Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – August 28th, 2021
Ethereum
Ethereum rallied by 5.88% on Friday. Reversing a 4.19% fall from Thursday, Ethereum ended the day at $3,274.67.
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A mixed start to the day saw Ethereum fall to an early morning intraday low $3,050.00 before making a move.
Steering clear of the first major support level at $3,016, Ethereum rallied to a late intraday high $3,283.26.
Ethereum broke through the first major resistance level at $3,211 to end the day at $3,270 levels.
At the time of writing, Ethereum was up by 0.18% to $3,280.48. A mixed start to the day saw Ethereum fall to an early morning low $3,269.76 before rising to a high $3,290.51.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $3,203 pivot to bring the first major resistance level at $3,355 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,350 levels.
Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $3,369 would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $3,500. The second major resistance level sits at $3,436.
A fall through the $3,203 pivot would bring the first major support level at $3,122 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $3,969.
Looking at the Technical Indicators
First Major Support Level: $3,122
Pivot Level: $3,203
First Major Resistance Level: $3,355
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin rose by 5.13% on Friday. Partially reversing a 5.70% fall from Thursday, Litecoin ended the day at $176.32.
A mixed start to the day saw Litecoin fall to an early morning intraday low $165.12 before making a move.
Steering clear of the first major support level at $162, Litecoin rallied to a late intraday high $176.40.
Falling short of the first major resistance level at $177, Litecoin ended the day at $176 levels.
At the time of writing, Litecoin was up by 0.14% to $176.57. A mixed start to the day saw Litecoin fall to an early morning low $175.82 before rising to a high $177.15.
Litecoin left the major support and resistance levels untested early on
For the day ahead
Litecoin would need to avoid the $173 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 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 $184.
A fall through the $173 pivot would bring the first major support level at $169 into play.
Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $161.
Looking at the Technical Indicators
First Major Support Level: $169
Pivot Level: $173
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 rallied by 11.15% on Friday. Reversing an 8.62% slide from Thursday, Ripple’s XRP ended the day at $1.19177.
Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.05061 before making a move.
While steering clear of the first major support level at $1.0296, Ripple’s XRP fell through the 38.2% FIB of $1.0659.
The rebound, however, saw Ripple’s XRP rally to a final hour intraday high $1.19177.
Ripple’s XRP broke through the first major resistance level at $1.1592 to end the day at $1.19 levels.
At the time of writing, Ripple’s XRP was down by 0.05% to $1.19115. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.18643 before rising to a high $1.19711.
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 $1.1447 pivot to bring first major resistance level at $1.2388 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.23 levels.
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 $1.30 before any pullback. The second major resistance level sits at $1.2859.
A fall through the $1.1447 pivot would bring the first major support level at $1.0977 and 38.2% FIB of $1.0659 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level at $1.0036 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1.0977
Pivot Level: $1.1447
First Major resistance Level: $1.2388
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
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Thanks, Bob