at $3,448.

Failure to move through the $3,222 pivot would bring the first major support level at $3,081 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,995.

Looking at the Technical Indicators

First Major Support Level: $3,081

Pivot Level: $3,222

First Major Resistance Level: $3,310

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 7.18% on Tuesday. Following a 0.60% gain on Monday, Litecoin ended the day at $173.54.

A mixed start to the day saw Litecoin rise to a late morning intraday high $188.68 before hitting reverse.

Falling short of the first major resistance level at $191, Litecoin slid to a late afternoon intraday low $172.15.

Litecoin fell through the first major support level at $183 and the second major support level at $179.

More significantly, Litecoin also fell through the 23.6% FIB of $178 to end the day at $173 levels.

At the time of writing, Litecoin was up by 0.80% to $174.93. A mixed start to the day saw Litecoin fall to an early morning low $173.38 before rising to a high $176.44.

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

For the day ahead

Litecoin would need to move through the $178 pivot and the 23.6% FIB of $178 to bring the first major resistance level at $184 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.

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 $190 before any pullback. The second major resistance level at sits $195.

Failure to move through the $178 pivot and 23.6% FIB would bring the first major support level at $168 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $162.

Looking at the Technical Indicators

First Major Support Level: $168

Pivot Level: $178

First Major Resistance Level: $184

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 8.63% on Tuesday. Reversing a 1.47% gain from Monday, Ripple’s XRP ended the day at $1.13691.

A mixed start to the day saw Ripple’s XRP rise to a late morning intraday high $1.26500 before hitting reverse.

Falling short of the first major resistance level at $1.2999, Ripple’s XRP slid to a late afternoon intraday low $1.12152.

Ripple’s XRP fell through the first major support level at $1.1963 and the second major support level at $1.1463 to end the day at $1.13 levels.

At the time of writing, Ripple’s XRP was up by 1.22% to $1.15077. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.13489 before rising to a high $1.15656.

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 $1.1745 pivot to bring first major resistance level at $1.2274 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.20 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $1.2650 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $1.3180.

Failure to move through the $1.1745 pivot would bring the first major support level at $1.0840 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.0310. The 38.2% FIB of $1.0659 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0840

Pivot Level: $1.1745

First Major resistance Level: $1.2274

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