August 19th Technical Analysis: Ethereum, Litecoin & Ripple XRP
It’s been a mixed start to the day for the majors. Failure to revisit Wednesday’s highs would leave the majors under pressure.
Ethereum
Ethereum rose by 0.01% on Wednesday. Following a 4.31% fall on Tuesday, Ethereum ended the day at $3,012.14.
A mixed start to the day saw Ethereum fall to an early morning intraday low $2,951.00 before making a move.
Steering clear of the first major support level at $2,904, Ethereum rose to a late afternoon intraday high $3,126.51.
Falling short of the first major resistance level at $3,205, Ethereum fell back to end the day at sub-$3,020 levels.
At the time of writing, Ethereum was down by 0.31% to $3,002.83. A mixed start to the day saw Ethereum rise to an early morning high $3,039.17 before falling to a low $3,002.51.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through $3,030 pivot to bring the first major resistance level at $3,109 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,100 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $3,126.51 would likely cap any upside.
In the event of another broad-based crypto rally, Ethereum could test resistance at $3,250. The second major resistance level sits at $3,205.
Failure to move through the $3,030 pivot would bring the first major support level at $2,933 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,800 levels. The second major support level at $2,854 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,933
Pivot Level: $3,030
First Major Resistance Level: $3,109
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin fell by 1.25% on Wednesday. Following a 5.28% decline on Tuesday, Litecoin ended the day at $166.45.
A mixed start to the day saw Litecoin fall to an early morning intraday low $162.93 before making a move.
Finding support at the first major support level at $163, Litecoin rose to a late afternoon intraday high $174.58.
Falling short of 23.6% FIB of $178 and the first major resistance level at $179, Litecoin eased back to end the day at $166 levels.
At the time of writing, Litecoin was down by 0.13% to $166.66. A mixed start to the day saw Litecoin rise to an early morning high $168.08 before falling to a low $166.60.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $168 pivot to bring the first major resistance level at $173 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $174.58 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at the 23.6% FIB of $178 and the second major resistance level at $180.
Failure to move through the $168 pivot would bring the first major support level at $161 into play.
Barring an extended sell-off, however, Litecoin should steer clear of the second major support level at $156.
Looking at the Technical Indicators
First Major Support Level: $161
Pivot Level: $168
First Major Resistance Level: $173
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 4.46% on Wednesday. Partially reversing a 7.41% slide from Tuesday, Ripple’s XRP ended the day at $1.14600.
Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.05050 before making a move.
Finding support at the first major support level at $1.0521, Ripple’s XRP rallied to a late afternoon intraday high $1.19591.
Ripple’s XRP broke through the first major resistance level at $1.1864 before briefly falling back to $1.10 levels.
A bullish end to the day delivered the upside, however.
At the time of writing, Ripple’s XRP was up by 0.90% to $1.15632. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.14482 before rising to a high $1.15803.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $1.1409 pivot to bring first major resistance level at $1.1864 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.15 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $1.22965 would likely cap any upside.
In the event of another breakout, Ripple’s XRP could test resistance at $1.30 before any pullback. The second major resistance level sits at $1.2752.
A fall through the $1.1409 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0521 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level at $1.0066 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1.0521
Pivot Level: $1.1409
First Major resistance Level: $1.1864
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
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