Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 17th, 2021

By:
Bob Mason
Updated: Jul 17, 2021, 00:44 UTC

It's been another mixed start to the day. Failure to move through the day's pivot levels would leave support levels in play.

Crypto00 567

Ethereum

Ethereum fell by 2.18% on Friday. Following a 3.81% slide on Thursday, Ethereum ended the day at $1,877.22.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,965.35 before hitting reverse.

Falling short of the first major resistance level at $2,012, Ethereum slid to a late morning intraday low $1,850.15.

Ethereum fell through the first major support level at $1,852 before briefly revisiting $1,940 levels.

A bearish end to the day, however, saw Ethereum slide back to sub-$1,900 levels and into the deep red.

At the time of writing, Ethereum was up by 0.55% to $1,887.47. A mixed start to the day saw Ethereum fall to an early morning low $1,868.54 before rising to a high $1,893.99.

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

ETHUSD 170721 Hourly Chart

For the day ahead

Ethereum would need to move through the $1,898 pivot to bring the first major resistance level at $1,945 into play.

Support from the broader market would be needed, however, for Ethereum to move back through to $1,900 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $1,965.35 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $2,013.

Failure to move through the $1,898 pivot would bring the first major support level at $1,830 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,782 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,830

Pivot Level: $1,898

First Major Resistance Level: $1,945

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 4.16% on Friday. Following a 3.99% loss on Thursday, Litecoin ended the day at $120.68.

In a mixed start to the day saw Litecoin rise to an early morning intraday high $127.82 before hitting reverse.

Falling short of the first major resistance level at $132, Litecoin slid to a late morning intraday low $120.44.

Litecoin fell through the first major support level at $121 before briefly revisiting $125 levels. A bearish end to the day, however, saw Litecoin fall back through the first major support level to end the day at sub-$121 levels.

At the time of writing, Litecoin was up by 0.33S% to $121.08. A mixed start to the day saw Litecoin fall to an early morning low $120.28 before rising to a high $121.12.

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

LTCUSD 170721 Hourly Chart

For the day ahead

Litecoin would need to move through the $123 pivot to bring the first major resistance level at $126 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $125 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $127.82 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $135. The second major resistance level sits at $130.

Failure to move through the $123 pivot would bring the first major support level at $118 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$110 levels. The second major support level at $116 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $118

Pivot Level: $123

First Major Resistance Level: $126

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 1.43% on Friday. Following a 3.72% slide on Thursday, Ripple’s XRP ended the day at $0.59062.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.61832 before hitting reverse.

Falling short of the first major resistance level at $0.6201, Ripple’s XRP slid to a late morning intraday low $0.58757.

Steering clear of the first major support level at $0.5817, Ripple’s XRP before a briefly revisited $0.604 levels. A bearish end to the day, however, saw Ripple’s XRP fall back to sub-$0.59 levels before finding support.

At the time of writing, Ripple’s XRP was up by 0.45% to $0.59328. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.58951 before rising to a high $0.59433.

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

XRPUSD 170721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.5988 pivot to bring the first major resistance level at $0.6101 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.61 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.61832 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.63 before any pullback. The second major resistance level sits at $0.6296.

Failure to move through the $0.5988 pivot would bring the first major support level at $0.5794 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5681.

Looking at the Technical Indicators

First Major Support Level: $0.5794

Pivot Level: $0.5988

First Major resistance Level: $0.6101

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.

Did you find this article useful?

Advertisement