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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 23rd, 2021

By:
Bob Mason
Updated: Jul 23, 2021, 00:50 UTC

Following Wednesday and Thursday's gains, a fall through the day's pivot levels would test support for the majors.

Different cryptocurrencies in a circle with a golden bitcoin in

Ethereum

Ethereum rose by 1.43% on Thursday. Consolidating an 11.74% rally from Wednesday, Ethereum ended the day at $2,024.75.

After a mixed start to the day, Ethereum fell to a mid-day intraday low $1,948.68 before making a move.

Steering clear of the first major support level at $1,823, Ethereum rallied to a late afternoon intraday high $2,046.74.

Falling short of the first major resistance level at $2,102, however, Ethereum fell back to sub-$2,000 levels before ending the day at $2,000 levels.

At the time of writing, Ethereum was up by 0.10% to $2,026.79. A mixed start to the day saw Ethereum rise to an early morning high $2,032.00 before falling to a low $2,014.94.

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

ETHUSD 230721 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,007 pivot to bring the first major resistance level at $2,065 into play.

Support from the broader market would be needed, however, for Ethereum to breakout from Thursday’s high $2,046.74.

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 $2,150 before any pullback. The second major resistance level sits at $2,105.

A fall the $2,007 pivot would bring the first major support level at $1,967 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,900 levels. The second major support level at $1,909 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,967

Pivot Level: $2,007

First Major Resistance Level: $2,065

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.44% on Thursday Following a 9.66% rally on Wednesday, Litecoin ended the day at $120.74.

A bearish start to the day saw Litecoin fall to an early morning intraday low $115.63 before making a move.

Steering clear of the first major resistance level at $109, Litecoin rallied to a late afternoon intraday high $122.10.

Coming within range of the first major resistance level at $123, Litecoin fell back to sub-$120 before ending the day at $120 levels.

At the time of writing, Litecoin was down by 0.60% to $120.02. A mixed start to the day saw Litecoin rise to an early morning high $121.01 before falling to a low $119.65.

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

LTCUSD 230721 Hourly Chart

For the day ahead

Litecoin would need to avoid 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 out from Wednesday’s high $122.10.

Barring an extended crypto rally, the first major resistance level and resistance at $125 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 $126.

A fall through the $120 pivot would bring the first major support level at $117 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$110 levels. The second major support level at $113 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $117

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 3.99% on Thursday. Following a 7.90% rally on Wednesday, Ripple’s XRP ended the day at $0.59332.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.56139 before making a move.

Steering clear of the first major support level at $0.5317, Ripple’s XRP rallied to a late intraday high $0.60294.

Ripple’s XRP broke through the first major resistance level at $0.5957 before easing back to end the day at sub-$0.594 levels.

At the time of writing, Ripple’s XRP was up by 0.07% to $0.59286. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.59428 before falling to a low $0.58886.

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

XRPUSD 230721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.5859 pivot to bring the first major resistance level at $0.6104 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.6050 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 $0.63 before any pullback. The second major resistance level sits at $0.6274.

A fall through the $0.5859 pivot would bring the first major support level at $0.5688 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.55 levels. The second major support level sits at $0.5443.

Looking at the Technical Indicators

First Major Support Level: $0.5688

Pivot Level: $0.5859

First Major resistance Level: $0.6104

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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