Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 19th, 2021

By:
Bob Mason
Updated: Jul 19, 2021, 01:05 UTC

After a bearish week, the majors will need to move through and hold above the day's pivot levels to avoid another bearish start to the week.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum

Ethereum fell by 0.44% on Sunday. Partially reversing a 1.20% gain from Saturday, Ethereum ended the week down by 11.67% to $1,891.46.

A mixed start to the day saw Ethereum rally to an early morning intraday high $1,994.40 before hitting reverse.

Ethereum broke through the first major resistance level at $1,929 and the second major resistance level at $1,959.

Falling short of $2,000 levels, however, Ethereum slid to a late afternoon intraday low $1,878.67.

Steering clear of the first major support level at $1,860, Ethereum revisited $1,900 levels before falling back into the red.

At the time of writing, Ethereum was up by 0.77% to $1,906.00. A mixed start to the day saw Ethereum fall to an early morning low $1,886.17 before rising to a high $1,906.00.

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

ETHUSD 190721 Hourly Chart

For the day ahead

Ethereum would need to move through the $1,922 pivot to bring the first major resistance level at $1,964 into play.

Support from the broader market would be needed, however, for Ethereum to move back through to $1,950 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1,994.40 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could resistance at $2,100 before any pullback. The second major resistance level sits at $2,037.

Failure to move through the $1,922 pivot would bring the first major support level at $1,849 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,800 levels. The second major support level at $1,806 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,849

Pivot Level: $1,922

First Major Resistance Level: $1,964

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.76% on Sunday. Following a 0.57% loss on Saturday, Litecoin ended the week down by 11.27% to $119.13.

A mixed start to the day saw Litecoin rally to an early morning intraday high $124.10 before hitting reverse.

Litecoin broke through the first major resistance level at $123, before sliding to an early afternoon intraday low $116.37.

Litecoin fell through the first major support level at $117 before briefly revisiting $122 levels. A bearish end to the day, however, saw Litecoin fall back to $117 levels before steadying. The first major support level limited the downside late in the day.

At the time of writing, Litecoin was up by 0.59% to $119.83. A mixed start to the day saw Litecoin fall to an early low $118.85 before rising to a high $120.07.

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

LTCUSD 190721 Hourly Chart

For the day ahead

Litecoin would need to move back through the $120 pivot to bring the first major resistance level at $123 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $120 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $124.10 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $130. The second major resistance level sits at $128.

Failure to move back through the $120 pivot would bring the first major support level at $116 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$110 levels. The second major support level at $112 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $116

Pivot Level: $120

First Major Resistance Level: $123

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 0.73% on Sunday. Partially reversing a 1.59% loss from Saturday, Ripple’s XRP ended the week down by 7.49% to $0.58743.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.60110 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.5993 before sliding to an early afternoon intraday low $0.57223.

Steering clear of the first major support level at $0.5628, Ripple’s XRP before a briefly revisited $0.59 levels. A bearish end to the day, however, saw Ripple’s XRP fall back to sub-$0.59 levels to limit the upside.

At the time of writing, Ripple’s XRP was up by 0.22% to $0.58872. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.58486 before rising to a high $0.58872.

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

XRPUSD 190721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.5869 pivot to bring the first major resistance level at $0.6016 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.5950 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.6011 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.62 before any pullback. The second major resistance level sits at $0.6158.

A fall back through the $0.5869 pivot would bring the first major support level at $0.5727 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5581.

Looking at the Technical Indicators

First Major Support Level: $0.5727

Pivot Level: $0.5869

First Major resistance Level: $0.6016

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