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

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.

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.

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.

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