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

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

Ethereum

Ethereum rose by 0.08% on Monday. Reversing a 0.66% loss from Sunday, Ethereum ended the day at $3,229.01.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,145.45 before making a move.

Ethereum fell through the first major support level at $3,158 before rallying to a late intraday high $3,349.00.

Ethereum broke through the first major resistance level at $3,292 before ending the day at sub-$3,230 levels.

At the time of writing, Ethereum was up by 0.43% to $3,242.84. A mixed start to the day saw Ethereum fall to an early morning low $3,217.77 before rising to a high $3,242.84.

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 $3,241 pivot to bring the first major resistance level at $3,337 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,300 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 $3,445.

A fall back through the $3,214 pivot would bring the first major support level at $3,133 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,038 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,133

Pivot Level: $3,241

First Major Resistance Level: $3,337

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 4.09% on Monday. Following a 0.74% decline on Sunday, Litecoin ended the day at $167.34.

After a bearish morning, Litecoin fell to an early afternoon low $167.70 before making a move.

Litecoin fell through the first major support level at $171 before rising to a late intraday high $176.59.

Falling short of the 23.6% FIB of $178 and the first major resistance level at $180, however, Litecoin slid to a late intraday low $166.49.

Litecoin fell back through the first major support level and through the second major support level at $167 before ending the day at $167.34.

At the time of writing, Litecoin was up by 0.24% to $167.74. A mixed start to the day saw Litecoin fall to an early morning low $166.36 before rising to a before high $167.74.

Litecoin left the major support and resistance levels untested early on

For the day ahead

Litecoin would need to move through the $170 pivot to bring the first major resistance level at $174 and the 23.6% FIB of $178 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the $170.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB of $178 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $185 before any pullback. The second major resistance level at sits $180.

Failure to move through the $170 pivot would bring the first major support level at $164 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$160 levels. The second major support level at $160 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $164

Pivot Level: $170

First Major Resistance Level: $174

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 3.53% on Monday. Following on from a 0.55% loss on Sunday, Ripple’s XRP ended the day at $1.10100.

Tracking the broader market, Ripple’s XRP fell to an early afternoon low $1.10518 before making a move.

Ripple’s XRP slid through the first major support level at $1.1135 before rallying to a late intraday high $1.14870.

Falling short of the first major resistance level at $1.1681, Ripple’s XRP fell back through the first major support level to an intraday low $1.09627.

Steering clear of the second major support level at $1.0857, Ripple’s XRP ended the day at $1.10 levels.

At the time of writing, Ripple’s XRP was down by 0.37% to $1.09689. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.0092 before falling to a low $1.09269.

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 $1.1158 pivot to bring first major resistance level at $1.1344 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.13 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1.14870 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $1.1678.

Failure to move through the $1.1158 pivot would bring the first major support level at $1.0819 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the third major support level at $1.0105. The 38.2% FIB of $1.0659 and the second major support level at $1.0629 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0819

Pivot Level: $1.1153

First Major resistance Level: $1.1344

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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