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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 16th, 2021

By:
Bob Mason
Updated: Jul 16, 2021, 00:54 UTC

After Thursday's sell-off, failure to move through the day's pivot levels would deliver further downside on the day.

Coins of crypto currency are presented on a dark background. Virtual money concept.

Ethereum

Ethereum slid by 3.81% on Thursday. Reversing a 2.77% gain from Wednesday, Ethereum ended the day at $1,918.07.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,039.99 before hitting reverse.

Falling short of the first major resistance level at $2,054, Ethereum slid to a late afternoon intraday low $1,880.00.

Ethereum fell through the first major support level at $1,900 before a partial recovery to end the day at $1,918 levels.

At the time of writing, Ethereum was up by 0.06% to $1,919.13. A mixed start to the day saw Ethereum rise to an early morning high $1,925.77 before falling to a low $1,903.23.

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

ETHUSD 160721 Hourly Chart

For the day ahead

Ethereum would need to move through the $1,946 pivot to bring the first major resistance level at $2,012 into play.

Support from the broader market would be needed, however, for Ethereum to move back through to $2,000 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $2,039.99 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $2,106.

Failure to move through the $1,946 pivot would bring the first major support level at $1,852 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,800 levels. The second major support level sits at $1,786.

Looking at the Technical Indicators

First Major Support Level: $1,852

Pivot Level: $1,946

First Major Resistance Level: $2,012

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 3.99% on Thursday. Following a 0.31% loss on Wednesday, Litecoin ended the day at $125.79.

In a mixed start to the day saw Litecoin rise to an early morning intraday high $133.07 before hitting reverse.

Falling short of the first major resistance level at $134, Litecoin slid to a late afternoon intraday low $121.95.

Litecoin fell through the first major support level at $126 before briefly revisiting $126 levels. The first major support level at $126 pinned Litecoin back late in the day.

At the time of writing, Litecoin was up by 0.58% to $126.52. A mixed start to the day saw Litecoin fall to an early morning low $124.82 before rising to a high $126.57.

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

LTCUSD 160721 Hourly Chart

For the day ahead

Litecoin would need to move through the $127 pivot to bring the first major resistance level at $132 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $133.07 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $140. The second major resistance level sits at $138.

Failure to move through the $127 pivot would bring the first major support level at $121 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$120 levels. The second major support level sits at $116.

Looking at the Technical Indicators

First Major Support Level: $121

Pivot Level: $127

First Major Resistance Level: $132

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 3.72% on Thursday. Reversing a 0.21% gain from Wednesday, Ripple’s XRP ended the day at $0.59773.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.62652 before hitting reverse.

Falling short of the first major resistance level at $0.6348, Ripple’s XRP slid to a late afternoon intraday low $0.58810.

Ripple’s XRP fell through the first major support level at $0.5944 before a briefly revisiting $0.60 levels.

At the time of writing, Ripple’s XRP was up by 0.59% to $0.60126. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.60232 before falling to a low $0.59476.

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

XRPUSD 160721 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.6041 pivot to bring the first major resistance level at $0.6201 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.62 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.62652 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.65 before any pullback. The second major resistance level sits at $0.6425.

Failure to move through the $0.6041 pivot would bring the first major support level at $0.5817 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5657.

Looking at the Technical Indicators

First Major Support Level: $0.5817

Pivot Level: $0.6041

First Major resistance Level: $0.6201

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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