Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 24th, 2021

By:
Bob Mason
Updated: Aug 24, 2021, 01:23 UTC

Following Monday's bullish session, a return to yesterday's highs would support a breakout day for the majors.

Depositphotos_193678068_s-2019

Ethereum

Ethereum rose by 2.52% on Monday. Following a 0.47% gain on Sunday, Ethereum ended the day at $3,323.12.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,233.19 before making a move.

Steering clear of the first major support level at $3,155, Ethereum rallied to a late intraday high $3,378.60.

Ethereum broke through the first major resistance level at $3,301 and the 23.6% FIB of $3,369 before a late pullback.

The pullback saw Ethereum fall back through the 23.6% FIB and briefly through the first major resistance level.

Late in the day, Ethereum broke back through the first major resistance level to end the day at $3,320 levels.

At the time of writing, Ethereum was up by 0.57% to $3,342.22. A mixed start to the day saw Ethereum fall to an early morning low $3,322.71 before rising to a high $3,351.14.

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

ETHUSD 240821 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,312 pivot to bring the 23.6% FIB of $3,369 and the first major resistance level at $3,390 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $3,378.60.

Barring an extended crypto rally, the first major resistance level and resistance at $3,400 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at $3,500. The second major resistance level sits at $3,457.

A fall through the $3,312 pivot would bring the first major support level at $3,245 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,100 levels. The second major support level at $3,166 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,245

Pivot Level: $3,312

First Major Resistance Level: $3,390

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 0.60% on Monday. Following a 3.48% gain on Sunday, Litecoin ended the day at $187.08.

A mixed start to the day saw Litecoin rise to a late morning intraday high $191.80 before hitting reverse.

Litecoin broke through the first major resistance level at $191 before falling to a late intraday low $183.55.

Steering clear of the first major support level at $181, Litecoin found support to end the day at $187 levels.

At the time of writing, Litecoin was up by 0.36% to $187.75. A mixed start to the day saw Litecoin fall to an early morning low $186.61 before rising to a high $188.32.

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

LTCUSD 240821 Hourly Chart

For the day ahead

Litecoin would need to move back through the $188 pivot to bring the first major resistance level at $191 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $181.80 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level at sits $196.

Failure to move back through the $188 pivot would bring the first major support level at $183 into play.

Barring an extended sell-off, however, Litecoin should steer clear of the second major resistance level at $179 and the 23.6% FIB of $178.

Looking at the Technical Indicators

First Major Support Level: $183

Pivot Level: $188

First Major Resistance Level: $191

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 1.47% on Monday. Following a 0.91% gain on Sunday, Ripple’s XRP ended the day at $1.24621.

A bullish start to the day saw Ripple’s XRP rise to a late morning intraday high $1.30363 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $1.2630 and the second major resistance level at $1.2896.

Coming up against resistance at $1.30 levels, Ripple’s XRP slid to an early afternoon intraday low $1.20001.

Steering clear of the first major support level at $1.1859, Ripple’s XRP moved back through to $1.24 levels and into the green.

At the time of writing, Ripple’s XRP was up by 0.11% to $1.24758. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.24391 before rising to a high $1.25120.

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

XRPUSD 240821 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $1.2500 pivot to bring first major resistance level at $1.2999 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.29 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1.30363 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $1.3536.

A fall through the $1.2500 pivot would bring the first major support level at $1.1963 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.1463.

Looking at the Technical Indicators

First Major Support Level: $1.1963

Pivot Level: $1.2500

First Major resistance Level: $1.2999

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