Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 16th, 2021
Ethereum
Ethereum slid by 3.81% on Thursday. Reversing a 2.77% gain from Wednesday, Ethereum ended the day at $1,918.07.
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A mixed start to the day saw Ethereum rise to an early morning intraday high $2,039.99 before hitting reverse.
Falling short of the first major resistance level at $2,054, Ethereum slid to a late afternoon intraday low $1,880.00.
Ethereum fell through the first major support level at $1,900 before a partial recovery to end the day at $1,918 levels.
At the time of writing, Ethereum was up by 0.06% to $1,919.13. A mixed start to the day saw Ethereum rise to an early morning high $1,925.77 before falling to a low $1,903.23.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $1,946 pivot to bring the first major resistance level at $2,012 into play.
Support from the broader market would be needed, however, for Ethereum to move back through to $2,000 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $2,039.99 would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $2,106.
Failure to move through the $1,946 pivot would bring the first major support level at $1,852 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,800 levels. The second major support level sits at $1,786.
Looking at the Technical Indicators
First Major Support Level: $1,852
Pivot Level: $1,946
First Major Resistance Level: $2,012
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin slid by 3.99% on Thursday. Following a 0.31% loss on Wednesday, Litecoin ended the day at $125.79.
In a mixed start to the day saw Litecoin rise to an early morning intraday high $133.07 before hitting reverse.
Falling short of the first major resistance level at $134, Litecoin slid to a late afternoon intraday low $121.95.
Litecoin fell through the first major support level at $126 before briefly revisiting $126 levels. The first major support level at $126 pinned Litecoin back late in the day.
At the time of writing, Litecoin was up by 0.58% to $126.52. A mixed start to the day saw Litecoin fall to an early morning low $124.82 before rising to a high $126.57.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $127 pivot to bring the first major resistance level at $132 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $133.07 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $140. The second major resistance level sits at $138.
Failure to move through the $127 pivot would bring the first major support level at $121 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$120 levels. The second major support level sits at $116.
Looking at the Technical Indicators
First Major Support Level: $121
Pivot Level: $127
First Major Resistance Level: $132
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 3.72% on Thursday. Reversing a 0.21% gain from Wednesday, Ripple’s XRP ended the day at $0.59773.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.62652 before hitting reverse.
Falling short of the first major resistance level at $0.6348, Ripple’s XRP slid to a late afternoon intraday low $0.58810.
Ripple’s XRP fell through the first major support level at $0.5944 before a briefly revisiting $0.60 levels.
At the time of writing, Ripple’s XRP was up by 0.59% to $0.60126. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.60232 before falling to a low $0.59476.
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 $0.6041 pivot to bring the first major resistance level at $0.6201 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.62 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.62652 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 $0.6425.
Failure to move through the $0.6041 pivot would bring the first major support level at $0.5817 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5657.
Looking at the Technical Indicators
First Major Support Level: $0.5817
Pivot Level: $0.6041
First Major resistance Level: $0.6201
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