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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 20th, 2021

By:
Bob Mason
Updated: Jul 20, 2021, 00:49 UTC

After Monday's losses, failure to move through the day's pivot levels would bring support levels into play once more.

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Ethereum

Ethereum fell by 3.86% on Monday. Following a 0.44% loss on Sunday, Ethereum ended the day at $1,818.44.

A mixed start to the day saw Ethereum rise to a mid-morning intraday high $1,918.65 before hitting reverse.

Falling short of the first major resistance level at $1,964, Ethereum slid to an early afternoon intraday low $1,805.47.

Ethereum fell through the first major support level at $1,849 to end the day at sub-$1,820 levels. The second major support level at $1,805 limited the downside on the day.

At the time of writing, Ethereum was flat at $1,818.48. A mixed start to the day saw Ethereum rise to an early morning high $1,822.62 before falling to a low $1,813.42.

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

ETHUSD 200721 Hourly Chart

For the day ahead

Ethereum would need to move through the $1,848 pivot to bring the first major resistance level at $1,900 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 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could resistance at $2,000 before any pullback. The second major resistance level sits at $1,961.

Failure to move through the $1,848 pivot would bring the first major support level at $1,776 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,734 and the 62% FIB of $1,725 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,776

Pivot Level: $1,848

First Major Resistance Level: $1,900

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 5.06% on Monday. Following a 0.76% decline on Sunday, Litecoin ended the day at $113.17.

A mixed start to the day saw Litecoin rise to a mid-morning intraday high $120.71 before hitting reverse.

Falling short of the first major resistance level at $123, Litecoin slid to an early afternoon intraday low $111.84.

Litecoin fell through the first major support level at $116 and the second major support level at $112.

Steering clear of sub-$110 levels, Litecoin moved back through the second major support level to end the day at $113 levels.

At the time of writing, Litecoin was down by 0.13% to $113.02. A mixed start to the day saw Litecoin rise to an early high $113.34 before falling to a low $112.70.

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

LTCUSD 200721 Hourly Chart

For the day ahead

Litecoin would need to move through the $115 pivot to bring the first major resistance level at $119 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $115 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $120.71 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $125. The second major resistance level sits at $124.

Failure to move through the $115 pivot would bring the first major support level at $110 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level at $106 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $110

Pivot Level: $115

First Major Resistance Level: $119

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 4.86% on Monday. Reversing a 0.73% gain from Sunday, Ripple’s XRP ended the day at $0.55724.

A choppy start to the day saw Ripple’s XRP rise to an early morning intraday high $0.58872 before hitting reverse.

Falling short of the first major resistance level at $0.6016, Ripple’s XRP slid to an early afternoon intraday low $0.55372.

Ripple’s XRP fell through the first major support level at $0.5727 and the second major support level at $0.5581.

Finding late support, however, Ripple’s XRP briefly moved back through the second major support level before easing back.

At the time of writing, Ripple’s XRP was down by 0.20% to $0.55613. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.55796 before falling to a low $0.55613

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

XRPUSD 200721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.5666 pivot to bring the first major resistance level at $0.5794 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.5750 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.58 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.6016.

Failure to move through the $0.5666 pivot would bring the first major support level at $0.5444 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.53 levels. The second major support level at $0.5316 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5444

Pivot Level: $0.5666

First Major resistance Level: $0.5794

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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