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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 28th, 2021

By:
Bob Mason
Updated: Aug 28, 2021, 00:47 UTC

After Friday's rebound, the majors will need to avoid the day's pivots and revisit Friday's highs to avoid another reversal.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum

Ethereum rallied by 5.88% on Friday. Reversing a 4.19% fall from Thursday, Ethereum ended the day at $3,274.67.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,050.00 before making a move.

Steering clear of the first major support level at $3,016, Ethereum rallied to a late intraday high $3,283.26.

Ethereum broke through the first major resistance level at $3,211 to end the day at $3,270 levels.

At the time of writing, Ethereum was up by 0.18% to $3,280.48. A mixed start to the day saw Ethereum fall to an early morning low $3,269.76 before rising to a high $3,290.51.

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

ETHUSD 280821 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,203 pivot to bring the first major resistance level at $3,355 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,350 levels.

Barring an extended crypto rally, the first major resistance level and 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 $3,500. The second major resistance level sits at $3,436.

A fall through the $3,203 pivot would bring the first major support level at $3,122 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $3,969.

Looking at the Technical Indicators

First Major Support Level: $3,122

Pivot Level: $3,203

First Major Resistance Level: $3,355

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 5.13% on Friday. Partially reversing a 5.70% fall from Thursday, Litecoin ended the day at $176.32.

A mixed start to the day saw Litecoin fall to an early morning intraday low $165.12 before making a move.

Steering clear of the first major support level at $162, Litecoin rallied to a late intraday high $176.40.

Falling short of the first major resistance level at $177, Litecoin ended the day at $176 levels.

At the time of writing, Litecoin was up by 0.14% to $176.57. A mixed start to the day saw Litecoin fall to an early morning low $175.82 before rising to a high $177.15.

Litecoin left the major support and resistance levels untested early on

LTCUSD 280821 Hourly Chart

For the day ahead

Litecoin would need to avoid the $173 pivot to bring the 23.6% FIB of $178 and the first major resistance level at $180 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the 23.6% FIB.

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 $184.

A fall through the $173 pivot would bring the first major support level at $169 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $161.

Looking at the Technical Indicators

First Major Support Level: $169

Pivot Level: $173

First Major Resistance Level: $180

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rallied by 11.15% on Friday. Reversing an 8.62% slide from Thursday, Ripple’s XRP ended the day at $1.19177.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.05061 before making a move.

While steering clear of the first major support level at $1.0296, Ripple’s XRP fell through the 38.2% FIB of $1.0659.

The rebound, however, saw Ripple’s XRP rally to a final hour intraday high $1.19177.

Ripple’s XRP broke through the first major resistance level at $1.1592 to end the day at $1.19 levels.

At the time of writing, Ripple’s XRP was down by 0.05% to $1.19115. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.18643 before rising to a high $1.19711.

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

XRPUSD 280821 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $1.1447 pivot to bring first major resistance level at $1.2388 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.23 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 $1.2859.

A fall through the $1.1447 pivot would bring the first major support level at $1.0977 and 38.2% FIB of $1.0659 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level at $1.0036 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0977

Pivot Level: $1.1447

First Major resistance Level: $1.2388

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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