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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 30th, 2021

By:
Bob Mason
Updated: Aug 30, 2021, 01:11 UTC

Following Sunday's late recovery, the majors would need to revisit Sunday's highs to support a bullish start to the week.

E-coins on tablet computer with charts on screen

Ethereum

Ethereum fell by 0.66% on Sunday. Following a 0.83% decline on Saturday, Ethereum ended the week down by 0.46% to $3,226.46.

A mixed start to the day saw Ethereum rise to an early morning intraday high $3,287.73 before hitting reverse.

Coming up against the first major resistance level at $3,288, Ethereum slid to an early morning intraday low $3,153.75.

The sell-off saw Ethereum fall through the first major support level at $3,210 and the second major support level at $3,172.

Steering clear of sub-$3,150, Ethereum found late support to revisit $3,259 levels before falling back into the red.

At the time of writing, Ethereum was up by 0.06% to $3,228.45. A mixed start to the day saw Ethereum fall to an early morning low $3,213.29 before rising to a high $3.231.68.

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

ETHUSD 300821 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the $3,223 pivot to bring the first major resistance level at $3,292 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $3,287.73.

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 test resistance at the 23.6% FIB of $3,369. The second major resistance level sits at $3,491.

A fall back through the $3,223 pivot would bring the first major support level at $3,158 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,089 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,158

Pivot Level: $3,223

First Major Resistance Level: $3,292

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.74% on Sunday. Following a 0.35% loss on Saturday, Litecoin ended the week down by 6.18% to $174.48.

A mixed start to the day saw Litecoin rally to an early morning intraday high $182.75 before hitting reverse.

Litecoin broke through the first major resistance level at $178 and the second major resistance level at $181.

More significantly, Litecoin also broke through the 23.6% FIB of $178 before sliding to an early afternoon intraday low $173.18.

While falling back through the major resistance levels and the 23.6% FIB, Litecoin avoided the first major support level at $172.

Finding late support, Litecoin revisited $178 levels before falling back into the red. The first major resistance level and 23.6% FIB of $178 pegged Litecoin back.

At the time of writing, Litecoin was up by 0.02% to $174.52. A mixed start to the day saw Litecoin fall to an early morning low $174.00 before rising to a high $175.29.

Litecoin left the major support and resistance levels untested early on

LTCUSD 300821 Hourly Chart

For the day ahead

Litecoin would need to move through the $177 pivot to bring the 23.6% FIB of $178 and the first major resistance level at $180 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the 23.6% FIB.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $182.75 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level at sits $186.

Failure to move through the $177 pivot would bring the first major support level at $171 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $167.

Looking at the Technical Indicators

First Major Support Level: $171

Pivot Level: $177

First Major Resistance Level: $180

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 0.55% on Sunday. Following a 3.88% loss from Sunday, Ripple’s XRP ended the week down by 7.01% to $1.14131.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $1.16081 before hitting reverse.

Falling short of the first major resistance level at $1.1837, Ripple’s XRP slid to an early morning intraday low $1.11251.

Ripple’s XRP fell through the first major support level at $1.1214 before briefly revisiting $1.16 levels. A bearish end to the day, however, saw Ripple’s XRP fall back into the red.

At the time of writing, Ripple’s XRP was flat at $1.14129. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.13692 before rising to a high $1.14433.

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

XRPUSD 300821 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.1403 pivot to bring first major resistance level at $1.1681 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.16 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1.16707 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $1.20 before any pullback. The second major resistance level sits at $1.1949.

A fall back through the $1.1403 pivot would bring the first major support level at $1.1135 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 38.2% FIB of $1.0659. The second major support level at $1.0857 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.1135

Pivot Level: $1.1403

First Major resistance Level: $1.1681

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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