Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 22nd, 2021
Ethereum
Ethereum jumped by 11.74% on Wednesday. Reversing a 1.76% loss from Tuesday, Ethereum ended the day at $1,996.18.
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A bearish start to the day saw Ethereum fall to an early morning intraday low $1,754.27 before making a move.
Steering clear of the 62% FIB of $1,725 and the first major support level at $1,724, Ethereum rallied to a late intraday high $2,033.16.
Ethereum broke through the day’s major resistance levels before easing back to sub-$2,000 levels.
The late pullback saw Ethereum fall back through the third major resistance level at $2,024.
At the time of writing, Ethereum was up by 0.81% to $2,012.42. A mixed start to the day saw Ethereum fall to an early morning low $1,982.11 before rising to a high $2,016.51.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $1,928 pivot to bring the first major resistance level at $2,102 into play.
Support from the broader market would be needed, however, for Ethereum to breakout from Wednesday’s high $2,033.16.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could resistance at $2,250 before any pullback. The second major resistance level sits at $2,207.
A fall the $1,928 pivot would bring the first major support level at $1,823 into play.
Barring an extended sell-off, however, Ethereum should steer clear of the 62% FIB of $1,725. The second major support level sits at $1,649.
Looking at the Technical Indicators
First Major Support Level: $1,823
Pivot Level: $1,928
First Major Resistance Level: $2,102
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin rallied by 9.66% on Wednesday. Reversing a 5.21% slide from Tuesday, Litecoin ended the day at $117.67.
A bearish start to the day saw Litecoin fall to an early morning intraday low $105.08 before making a move.
Steering clear of the first major resistance level at $103, Litecoin rallied to a late intraday high $119.22.
Litecoin broke through the first major resistance level at $114 to end the day at $117 levels. The second major resistance level at $120 pinned Litecoin back late in the day.
At the time of writing, Litecoin was up by 0.48% to $118.24. A mixed start to the day saw Litecoin fall to an early morning low $116.82 before rising to a high $118.36.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid the $114 pivot to bring the first major resistance level at $123 into play.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $119.22.
Barring an extended crypto rally, the first major resistance level and resistance at $125 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 $128.
A fall through the $114 pivot would bring the first major support level at $109 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level at $100 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $109
Pivot Level: $114
First Major Resistance Level: $123
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 7.90% on Wednesday. Reversing a 5.22% slide from Tuesday, Ripple’s XRP ended the day at $0.56956.
A choppy start to the day saw Ripple’s XRP slide to an early morning intraday low $0.52000 before making a move.
Steering clear of the first major support level at $0.5066, Ripple’s XRP rallied to a late intraday high $0.58395.
Ripple’s XRP broke through the first major resistance level at $0.5601 to end the day at $0.569 levels.
At the time of writing, Ripple’s XRP was up by 1.10% to $0.57580. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.56750 before rising to a high $0.57664.
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 $0.5578 pivot to bring the first major resistance level at $0.5957 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.5850 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $0.60 would likely cap any upside.
In the event of another breakout, Ripple’s XRP could test resistance at $0.63 before any pullback. The second major resistance level sits at $0.6218.
A fall through the $0.5578 pivot would bring the first major support level at $0.5317 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4939.
Looking at the Technical Indicators
First Major Support Level: $0.5317
Pivot Level: $0.5578
First Major resistance Level: $0.5957
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