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

Ethereum

Ethereum rallied by 4.99% on Friday. Following a 1.43% gain on Thursday, Ethereum ended the day at $2,125.81.

A bullish start to the day saw Ethereum rise to a mid-morning high $2,094.46 before hitting reverse.

Ethereum broke through the first major resistance level at $2,065 before falling to a late afternoon intraday low $1,948.68.

The reversal saw Ethereum fall through the first major support level at $1,967.

Finding late support, however, Ethereum rallied to a late intraday high $2,131.51.

Ethereum broke back through the first major resistance level and the second major resistance level at $2,105 to end the day at $2,120 levels.

At the time of writing, Ethereum was down by 0.34% to $2,118.50. A mixed start to the day saw Ethereum rise to an early morning high $2,131.48 before falling to a low $2,107.64.

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

For the day ahead

Ethereum would need to avoid the $2,084 pivot to bring the first major resistance level at $2,173 into play.

Support from the broader market would be needed, however, for Ethereum to breakout from Friday’s high $2,131.51.

Barring an extended crypto rally, the first major resistance level and resistance at $2,200 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could resistance at $2,300 before any pullback. The second major resistance level sits at $2,221.

A fall the $2,084 pivot would bring the first major support level at $2,037 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,900 levels. The second major support level at $1,948 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,037

Pivot Level: $2,084

First Major Resistance Level: $2,173

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.93% on Friday. Following a 2.44% gain on Thursday, Litecoin ended the day at $124.28.

Story continues

After a mixed start to the day, Litecoin fell to late afternoon intraday low $117.06 before making a move.

Finding support at the first major support level at $117, Litecoin rose to a late intraday high $125.06.

Litecoin broke through the first major resistance level at $123 to end the day at $124 levels.

At the time of writing, Litecoin was up by 0.21% to $124.54. A mixed start to the day saw Litecoin fall to an early morning low $123.91 before rising to a high $124.79.

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

For the day ahead

Litecoin would need to avoid the $122 pivot to bring the first major resistance level at $127 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $125.06.

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

In the event of an extended breakout, Litecoin could test resistance at $135. The second major resistance level sits at $130.

A fall through the $122 pivot would bring the first major support level at $119 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$110 levels. The second major support level at $114 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $119

Pivot Level: $122

First Major Resistance Level: $127

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 2.62% on Friday. Following a 3.99% gain on Thursday, Ripple’s XRP ended the day at $0.60913.

A bullish start to the day saw Ripple’s XRP rise to an early morning high $0.60858 before hitting reverse.

Falling short of the first major resistance level at $0.6104, Ripple’s XRP slid to a late afternoon intraday low $0.57556.

Steering clear of the first major support level at $0.5688, Ripple’s XRP rallied to a late intraday high $0.61004 before easing back.

The first major resistance level at $0.6104 pinned Ripple’s XRP back at the end of the day.

At the time of writing, Ripple’s XRP was down by 0.21% to $0.60787. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.61171 before falling to a low $0.60469.

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 $0.5982 pivot to bring the first major resistance level at $0.6209 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from this morning’s high $0.61171.

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 $0.65 before any pullback. The second major resistance level sits at $0.6327.

A fall through the $0.5982 pivot would bring the first major support level at $0.5864 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.55 levels. The second major support level at $0.5638 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5864

Pivot Level: $0.5982

First Major resistance Level: $0.6209

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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