Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 4th, 2021

Ethereum

Ethereum fell by 3.83% on Tuesday. Reversing a 2.04% gain from Monday, Ethereum ended the day at $2,508.31.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,633.00 before hitting reverse.

Falling short of the first major resistance level at $2,682, Ethereum slid to a late morning intraday low $2,445.58.

Ethereum fell through first major support level at $2,519 before briefly revisiting $2,540 levels.

Late in the day, Ethereum fell back through the first major support level for a 2^nd time before ending the day at $2,500 levels.

At the time of writing, Ethereum was down by 0.18% to $2,503.91. A mixed start to the day saw Ethereum rise to an early morning high $2,522.93 before falling to a low $2,497.72.

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

For the day ahead

Ethereum would need to move through the $2,529 pivot to bring the first major resistance level at $2,612 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,600 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $2,633.00 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740 before any pullback. The second major resistance level sits at $2,716.

Failure to move through the $2,529 pivot would bring the first major support level at $2,425 into play.

Barring another extended sell-off, however, Ethereum should continue to steer clear of sub-$2,350 levels. The second major support level sits at $2,342.

Looking at the Technical Indicators

First Major Support Level: $2,425

Pivot Level: $2,529

First Major Resistance Level: $2,612

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.03% on Tuesday. Reversing a 0.75% gain from Monday, Litecoin ended the day at $138.48.

A mixed start to the day saw Litecoin rise to an early morning intraday high $143.26 before hitting reverse.

Falling short of the first major resistance level at $145, Litecoin slid to a mid-day intraday low $135.69.

Litecoin fell through the first major support level at $138 before ending the day at $138 levels.

At the time of writing, Litecoin was down by 0.30% to $138.06. A mixed start to the day saw Litecoin rise to an early morning high $139.09 before falling to a low $138.02.

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

For the day ahead

Litecoin would need to move through the $139 pivot to bring the first major resistance level at $143 into play.

Support from the broader market would be needed, however, for Litecoin to back through to $140 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $143.26 would likely cap any upside.

In the event of another extended breakout, Litecoin could test the second major resistance level at $147.

Failure to move through the $139 pivot would bring the first major support level at $135 into play.

Barring another extended sell-off, however, Litecoin should continue to steer clear of sub-$130 levels. The second major support level at $132 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $135

Pivot Level: $139

First Major Resistance Level: $143

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 3.41% on Tuesday. Reversing a 2.16% gain from Monday, Ripple’s XRP ended the day at $0.71242.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.74530 before hitting reverse.

Falling short of the first major resistance level at $0.7701, Ripple’s XRP slid to a late afternoon intraday low $0.70118.

Ripple’s XRP fell through the first major support level at $0.7122 before briefly revisiting $0.714 levels.

At the time of writing, Ripple’s XRP was down by 0.17% to $0.71364. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.71531 to a low $0.71223.

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 $0.7196 pivot to bring the first major resistance level at $0.7381 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.73 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.74530 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.78 before any pullback. The second major resistance level sits at $0.7638.

Failure to move through the $0.7196 pivot would bring the first major support level at $0.6940 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.69 levels. The second major support level sits at $0.6755.

Looking at the Technical Indicators

First Major Support Level: $0.6940

Pivot Level: $0.7196

First Major resistance Level: $0.7381

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