Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 7th, 2021

Ethereum

Ethereum rose by 2.24% on Friday. Following a 3.84% rally on Thursday, Ethereum ended the day at $2,892.98.

A bearish start to the day saw Ethereum fall to a mid-day intraday low $2,721.00 before making a move.

While steering clear of the first major support level at $2,628, Ethereum fell through the 38.2% FIB of $2,740.

Through the 2^nd half of the day, however, Ethereum rallied to a late intraday high $2,949.21.

Ethereum broke back through the 38.2% FIB of $2,740 to test the first major resistance level at S2,938 before easing back.

At the time of writing, Ethereum was down by 0.42% to $2,880.70. A mixed start to the day saw Ethereum rise to an early morning high $2,897.16 before falling to a low $2,868.10.

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

For the day ahead

Ethereum would need to avoid the $2,854 pivot to bring the first major resistance level at $2,988 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $2,949.21.

Barring an extended crypto rally, the first major resistance level and resistance at $3,000 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at $3,150 before any pullback. The second major resistance level sits at $3,083.

A fall through the $2,854 pivot would bring the first major support level at $2,760 and the 38.2% FIB of $2,740 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,700 levels. The second major support level sits at $2,626.

Looking at the Technical Indicators

First Major Support Level: $2,760

Pivot Level: $2,854

First Major Resistance Level: $2,988

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 3.13% on Friday. Following a 0.74% gain on Thursday, Litecoin ended the day at $148.09.

A bearish start saw Litecoin fall to an early morning intraday low $141.95 before making a move.

Steering clear of the first major support level at $138, however, Litecoin rallied to a late afternoon intraday high $150.83.

Litecoin broke through the first major resistance level at $147 to test the second major resistance level at $151 before easing back.

At the time of writing, Litecoin was down by 0.08% to $147.97. A mixed start to the day saw Litecoin fall to an early morning low $147.20 before rising to a high $148.42.

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

For the day ahead

Litecoin would need to avoid the $147 pivot to bring the first major resistance level at $152 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $150.83.

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 resistance at $160 before any pullback. The second major resistance level at sits $156.

A fall through the $147 pivot would bring the first major support level at $143 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $138.

Looking at the Technical Indicators

First Major Support Level: $143

Pivot Level: $147

First Major Resistance Level: $152

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 1.71% on Friday. Following a 0.31% gain on Thursday, Ripple’s XRP ended the day at $0.74685.

A mixed start to the day saw Ripple’s XRP fall to a mid-day intraday low $0.72284 before making a move.

Steering clear of the first major support level at $0.7104, however, Ripple’s XRP rallied to a late intraday high $0.75229.

Ripple’s XRP broke through the first major resistance level at $0.7473 before easing back to sub-$0.747 levels.

At the time of writing, Ripple’s XRP was down by 0.12% to $0.74598. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.74196 before rising to a high $0.74614.

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 $0.7407 pivot to bring the first major resistance level at $0.7585 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.75229.

Barring an extended crypto rally, the first major resistance level and resistance at $0.76 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 $0.7701.

A fall through the $0.7407 pivot would bring the first major support level at $0.7290 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.70 levels. The second major support level at $0.7112 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.7290

Pivot Level: $0.7407

First Major resistance Level: $0.7585

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