Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 18th August

Bears pile pressure on key support levels after Tuesday’s selloff

Last Updated August 18th 2021
5 Min Read

Ethereum

Ethereum had a mixed day on Tuesday, but overall momentum was bearish. By the end of the day, it was down by around 2.88%.

After a bearish day Monday, Ethereum found some support at $3156.63 on the 38.2% Fibonacci.

It bounced off this support just before daybreak on Tuesday. However, the rally was short-lived as bulls failed to push it high enough to test the 23.6% Fibonacci resistance at $3226.64.

This saw it drop again, and retest the 38.2% Fibonacci support just after daybreak. Support held a second time and saw Ethereum form a double-bottom pattern.

The effect was that bulls took control from that point on, and by mid-morning, pushed Ethereum through the 23.6% Fibonacci resistance at $3226.64.

However, with the broader market sentiment bearish, this momentum was short-lived. What followed was a crash that lasted through the day.

By the end of the day, Ethereum had pushed through three key support levels. However, there was a slight pullback in the last hour of the day, after pushing through the 61.8% Fibonacci support at $3046.14.

 At the time of writing, Ethereum was down by 2.46% to trade at $3074.65.  It started Wednesday bearish, a continuation of the trading momentum from Tuesday.

However, by the second hour of the day, bullish momentum started to rise. This saw it start trading in a range just below the 61.8% Fibonacci, which was now intra-day resistance.

By the time of going to press, it had pushed through the 61.8% Fibonacci and was gaining.

ETH/USD 1-hour chart 081821

A glance at the day ahead

In the day, one of the key levels to watch will be the 50.0% Fibonacci resistance at $3101.93.

If Ethereum gains and pushes through this resistance, it would be an indicator that bullish momentum is on the rise.

However, for the upside to be fully confirmed, Ethereum would need to push through the 38.2% Fibonacci resistance at $3156.63. 

If it pushes through this level, then prices above $3200 could be possible in the day.

On the other hand, if bears take control in the day, the key level to watch would be the 61.8% Fibonacci support at $3046.14.

If bears push Ethereum through this support, the next key level to watch would be today’s morning low of $2950.93.

If it breaks through this low, then prices below $2900 could be possible in the day.

On the other hand, if volumes decline in the day, then Ethereum could trade in a range between the 50.0% Fibonacci resistance at $3101.93, and support at $3046.14 on the 61.8% Fibonacci.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $3101.93

Key support: 61.8% Fibonacci at $3046.14

Litecoin

Litecoin had a relatively mixed day on Tuesday, but overall momentum was bearish. By the end of the day, it was down by around 4.20%.

After a bearish day Monday, Litecoin found some support at $178.61 on the 23.6% Fibonacci.

It bounced off this support just before daybreak on Tuesday. However, the rally was short-lived as bulls failed to push it enough to test weekly resistance at $184.50.

This saw it drop again, and retest the 23.6% Fibonacci support just after daybreak. Support held a second time, forming a double-bottom pattern.

The effect was that bulls took control from that point on, and by mid-morning, Litecoin tested weekly resistance at $184.50.

However, with the broader market sentiment bearish, buying volumes quickly dried up. Litecoin turned bearish for the rest of the day.

By the end of the day, Litecoin had pushed through two key support levels. There was a slight pullback in the last hour of the day, after pushing through the 38.2% Fibonacci support at $172.22.

At the time of writing, Litecoin was down by 4.58% to trade at $169.98.  It started Wednesday bearish, a continuation of the trading momentum that was prevalent all through Tuesday.

This continued until it found support on the 50.0% Fibonacci at $167.14 just before daybreak. This saw Litecoin start trading in a range between the 50.0% Fibonacci support at $167.14, and the 38.2% Fibonacci resistance at $172.22.

By the time of going to press, it was still trading in this range.

LTC/USD 1-hour chart 081821

A glance at the day ahead

In the day, one of the key levels to watch will be the 38.2% Fibonacci resistance at $172.22.

If Litecoin gains and pushes through this resistance, it would be an indicator that bullish momentum is on the rise.

However, for the upside to be fully confirmed, Litecoin would need to push through the 23.6% Fibonacci resistance at $178.61. 

If it pushes through this level, then prices above $180 could be possible in the day.

On the other hand, if bears take control in the day, the key level to watch would be the 50.0% Fibonacci support at $167.14.

If bears push Litecoin through this support, the next key level to watch would be today’s morning low of $162.88.

If it breaks through this low, then prices below $160 could be possible in the day.

On the other hand, if volumes decline in the day, then Litecoin could trade in a range between the 38.2% Fibonacci resistance at $172.22, and support at $167.14 on the 50.0% Fibonacci.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $172.22

Key support: 50.0% Fibonacci at $167.14

Ripple’s XRP

Ripple’s XRP was bearish for the better part of Tuesday. By the end of the day, it was down by 4.8%.

It started Tuesday bearish, a continuation of Monday’s momentum. However, in the early morning hours of Tuesday, bulls tried to push it through the 23.6% Fibonacci at 1.20629, which was now intra-day resistance.

After a couple of failed attempts, bears took control at mid-morning. XRP stayed bearish all through the day. By the end of the day, it was trading at the 38.2% Fibonacci support at $1.11862.

At the time of writing, XRP bulls had pushed it back through the 38.2% Fibonacci, after a largely bearish morning.

XRP/USD 1-hour chart 081821

A glance at the day ahead

In the day, one of the key levels to watch will be the 38.2% Fibonacci resistance at $1.11862.

If XRP holds above this resistance, it would be an indicator that bullish momentum is on the rise.

However, for the upside to be fully confirmed, XRP would need to push through the 23.6% Fibonacci resistance at $1.20629. 

If it pushes through this level, then prices above $1.5 could be possible in the day.

On the other hand, if bears take control in the day, the key level to watch would be the 50.0% Fibonacci support at $1.04792.

If bears push XRP through this support, prices below $1 could be possible in the day.

On the other hand, if volumes decline in the day, then XRP could trade in a range between the 38.2% Fibonacci resistance at $1.11862, and support at $1.04792 on the 50.0% Fibonacci.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $1.11862

Key support: 50.0% Fibonacci at $1.04792

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