Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 31st, 2021

Bob Mason
·5 min read

Ethereum

Ethereum rose by 3.37% on Friday. Following a 3.59% gain on Thursday, Ethereum ended the day at $2,463.90.

A mixed start to the day saw Ethereum fall to a late morning intraday low $2,317.51 before making a move.

Steering clear of the first major support level at $2,301, Ethereum rallied to a late intraday high $2,472.18.

Ethereum broke through the first major resistance level at $2,433 to end the day at $2,470 levels.

At the time of writing, Ethereum was down by 0.63% to $2,448.28. A mixed start to the day saw Ethereum rise to an early morning high $2,468.76 before falling to a low $2,443.35.

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

For the day ahead

Ethereum would need to avoid the $2,418 pivot to bring the first major resistance level at $2,518 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $2,472.18.

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

In the event of another broad-based crypto rally, Ethereum could resistance at $2,650 before any pullback. The second major resistance level sits at $2,573.

A fall through the $2,418 pivot would bring the first major support level at $2,364 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$2,200 levels. The second major support level at $2,263 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,364

Pivot Level: $2,418

First Major Resistance Level: $2,518

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.86% on Friday. Following a 0.74% gain on Thursday, Litecoin ended the day at $145.62.

A mixed start to the day saw Litecoin fall to a late morning intraday low $135.92 before making a move.

Litecoin fell through the first major support level at $138 before rallying to a final our intraday high $145.93.

Litecoin broke through the first major resistance level at $144 to end the day at $145 levels.

At the time of writing, Litecoin was down by 0.68% to $144.63. A mixed start to the day saw Litecoin rise to an early morning high $145.84 before falling to a low $144.50.

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

For the day ahead

Litecoin would need to avoid the $143 pivot to bring the first major resistance level at $149 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $145.93.

Barring an extended crypto rally, the first major resistance level and resistance at $150 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $155. The second major resistance level sits at $153.

A fall through the $143 pivot would bring the first major support level at $139 into play.

Barring an extended sell-off, however, Litecoin should continue to steer clear of sub-$135 levels. The second major support level sits at $133.

Looking at the Technical Indicators

First Major Support Level: $139

Pivot Level: $143

First Major Resistance Level: $149

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 0.38% on Friday. Following a 2.39% gain on Thursday, Ripple’s XRP ended the day at $0.75282.

After a mixed start to the day, Ripple’s XRP fell to a late morning intraday low $0.71252 before making a move.

Steering clear of the first major support level at $0.7102, Ripple’s XRP rallied to a late intraday high $0.76948.

Falling short of the first major resistance level at $0.7778, Ripple’s XRP eased back to end the day at sub-$0.76 levels.

At the time of writing, Ripple’s XRP was down by 0.62% to $0.74818. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.75311 to a low $0.74818.

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 $0.7449 pivot to bring the first major resistance level at $0.7774 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.76948.

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 $0.80 before any pullback. The second major resistance level sits at $0.8019.

A fall through the $0.7449 pivot would bring the first major support level at $0.7204 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.70 levels. The second major support level sits at $0.6880.

Looking at the Technical Indicators

First Major Support Level: $0.7204

Pivot Level: $0.7449

First Major resistance Level: $0.7774

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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