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

By:
Bob Mason
Updated: Sep 7, 2021, 01:09 UTC

After a mixed start to the week for the majors, a return to Monday's highs would be needed to avoid a pullback.

Shiny Ripple crypto-currency background

Ethereum

Ethereum fell by 0.58% on Monday. Following a 1.66% gain on Sunday, Ethereum ended the day at $3,928.89.

A mixed start to the day saw Ethereum rise to a late morning intraday high $3,973.26 before hitting reverse.

Falling short of the first major resistance level at $4,011, Ethereum fell to a mid-day intraday low $3,868.00.

Coming within range of the first major support level at $3,864, Ethereum briefly revisited $3,970 levels before easing back.

At the time of writing, Ethereum was down by 0.14% to $3,923.22. A mixed start to the day saw Ethereum rise to an early morning high $3,931.63 before falling to a low $3,916.15.

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

ETHUSD 070921 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the $3,923 pivot to bring the first major resistance level at $3,979 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,950 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $4,000 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $4,100 before any pullback. The second major resistance level sits at $4,029.

A fall back through the $3,923 pivot would bring the first major support level at $3,873 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level at $3,818 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,874

Pivot Level: $3,923

First Major Resistance Level: $43979

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 5.52% on Monday. Partially reversing a 9.49% rally from Sunday, Litecoin ended the day at $219.47.

A bearish start to the day saw Litecoin fall from an early morning intraday high $232.41 to a mid-day intraday low $215.21.

Litecoin fell through the 38.2% FIB of $223 and the first major support level at $218 before finding support.

Litecoin broke back through the first major support level at $218 to end the day at sub-$220 levels. The 38.2% FIB of $223 pinned Litecoin back in the 2nd half of the day.

At the time of writing, Litecoin was up by 0.56% to $220.69. A bullish start to the day saw Litecoin rise from an early morning low $219.24 to a high $220.69.

Litecoin left the major support and resistance levels untested early on

LTCUSD 070921 Hourly Chart

For the day ahead

Litecoin would need to move through the $222 pivot and the 38.2% FIB of $223 to bring the first major resistance level at $230 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $225 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $232.41 would likely cap any upside.

In the event of another extended breakout, Litecoin could test the second major resistance level at $240.

Failure to move through the $222 pivot and the 38.2% FIB of $223 would bring the first major support level at $212 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$210 levels. The second major support level sits at $205.

Looking at the Technical Indicators

First Major Support Level: $212

Pivot Level: $222

First Major Resistance Level: $230

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rallied by 6.18% on Monday. Following a 4.11% gain on Sunday, Ripple’s XRP ended the day at $1.39238.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $1.31018 before making a move.

Steering clear of the first major support level at $1.2590, Ripple’s XRP rallied to a late intraday high $1.41608.

Ripple’s XRP broke through the first major resistance level at $1.3337 and the second major resistance level at $1.3605.

More significantly, Ripple’s XRP also broke through the 62% FIB of $1.4096 before ending the day at sub-$1.40 levels.

At the time of writing, Ripple’s XRP was down by 0.07% to $1.39134. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.39149 to a low $1.38901.

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

XRPUSD 070921 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.3729 pivot to bring first major resistance level at $1.4356 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 62% FIB of $1.4096.

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 $1.50 before any pullback. The second major resistance level sits at $1.4788.

A fall through the $1.3729 pivot would bring the first major support level at $1.3297 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.30 levels. The second major support level sits at $1.2670.

Looking at the Technical Indicators

First Major Support Level: $1.3297

Pivot Level: $1.3729

First Major resistance Level: $1.4356

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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