Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 28th, 2021

By:
Bob Mason
Updated: Jul 28, 2021, 00:55 UTC

After further gains on Tuesday, avoiding the day's pivot levels would be needed to avoid a reversal.

Depositphotos_166797044_s-2019

Ethereum

Ethereum rose by 3.23% on Tuesday. Following a 1.64% gain on Monday, Ethereum ended the day at $2,300.59.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,152.00 before making a move.

Steering clear of the first major support level at $2,122, Ethereum rallied to an early afternoon intraday high $2,321.00.

Falling short of the first major resistance level at $2,387, however, Ethereum eased back to end the day at sub-$2,310.

At the time of writing, Ethereum was down by 0.54% to $2,288.15. A mixed start to the day saw Ethereum rise to an early morning high $2,305.76 before falling to a low $2,287.74.

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

ETHUSD 280721 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,258 pivot to bring the first major resistance level at $2,364 into play.

Support from the broader market would be needed, however, for Ethereum to breakout from Tuesday’s high $2,321.00.

Barring an extended crypto rally, the first major resistance level and resistance at $2,350 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could resistance at $2,500 before any pullback. The second major resistance level sits at $2,427.

A fall through the $2,258 pivot would bring the first major support level at $2,194 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$2,000 levels. The second major support level at $2,089 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,194

Pivot Level: $2,258

First Major Resistance Level: $2,364

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.78% on Tuesday. Following a 2.64% gain on Monday, Litecoin ended the day at $134.74.

A mixed start to the day saw Litecoin fall to an early morning intraday low $127.43 before making a move.

Steering clear of the first major support level at $125, Litecoin rallied to a late intraday high $135.19.

Falling short of the first major resistance level at $139, however, Litecoin eased back to end the day at $134 levels.

At the time of writing, Litecoin was down by 0.59% to $133.95. A mixed start to the day saw Litecoin rise to an early morning high $135.16 before falling to a low $133.87.

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

LTCUSD 280721 Hourly Chart

For the day ahead

Litecoin would need to avoid the $133 pivot to bring the first major resistance level at $138 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $135 levels.

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

In the event of another extended breakout, Litecoin could test the second major resistance level at $140.

A fall through the $133 pivot would bring the first major support level at $130 into play.

Barring an extended sell-off, however, Litecoin should continue to steer clear of sub-$120 levels. The second major support level at $125 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $130

Pivot Level: $133

First Major Resistance Level: $138

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 3.44% on Tuesday. Following Monday’s 3.06% gain, Ripple’s XRP ended the day at $0.64500.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.61312 before making a move.

Steering clear of the first major support level at $0.5955, Ripple’s XRP rose to a mid-day intraday high $0.65307.

Falling short of the first major resistance level at $0.6671, however, Ripple’s XRP fell back to $0.62 levels before ending the day at $0.645 levels.

At the time of writing, Ripple’s XRP was down by 0.45% to $0.64207. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.64674 before falling to a low $0.64207.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 280721 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.6371 pivot to bring the first major resistance level at $0.6610 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.65307.

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 $0.70 before any pullback. The second major resistance level sits at $0.6770.

A fall through the $0.6371 pivot would bring the first major support level at $0.6211 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.60 levels. The second major support level sits at $0.5971.

Looking at the Technical Indicators

First Major Support Level: $0.6211

Pivot Level: $0.6371

First Major resistance Level: $0.6610

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement