Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 6th, 2021

Ethereum

Ethereum rose by 3.84% on Thursday. Following an 8.63% rally on Wednesday, Ethereum ended the day at $2,829.39.

A bearish start to the day saw Ethereum fall to a mid-day intraday low $2,534.30 before making a move.

Coming within range of the first major support level at $2,530, Ethereum rallied to a late intraday high $2,845.00.

Ethereum broke through the 38.2% FIB of $2,740 to test the first major resistance level at S2,845 before easing back.

At the time of writing, Ethereum was up by 0.56% to $2,845.18. A mixed start to the day saw Ethereum fall to an early morning low $2,823.01 before rising to a high $2,845.54.

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

For the day ahead

Ethereum would need to avoid the 38.2% FIB of $2,740 and the $2,736 pivot to bring the first major resistance level at $2,938 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $2,845.00.

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 $3,047.

A fall through the 38.2% FIB of $2,740 and the $2,736 pivot would bring the first major support level at $2,628 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,600 levels. The second major support level sits at $2,426.

Looking at the Technical Indicators

First Major Support Level: $2,628

Pivot Level: $2,736

First Major Resistance Level: $2,938

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 0.74% on Thursday. Following a 2.94% gain on Wednesday, Litecoin ended the day at $143.60.

Tracking the broader market, Litecoin fell to a mid-day intraday low $136.25 before making a move.

Litecoin fell through the first major support level at $137 before rallying to a late intraday high $145.25.

Story continues

Falling short of the first major resistance level at $146, however, Litecoin eased back to end the day at sub-$144 levels.

At the time of writing, Litecoin was up by 0.20% to $143.88. A mixed start to the day saw Litecoin fall to an early morning low $143.60 before rising to a high $144.05.

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

For the day ahead

Litecoin would need to avoid the $142 pivot to bring the first major resistance level at $147 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from $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 $151.

A fall through the $142 pivot would bring the first major support level at $138 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 $133.

Looking at the Technical Indicators

First Major Support Level: $138

Pivot Level: $142

First Major Resistance Level: $147

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 0.31% on Thursday. Following a 2.12% gain on Wednesday, Ripple’s XRP ended the day at $0.73321.

A bearish start to the day saw Ripple’s XRP fall to a mid-day intraday low $0.70170 before making a move.

Ripple’s XRP fell through the first major support level at $0.7043 before rallying to a late intraday high $0.73866.

Falling short of the first major resistance level at $0.7479, however, Ripple’s XRP eased back to end the day at sub-$0.735 levels.

At the time of writing, Ripple’s XRP was up by 0.34% to $0.73572. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.73399 before rising to a high $0.73572.

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 $0.7245 pivot to bring the first major resistance level at $0.7473 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.73866.

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 $0.7615.

A fall through the $0.7245 pivot would bring the first major support level at $0.7104 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 $0.6876.

Looking at the Technical Indicators

First Major Support Level: $0.7104

Pivot Level: $0.7245

First Major resistance Level: $0.7473

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

This article was originally posted on FX Empire

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