Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 7th, 2021
Ethereum
Ethereum fell by 0.58% on Monday. Following a 1.66% gain on Sunday, Ethereum ended the day at $3,928.89.
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A mixed start to the day saw Ethereum rise to a late morning intraday high $3,973.26 before hitting reverse.
Falling short of the first major resistance level at $4,011, Ethereum fell to a mid-day intraday low $3,868.00.
Coming within range of the first major support level at $3,864, Ethereum briefly revisited $3,970 levels before easing back.
At the time of writing, Ethereum was down by 0.14% to $3,923.22. A mixed start to the day saw Ethereum rise to an early morning high $3,931.63 before falling to a low $3,916.15.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall back through the $3,923 pivot to bring the first major resistance level at $3,979 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,950 levels.
Barring another extended crypto rally, the first major resistance level and resistance at $4,000 would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $4,100 before any pullback. The second major resistance level sits at $4,029.
A fall back through the $3,923 pivot would bring the first major support level at $3,873 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level at $3,818 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $3,874
Pivot Level: $3,923
First Major Resistance Level: $43979
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin fell by 5.52% on Monday. Partially reversing a 9.49% rally from Sunday, Litecoin ended the day at $219.47.
A bearish start to the day saw Litecoin fall from an early morning intraday high $232.41 to a mid-day intraday low $215.21.
Litecoin fell through the 38.2% FIB of $223 and the first major support level at $218 before finding support.
Litecoin broke back through the first major support level at $218 to end the day at sub-$220 levels. The 38.2% FIB of $223 pinned Litecoin back in the 2nd half of the day.
At the time of writing, Litecoin was up by 0.56% to $220.69. A bullish start to the day saw Litecoin rise from an early morning low $219.24 to a high $220.69.
Litecoin left the major support and resistance levels untested early on
For the day ahead
Litecoin would need to move through the $222 pivot and the 38.2% FIB of $223 to bring the first major resistance level at $230 into play.
Support from the broader market would be needed, however, for Litecoin to break out from $225 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $232.41 would likely cap any upside.
In the event of another extended breakout, Litecoin could test the second major resistance level at $240.
Failure to move through the $222 pivot and the 38.2% FIB of $223 would bring the first major support level at $212 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$210 levels. The second major support level sits at $205.
Looking at the Technical Indicators
First Major Support Level: $212
Pivot Level: $222
First Major Resistance Level: $230
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 6.18% on Monday. Following a 4.11% gain on Sunday, Ripple’s XRP ended the day at $1.39238.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $1.31018 before making a move.
Steering clear of the first major support level at $1.2590, Ripple’s XRP rallied to a late intraday high $1.41608.
Ripple’s XRP broke through the first major resistance level at $1.3337 and the second major resistance level at $1.3605.
More significantly, Ripple’s XRP also broke through the 62% FIB of $1.4096 before ending the day at sub-$1.40 levels.
At the time of writing, Ripple’s XRP was down by 0.07% to $1.39134. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.39149 to a low $1.38901.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP would need to avoid the $1.3729 pivot to bring first major resistance level at $1.4356 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 62% FIB of $1.4096.
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 $1.50 before any pullback. The second major resistance level sits at $1.4788.
A fall through the $1.3729 pivot would bring the first major support level at $1.3297 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.30 levels. The second major support level sits at $1.2670.
Looking at the Technical Indicators
First Major Support Level: $1.3297
Pivot Level: $1.3729
First Major resistance Level: $1.4356
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