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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 9th, 2021

By:
Bob Mason
Updated: Aug 9, 2021, 01:17 UTC

Following Sunday's pullback, the majors would need to move through the day's pivot levels else see support levels come into play once more.

Silver and golden coins with bitcoin, ripple and ethereum symbol

Ethereum

Ethereum slid by 4.71% on Sunday. Partially reversing a 9.34% rally from Saturday, Ethereum ended the week up by 17.95% to $3,014.13.

A mixed start to the day saw Ethereum rise to a mid-morning intraday high $3,191.99 before hitting reverse.

Falling short of the first major resistance level at $3,269, Ethereum slid to a late intraday low $2,948.76.

Ethereum fell through the first major support level at $2,962 before returning to $3,000 levels.

At the time of writing, Ethereum was down by 1.54% to $2,967.75. A mixed start to the day saw Ethereum rise to an early morning high $3,036.47 before falling to a low $2,960.80.

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

ETHUSD 090821 Hourly Chart

For the day ahead

Ethereum would need to move through the $3,052 pivot to bring the first major resistance level at $3,155 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,100 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $3,191.99 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 before any pullback. The second major resistance level sits at $3,295.

Failure to move through the $3,052 pivot would bring the first major support level at $2,911 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $2,808.

Looking at the Technical Indicators

First Major Support Level: $2,911

Pivot Level: $3,052

First Major Resistance Level: $3,155

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 3.96% on Sunday. Partially reversing a 5.40% rally from Saturday, Litecoin ended the week up by 6.84% to $149.88.

A bullish start saw Litecoin rise to an early morning intraday $157.72 before hitting reverse.

Falling short of the first major resistance level at $159, Litecoin slid to a late intraday low $147.09.

Litecoin fell through the first major support level at $150 to end the day at sub-$150 levels.

At the time of writing, Litecoin was down by 1.07% to $148.27. A mixed start to the day saw Litecoin rise to an early morning high $150.53 before falling to a low $147.65.

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

LTCUSD 090821 Hourly Chart

For the day ahead

Litecoin would need to move through the $152 pivot to bring the first major resistance level at $156 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $155 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $157.72 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $165 before any pullback. The second major resistance level at sits $162.

Failure to move through the $152 pivot would bring the first major support level at $145 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$140 levels. The second major support level at $141 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $145

Pivot Level: $152

First Major Resistance Level: $156

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 4.62% on Sunday. Partially reversing a 9.77% rally from Saturday, Ripple’s XRP ended the week up by 7.47% to $0.77952.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.84169 before hitting reverse.

Falling short of the first major resistance level at $0.8442, Ripple’s XRP slid to a late afternoon intraday low $0.77277.

Steering clear of the first major support level at $0.7673, however, Ripple’s XRP briefly revisited $0.79 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.96% to $0.77204. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.78365 before falling to a low $0.76684.

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

XRPUSD 090821 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.7980 pivot to bring the first major resistance level at $0.8232 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.80 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.84169 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.90 before any pullback. The second major resistance level sits at $0.8669.

Failure to move through the $0.7980 pivot would bring the first major support level at $0.7543 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.75 levels. The second major support level sits at $0.7291.

Looking at the Technical Indicators

First Major Support Level: $0.7543

Pivot Level: $0.7980

First Major resistance Level: $0.8232

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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