Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 17th, 2021

Ethereum

Ethereum fell by 4.97% on Monday. Reversing a 1.36% gain from Sunday, Ethereum ended the day at $3,146.6.

A bullish start to the day saw Ethereum rise to an early morning intraday high $3,341.47 before hitting reverse.

Falling short of the 23.6% FIB of $3,369 and the first major resistance level at $3,385, Ethereum slid to a late intraday low $3,135.00.

Ethereum fell through the first major support level at $3,175 to end the day at sub-$3,150 levels.

At the time of writing, Ethereum was up by 0.09% to $3,149.35. A mixed start to the day saw Ethereum rise to an early morning high $3,164.15 before falling to a low $3,141.12.

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

For the day ahead

Ethereum would need to move through $3,208 pivot to bring the first major resistance level at $3,280 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,250 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3,300 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 $3,414. Ethereum would need plenty of support, however, to breakout from the 23.6% FIB of $3,369.

Failure to move through the $3,208 pivot would bring the first major support level at $3,074 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,001 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,074

Pivot Level: $3,208

First Major Resistance Level: $3,280

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 3.69% on Monday. Reversing a 1.01% gain from Sunday, Litecoin ended the day at $177.94.

A bullish start to the day saw Litecoin rise to a late morning intraday high $189.12 before hitting reverse.

Story continues

Coming up against the first major resistance level at $189, Litecoin slid to a late intraday low $177.54.

Support at the 23.6% FIB of $178 and the first major support level at $178 limited the downside on the day.

At the time of writing, Litecoin was up by 0.02% to $177.98. A mixed start to the day saw Litecoin fall to an early morning low $177.34 before rising to a high $179.22.

While Litecoin left the major support and resistance levels untested, Litecoin briefly broke through the 23.6% FIB of $178.

For the day ahead

Litecoin would need to move through the 23.6% FIB of $178 and the $182 pivot to bring the first major resistance level at $186 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $185 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $190 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 $193.

Failure to move through the $182 pivot would bring the first major support level at $174 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level at $170 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $174

Pivot Level: $182

First Major Resistance Level: $186

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 7.84% on Monday. Reversing a 0.41% gain from Sunday, Ripple’s XRP ended the day at $1.18541.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $1.32844 before hitting reverse.

Falling short of the first major resistance level at $1.3476, Ripple’s XRP slid to a late intraday low $1.14175.

Ripple’s XRP fell through the first major support level at $1.2255 and the second major support level at $1.1652.

Steering clear of sub-$1.10 levels, Ripple’s XRP broke back though the second major support level to end the day at $1.18 levels.

At the time of writing, Ripple’s XRP was down by 0.43% to $0.18026. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.17696 before rising to a high $1.18800.

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

For the day ahead

Ripple’s XRP will need to move through the $1.1285 pivot to bring first major resistance level at $1.2953 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.25 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $1.30 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $1.4052.

Failure to move through the $1.1285 pivot would bring the first major support level at $1.1086 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The 38.2% FIB of $1.0659 and the second major support level at $1.0318 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.1086

Pivot Level: $1.2185

First Major resistance Level: $1.2953

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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