Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 27th, 2021

By:
Bob Mason

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

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Ethereum

Ethereum rose by 1.64% on Monday. Following a 0.29% gain on Sunday, Ethereum ended the day at $2,228.26.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,172.99 before making a move.

Steering clear of the first major support level at $2,135, Ethereum rallied to a late intraday high $2,437.99.

Ethereum broke through the day’s major resistance levels before a late pullback to sub-$2,250 levels.

The pullback saw Ethereum fall back through the third major resistance level at $2,3444 and the second major resistance level at $2,255.

At the time of writing, Ethereum was down by 0.08% to $2,226.50. A mixed start to the day saw Ethereum rise to an early morning high $2,232.10 before falling to a low $2,222.00.

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

ETHUSD 270721 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,280 pivot to bring the first major resistance level at $2,387 into play.

Support from the broader market would be needed, however, for Ethereum to breakout from $2,350 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $2,437.99 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could resistance at $2,600 before any pullback. The second major resistance level sits at $2,545.

Failure to move through the $2,280 pivot would bring the first major support level at $2,122 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,015 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,122

Pivot Level: $2,280

First Major Resistance Level: $2,387

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.64% on Monday. Following a 1.32% gain on Sunday, Litecoin ended the day at $131.11.

A mixed start to the day saw Litecoin fall to an early morning intraday low $127.03 before making a move.

Steering clear of the first major support level at $125, Litecoin rallied to a late intraday high $140.43.

Litecoin broke through the day’s major resistance levels before a pullback to $130 levels.

The pullback saw Litecoin fall back through the third major resistance level at $136 and the second major resistance level at $131.

Finding late support, however, Litecoin broke back through the second major resistance level to end the day at $131 levels.

At the time of writing, Litecoin was down by 0.27% to $130.76. A mixed start to the day saw Litecoin rise to an early morning high $131.23 before falling to a low $130.56.

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

LTCUSD 270721 Hourly Chart

For the day ahead

Litecoin would need to move through the $133 pivot to bring the first major resistance level at $139 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $135 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $140.43 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $150. The second major resistance level sits at $146.

Failure to move through the $133 pivot would bring the first major support level at $125 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$120 levels. The second major support level at $120 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $125

Pivot Level: $133

First Major Resistance Level: $139

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 3.06% on Monday. Reversing a 0.48% loss from Sunday, Ripple’s XRP ended the day at $0.62558.

Bullish from the start of the day, Ripple’s XRP rallied from an early morning intraday low $0.60700 to late intraday high $0.67855.

Ripple’s XRP broke through the day’s major resistance levels before a late pullback to sub-$0.62 levels.

The late pullback saw Ripple’s XRP fall back through the third major resistance level at $0.6453 and the second major resistance level at $0.6244.

Late in the day, however, Ripple’s XRP broke back through the second major resistance level to end the day at $0.625 levels.

At the time of writing, Ripple’s XRP was down by 0.72% to $0.62105. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.62389 before falling to a low $0.62105.

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

XRPUSD 270721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.6370 pivot to bring the first major resistance level at $0.6671 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.65 levels.

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

In the event of another breakout, Ripple’s XRP could test resistance at $0.70 before any pullback. The second major resistance level sits at $0.7086.

Failure to move through the $0.6370 pivot would bring the first major support level at $0.5955 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.59 levels. The second major support level sits at $0.5655.

Looking at the Technical Indicators

First Major Support Level: $0.5955

Pivot Level: $0.6370

First Major resistance Level: $0.6671

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