Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 12th August

Key support levels at play as crypto majors consolidate after a bullish day

Last Updated August 12th 2021
5 Min Read

Ethereum

Ethereum was bullish all through Wednesday. By the end of the day, it was up by over 2%.

After a bullish Tuesday evening, bears tried to take control of Ethereum in the early hours of Wednesday.

However, they failed to push it low enough to test the 23.6% Fibonacci support at $3080.71.

With bulls gaining momentum in the broader market, Ethereum turned bullish and was trending up for the better part of the day.

However, by early evening, it hit weekly resistance at $3272.98 and failed to push through it.

This saw it trade in a range below this resistance for the rest of the evening.

At the time of writing, Ethereum was trading at $3114.72 and was down by 2.97%. It started the day bearish, an indicator of bullish momentum fading after failing to push through weekly resistance at $3272.98.

Bearish momentum accelerated just before daybreak and saw Ethereum’s bearish momentum accelerate. By the time of going to press, Ethereum was trading at the 23.6% Fibonacci support at $3080.71.

ETH/USD 1-hour chart 081221

A glance at the day ahead

On the day, the critical level to watch will be the 23.6% Fibonacci support at $3080.71.

If bearish momentum accelerates in the day, and the 23.6% Fibonacci support is broken, the next level to watch would be the $3000 psychological support level.

If Ethereum pushes through $3000, the 38.2% Fibonacci support at $2962.25 will come into play. Prices below $2900 could also be possible in such a setup.

On the other hand, if the 23.6% Fibonacci support at $3080.71 holds, two scenarios could play out.

The first would be a potential bullish pullback. If bulls are strong enough to push Ethereum through weekly resistance at $32272.98, then Ethereum could be in the green all day. 

However, if volumes decline in the broader market, Ethereum could trade in a range between the 23.6% Fib support at $3080.71 and weekly resistance at $3271.98.

A glance at the technicals

Key resistance: Weekly resistance at $3272.98

Key support: 23.6% Fibonacci at $3080.71

Litecoin

Litecoin was bullish all through Wednesday. By the end of the day, it was up by over 4%.

After a bullish Tuesday evening, bears tried to control Litecoin in the first three of Wednesday.

However, they failed to push it low enough to test the 38.2% Fibonacci support at $163.23.

With bulls gaining momentum in the broader market, Litecoin turned strongly bullish just before daybreak.

Bulls were so strong that Litecoin pushed through the 23.6% Fibonacci resistance in the early morning hours and with high volumes.

This momentum sustained all through the day, but volumes were on a decline towards the end of the day.

At the time of writing, Litecoin was trading at $169.41 and was down by 1.74%. It started the day bearish, driven by the thinning out of bullish volumes in late Wednesday trading.

Bearish momentum accelerated just before daybreak, but bears hit strong support at $169.49 on the 23.6% Fibonacci. 

It bounced off this support by daybreak and rallied to the weekly resistance at $179.64. With the broader market turning bearish, this resistance held, and Litecoin turned bearish again. 

It was back at the 23.6% Fibonacci support by the time of going to press.

LTC/USD 1-hour chart 081221

A glance at the day ahead

On the day, the key level to watch will be the 23.6% Fibonacci support at $169.49.

If bearish momentum accelerates in the day and the 23.6% Fibonacci support is broken, the next level to watch would be the 38.2% Fibonacci support at $163.23.

On the other hand, if the 23.6% Fibonacci support at $169.49 holds, two scenarios could play out.

The first would be a potential bullish pullback. If bulls are strong enough to push Litecoin through weekly resistance at $179.64, then Litecoin could easily test $200 in the day. 

However, if volumes decline in the broader market, Litecoin could trade in a range between the 23.6% Fib support at $169.49 and weekly resistance at $179.64.

A glance at the technicals

Key resistance: Weekly resistance at $179.64

Key support: 23.6% Fibonacci at $169.49

Ripple’s XRP

Ripple’s XRP was bullish all through  Wednesday. By the end of the day, it was up by over 12%.

After consolidating for the better part of Tuesday, XRP pushed through the 61.8% Fibonacci resistance at $0.84547 in the early hours of the day.

This saw bullish momentum accelerate, and by the end of the day, XRP had pushed through 3 key resistance levels, and with high volumes.

At the time of writing, XRP was trading at $1.01181 and was up by 10%. It started the day bearish, primarily driven by the bearish sentiment in the broader market.

Bearish momentum accelerated just before daybreak and saw XRP test the 23.6% Fibonacci support at $0.99491.  By the time of going to press, XRP had pushed through $1 but was still hovering around the 23.6% Fibonacci support.

XRP/USD 1-hour chart 081221

A glance at the day ahead

On the day, the key level to watch will be the 23.6% Fibonacci support at $0.99491.

If bearish momentum accelerates in the day and the 23.6% Fibonacci support is broken, the next level to watch would be the 38.2% Fibonacci support at $0.93750.

If this is broken, then prices below $0.90 could be possible on the day.

On the other hand, if the 23.6% Fibonacci support at $0.99491 holds, two scenarios could play out.

The first would be a potential bullish pullback. If bulls are strong enough to push XRP through monthly resistance at $1.08785, then prices above $1.50 could be possible in the day.  

However, if volumes decline in the broader market, XRP could trade between the 23.6% Fib support at $0.99491 and monthly resistance at $1.08785.

A glance at the technicals

Key resistance: Monthly resistance at $1.08785

Key support: 23.6% Fibonacci at $0.99491

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