Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 20th August

Key resistance levels at play as bulls take control

Last Updated August 20th 2021
5 Min Read

Ethereum

Ethereum had an overall bullish day on Thursday. By the end of the day, it was up by around 2%.

It started the day bearish, a continuation of the bearish trend that started on Wednesday. However, within the first two hours of the day, bulls tried to take control, but hit strong resistance at $3062.18 on the 61.8% Fibonacci.

With the overall market still bearish, bulls failed to push through this resistance. What followed is that Ethereum tested lows of $2964.23 just after daybreak.

It oscillated around this low, and by early afternoon, had formed a double-bottom around it.

The double-bottom energized bulls, and they took charge from that point. By early evening. Ethereum had retested and broken through the 61.8% Fibonacci at $3062.18.

By the end of the day, it had pushed through the 50.0% Fibonacci resistance at $3114.72 and came close to testing the 38.2% Fibonacci resistance at $3167.26.

At the time of writing, Ethereum was up by 7.72% to trade at $3227.09.

It started the day bullish, in a continuation of the upside momentum that started on Thursday.

Early Friday morning, it had pushed through the 38.2% Fibonacci resistance at $3167. 

By mid-morning, it was oscillating around the 23.6% Fibonacci resistance at $3232.16.

ETH/USD 1-hour chart 082021

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fibonacci resistance at $3232.16. If bulls are strong enough to push Ethereum through this resistance, then prices above $3300 could be possible in the day.

On the other hand, if bears take control in the day, the next key level to watch would be the 38.2% Fibonacci at $3167.26.

If bears are strong enough to push Ethereum through this support, then prices below $3100 could be possible in the day.

However, if volumes decline in the day, Ethereum could trade in a range between the 38.2% Fibonacci support at $3167. 26, and the 23.6% Fibonacci resistance at $3232.16.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $3232.16

Key support: 38.2% Fibonacci at $3167.26

Litecoin

Litecoin had an overall bullish day on Thursday. By the end of the day, it was up by around 2.5%.

It started the day bearish, a continuation of the bearish trend that began on Wednesday. However, within the first two hours of the day, bulls tried to take control and even pushed Litecoin through the 50.0% Fibonacci resistance at $167.14.

But, with the overall market still bearish, Litecoin quickly fell back through this resistance. What followed is that Litecoin tested lows of $162.55 by early afternoon.  

It bounced off this level and rallied for the better part of the day. By the end of the day, Litecoin had pushed through the 38.2% Fibonacci resistance at $172.22.  

At the time of writing, Litecoin was up by 6.18% to trade at $175.81.

It started Friday bullish, in a continuation of the upside momentum that started on Thursday.

Just before daybreak, it had come close to testing the 23.6% Fibonacci at $178.61. However, bulls failed to push through this resistance. By mid-morning, it was trading in a range just below the 23.6% Fibonacci at $178.61.

LTC/USD 1-hour chart 082021

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fibonacci resistance at $178.61. If bulls are strong enough to push Litecoin through this resistance, then prices above $180 could be possible in the day.

On the other hand, if bears take control in the day, the next key level to watch would be the 38.2% Fibonacci at $172.22.

If bears are strong enough to push Litecoin through this support, then prices below $170 could be possible in the day.

However, if volumes decline in the day, then Litecoin could trade in a range between the 38.2% Fibonacci support at $172.22 and the 23.6% Fibonacci resistance at $178.61.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $ $178.61

Key support: 38.2% Fibonacci at $172.22

Ripple’s XRP

Ripple’s XRP had a bullish, albeit low volumes day on Thursday. By the end of the day, it was up by around 1%.

It started the day bullish after it hit the 38.2% Fibonacci support at $1.12415 in late Wednesday trading.

However, with the overall market still bearish, bulls quickly lost momentum. What followed is that XRP retested the 38.2% Fibonacci support at $1.12415 just after daybreak.  

It oscillated around this support up until the late afternoon when bullish momentum increased in the broader market.

XRP rallied from that point on, and by the end of the day, was trading at the 23.6% Fibonacci resistance at $1.21003.

At the time of writing, XRP was up by 11% to trade at $1.24.

It started the day bullish, in a continuation of the upside momentum that started on Thursday.

Early Friday morning, it had pushed through the 23.6% Fibonacci resistance at $1.21003. However, volumes have been low, and it has been oscillating around it all through the morning.

XRP/USD 1-hour chart 082021

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fibonacci resistance at $1.21003. If bulls are strong enough to hold XRP above this resistance, then prices above $1.3 could be possible in the day.

On the other hand, if bears take control in the day, the next key level to watch would be the 38.2% Fibonacci at $1.12415.

If bears are strong enough to push XRP through this support, then prices below $1.10 could be possible in the day.

However, if volumes decline in the day, then XRP could trade in a range between the 38.2% Fibonacci support at $1.12415 and the 23.6% Fibonacci resistance at $1.21003.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $1.21003

Key support: 38.2% Fibonacci at $1.12415

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