Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 10th August

Key support levels hold as bullish sentiment rises

Last Updated August 10th 2021
5 Min Read

Ethereum

Ethereum was bullish for the better part of Monday. By the end of the day, it was up by over 4%.

It started the day in a bullish reversal after a largely bearish Sunday. However, within the first three hours of the day, bulls lost momentum.

This saw Ethereum test and push through the 23.6% Fibonacci support at $2989.39 just before daybreak.

However, Ethereum bears lost momentum shortly after that, and what followed was a range in the morning hours.

With buying momentum rising in the broader market, Ethereum rallied back through the 23.6% Fibonacci, which was now intra-day resistance.

Momentum was so strong that it gained all through the day. However, by early evening, buying momentum had eased up, just below two-day resistance at $3170.68.   

This resistance proved to be pretty strong, and Ethereum traded in a range around it for the rest of the evening. However, it turned bearish in the last two hours of the day.

At the time of writing, Ethereum was up by 6.17%. It started the day in the green and recovered losses from the last two hours of Monday trading.

However, it quickly hit the 48-hour resistance and failed to push through it. What followed is that bears took control from that point.

Ethereum has been trending lower for the rest of the morning, albeit with low volumes.

ETH/USD 1-hour chart 081021

A glance at the day ahead

In the day, the key level to watch will be the 48-hour resistance at $3170.68. If bulls are strong enough to push through this resistance, the next key level to watch would be the $3200 psychological resistance level.

If bulls are strong enough to push through this resistance, then $3500 could be within range in the day.

On the other hand, if the 48-hour resistance holds and bearish volumes rise, then the 23.6% Fibonacci support would come into play.

If they push through it, Monday’s low of $2893.10 would be the next level to watch. If broken, then the 38.2% Fibonacci support at $2860.19 would come into focus. 

If volumes drop in the day, then Ethereum could trade in a range between the 48-hour resistance at $3170.68 and the 23.6% Fib support at $2989.39.

 A glance at the technicals

Key resistance: 48-hour resistance at $3170.68

Key support: 23.6% Fibonacci at $2989.39

Litecoin

Litecoin was bullish for the better part of Monday. By the end of the day, it was up by over 10%.

It started the day in a bullish reversal after trading in the red for the better part of Sunday. However, bulls quickly lost momentum in the first three hours of the day.

This saw Litecoin test and breach through the 61.8% Fibonacci at $149.10 support just before daybreak. This did not last, though.

With buying momentum rising in the broader market, Litecoin rallied back through the 61.8% Fibonacci at $149.10, which was now intra-day resistance.

Momentum was so strong that Litecoin pushed through three key resistance levels in the day. By early evening, it found strong resistance at $170. Bears took control at this point and pushed it lower for the last two hours of the day.

At the time of writing, Litecoin was up by 12%. It started the day in the green and recovered losses it made in the last two hours of Monday trading.

However, it failed to retest the $170 resistance, and with bears in control in the broader market, it turned bearish.

Litecoin has been trending lower for the rest of the morning, and at the time of writing, was trading at the 23.6% Fibonacci support at $162.05.

LTC/USD 1-hour chart 081021

A glance at the day ahead

In the day, the key level to watch will be the $170 resistance. If bulls are strong enough to push through this resistance, Litecoin could test $200 in the day.

On the other hand, if the $170 resistance holds and bearish volumes rise, the 23.6% Fibonacci support at $162.05 would come into play.

If bears push through it, the 38.2% Fibonacci support at $157.08 would be the next level to watch. If broken, prices below $140 would be possible in the day.  

However, if volumes drop in the day, then Litecoin could trade in a range between the $170 resistance and the 23.6% support at $162.05.

A glance at the technicals

Key resistance: $170

Key support: 23.6% Fibonacci at $162.05

Ripple’s XRP

Ripple’s XRP was bullish for the better part of Monday. By the end of the day, it was up by about 3%.

It started the day in a bullish reversal after a largely bearish Sunday. However, within the first three hours of the day, bulls lost momentum.

This saw XRP test and push through the 38.2% Fibonacci at $0.78155. Just before daybreak, it tested the 50.0% Fib support at $0.76503.

However, XRP bears lost downside momentum at the 50.0% Fib support, and what followed was a V-shaped recovery.

With buying momentum rising in the broader market, XRP rallied back through the 38.2% Fibonacci.

Momentum was so strong that it gained all through the day, pushing through the 23.6% Fibonacci resistance at $0.80196

However, by early evening, buying momentum had eased up, just below the 48-hour high of $0.83500.

It turned bearish in the late evening hours and closed the day at the 23.6% Fibonacci at $0.80196, support at support.

At the time of writing, XRP was up 3%. After the 23.6% Fibonacci support held in early morning trading, it started the day in the green.

However, momentum has since eased up and is now trading in a range just above the 23.6% Fibonacci support at $0.80196.

XRP/USD 1-hour chart 081021

A glance at the day ahead

In the day, the key level to watch will be the 48-hour resistance at $0.83500. If bulls are strong enough to push XRP through this resistance, then $1 could be possible in the day.  

On the other hand, if bearish volumes rise, the 23.6% Fibonacci support at $0.80196 would come into play.

If they push through it, the 38.2% Fibonacci support at $0.78155 will come into play. Pushing through, it could see XRP test prices below $0.75 in the day.

Conversely, if volumes drop in the day, then XRP could trade in a range between the 48-hour resistance at $0.83500 and the 23.6% support at $0.80196.

A glance at the technicals

Key resistance: 48-hour resistance at $0.83500

Key support: 23.6% Fibonacci at $0.80196

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