Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 5th, 2021

Ethereum

Ethereum rallied by 8.63% on Wednesday. Reversing a 3.83% loss from Tuesday, Ethereum ended the day at $2,724.71.

A mixed start to the day saw Ethereum fall to a late morning intraday low $2,455.94 before making a move.

Steering clear of the first major support level at $2,425, Ethereum rallied to a late intraday high $2,771.42.

Ethereum broke through the day’s major resistance levels.

More significantly, Ethereum also broke through the 38.2% FIB of $2,740 before a pullback to sub-$2,710 levels.

The pullback also saw Ethereum fall back through the third major resistance level at $2,716 before ending the day at $2,724 levels.

At the time of writing, Ethereum was up by 0.52% to $2,738.97. A mixed start to the day saw Ethereum fall to an early morning low $2,710.87 before rising to a high $2,740.83

While Ethereum left the major support and resistance levels untested, Ethereum tested resistance at the 38.2% FIB of $2,740.

For the day ahead

Ethereum would need to avoid the $2,651 pivot to bring the first major resistance level at $2,845 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the 38.2% FIB of $2,740.

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

In the event of another broad-based crypto rally, Ethereum could test resistance at $3,000 before any pullback. The second major resistance level sits at $2,966.

A fall through the $2,651 pivot would bring the first major support level at $2,530 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,500 levels. The second major support level sits at $2,335.

Looking at the Technical Indicators

First Major Support Level: $2,530

Pivot Level: $2,651

First Major Resistance Level: $2,845

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.94% on Wednesday. Reversing a 2.03% loss from Tuesday, Litecoin ended the day at $142.54.

Tracking the broader market, Litecoin fell to a late morning intraday low $135.54 before making a move.

Steering clear of the first major support level at $135, Litecoin rallied to a late intraday high $144.50.

Litecoin broke through the first major resistance level at $143 before briefly falling back to sub-$142 levels.

At the time of writing, Litecoin was up by 0.55% to $143.33. A mixed start to the day saw Litecoin fall to an early morning low $142.15 before rising to a high $143.45.

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

For the day ahead

Litecoin would need to avoid the $141 pivot to bring the first major resistance level at $146 into play.

Support from the broader market would be needed, however, for Litecoin to back through to $145 levels.

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

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

A fall through the $141 pivot would bring the first major support level at $137 into play.

Barring another extended sell-off, however, Litecoin should continue to steer clear of sub-$135 levels. The second major support level sits at $132.

Looking at the Technical Indicators

First Major Support Level: $137

Pivot Level: $141

First Major Resistance Level: $146

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 2.12% on Wednesday. Partially reversing a 3.41% slide from Tuesday, Ripple’s XRP ended the day at $0.73049.

A mixed start to the day saw Ripple’s XRP fall to a late morning intraday low $0.69558 before making a move.

Steering clear of the first major support level at $0.6940, Ripple’s XRP rallied to a late intraday high $0.73919.

Ripple’s XRP broke through the first major resistance level at $0.7381 before briefly falling back to sub-$0.73 levels.

At the time of writing, Ripple’s XRP was up by 0.32% to $0.73280. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.72906 before rising to a high $0.73280.

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

For the day ahead

Ripple’s XRP will need to avoid the $0.7218 pivot to bring the first major resistance level at $0.7479 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.73919.

Barring an extended crypto rally, the first major resistance level and resistance at $0.75 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.78 before any pullback. The second major resistance level sits at $0.7654.

A fall through the $0.7218 pivot would bring the first major support level at $0.7043 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.70 levels. The second major support level sits at $0.6781.

Looking at the Technical Indicators

First Major Support Level: $0.

Pivot Level: $0.

First Major resistance Level: $0.

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