Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 11th August

Crypto majors in consolidation after more than 24-hours of gains

Last Updated August 11th 2021
5 Min Read

Ethereum

Ethereum was range-bound for the better part of Tuesday. By the end of the day, it was trading at pretty much the same level where it started the day.

Ethereum started Tuesday trading bullish. However, after three hours of straight gains, bulls could not push it through 48-hour resistance at $3171.14.

What followed is that bears took control from that point on. However, bears didn’t have much momentum and couldn’t push it low enough to test 48-hour support at $3056.29.

Ethereum then traded in a range between 48-hour resistance at $3171.14 and 48-hour support at $3056.29.

For most of the day, this went on until the late afternoon, when bulls attempted to take control and push it through resistance.

However, this move was quickly rejected, and the range-bound trading that started earlier in the day continued.

By the end of day Tuesday, Ethereum was trading close to the 48-hour resistance level at $3171.14.

At the time of writing, Ethereum was trading at $3158.01 and was up by 1.21%. It started the day bullish but quickly hit the 48-hour resistance. Without much momentum in the broader market, it failed to push through this resistance in the early hours of the day.

ETH/USD 1-hour chart 081121

A glance at the day ahead

In the day, the two levels to watch will be the 48-hour resistance at $3171.14 and the 48-hour support at $3056.29.

If bulls are strong enough to push Ethereum through resistance at $3171.4, then weekly resistance at $3224.97 would come into play.

If this resistance is broken, then Ethereum could easily test $4000 on Wednesday.

On the other hand, if bearish momentum rises and the 48-hour support is broken, the 23.6% Fibonacci support at $3019.67 would come into play.

If it’s broken, the prices below $3000 could be possible in the day.

However, if it turns out to be another low volumes day, then Ethereum could continue trading in a range between the 48-hour resistance and support levels all through Wednesday.

A glance at the technicals

Key resistance: 48-hour resistance at $3171.14

Key support: 48-hour support at $3056.29

Litecoin

Litecoin was range-bound for the better part of Tuesday. By the end of the day, it was trading close to the prices where it started.

Litecoin started Tuesday trading bullish. However, after two hours, bulls could not push it high enough to test weekly resistance at $170.53.

Bears took control from that point and pushed it low enough to test the 23.6% Fibonacci support at $162.22. However, bears didn’t have much momentum and couldn’t push it through this support.

Litecoin then traded in a range above the 23.6% Fibonacci support for most of the day.

This went on until the late afternoon when bears gained momentum to push it through the 23.6% fib support, and with high volumes.  

However, this move was quickly rejected, and the range-bound trading that started earlier in the day continued.

By the end of day Tuesday, Litecoin was trading at $167.10, which had been established as strong resistance in the day.

 At the time of writing, Litecoin was trading at $165.45 and was down by 1.24%. It started the day bullish but quickly hit Tuesday’s resistance at $167.10. Without much momentum in the broader market, it failed to push through this resistance.

LTC/USD 1-hour chart 081121

A glance at the day ahead

In the day, the two levels to watch will be the 24-hour resistance at $167.10 and the 23.6% Fibonacci support at $162.22.  

If bulls are strong enough to push Litecoin through resistance at $167.10, weekly resistance at $170.53 would come into play.

If this resistance is broken, then Litecoin could easily test prices above $200 on Wednesday.

On the other hand, if bearish momentum rises and the 23.6% Fibonacci support is broken, the 38.2% Fibonacci support at $157.17 would come into play.

If it’s broken, the prices below $155 could be possible in the day.

However, if it turns out to be another low volumes day, Litecoin could continue trading in a range between 24-hour resistance at $167.10 and the 23.6% Fib support at $162.22 all through Wednesday.

A glance at the technicals

Key resistance: 24-hour resistance at $167.10

Key support: 23.6% Fibonacci at $162.22

Ripple’s XRP

Ripple’s XRP was range-bound for the better part of Tuesday. However, by the end of the day, it was showing signs of upside momentum.

XRP started Tuesday trading bullish. However, within the first two hours of trading, bulls could not push it through the 23.6% Fib resistance at $0.81892.

Bears took control from that point on, but they too didn’t have much momentum and couldn’t push it through intra-day support at $0.80305.  

What followed is that XRP traded in a range between 23.6% Fib resistance at $0.81892 and intra-day support at $0.80305.

This went on for most of the day until late afternoon when bulls attempted to take control. They pushed XRP through the 23.6% Fibonacci resistance and saw it test weekly resistance at $0.85685.  

However, this move was quickly rejected, and XRP dropped back to the 23.6% Fib, now intra-day support.  

It bounced off this support as bulls gained control again for the rest of the day.

By the end of day Tuesday, XRP was trading close to the weekly resistance at $0.85685.

At the time of writing, XRP was trading at $0.8503 and was up by 3.95%. It started the day bullish but quickly hit weekly resistance at $0.85685. Without much momentum in the broader market, it failed to push through this resistance in the early hours of the day.

XRP/USD 1-hour chart 081121

A glance at the day ahead

In the day, the two levels to watch will be the weekly resistance at $0.85685 and the 23.6% Fib support at $0.81892.

If bulls are strong enough to push XRP through resistance at $0.85685, then prices above $0.90 could be possible in the day.

On the other hand, if bearish momentum rises and the 23.6% Fib support is broken, intra-day support at $0.80305 would come into play.

If it’s broken, and the 38.2% Fib support at $0.79531 fails too, then prices below $0.75 could be possible in the day.

However, if it turns out to be another low volumes day, XRP could trade in a range between weekly resistance at $0.85685 and the 23.6% Fib support at $0.81892.

A glance at the technicals

Key resistance: Weekly resistance level at $0.85685

Key support: 23.6% Fib at $0.81892

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