Ethereum, Litecoin & Ripple’s XRP Technical Analysis – 3rd August

Key support levels at play after a strongly bearish start to the day

Last Updated August 3rd 2021
6 Min Read

Ethereum

Ethereum had a mixed day on Monday, and by the end of the day, was lower by about a percentage.

It started the day bearish after it failed to push through multi-month resistance at $2697.84 on Sunday.

It kept trending lower, but just before daybreak, it hit the 23.6% Fibonacci support at $2530.95.

This support held strong, and Ethereum bounced off it with high volumes. However, by midmorning, this momentum had eased up.

Bears tried to take control again at this point but failed to push it back to the 23.6% Fibonacci support.

This was confirmation that bullish momentum was still prevalent in the market. What followed iS that bulls took charge again.

Ethereum rallied from that point on, but by the early evening, was yet to retest the multi-month support at $2697.84.

With volumes declining, and a failure to retest a key resistance, bears retook control.

What followed is that Ethereum was in the red all evening. 

At the time of writing, Ethereum was down by 2.83% to trade at $2480.79. It started the day bearish and has been trending lower all through the morning.

By daybreak, it had pushed through key support at $2530.95 on the 23.6% Fibonacci support.

However, at the time of writing, this momentum had eased up, and it was trading just above the 38.2% Fibonacci support at $2427.87.

ETH/USD 1-hour chart 080321

A glance at the day ahead

In the day, the key level to watch will be the 38.2% Fibonacci support at $2427.87.

If Ethereum pushes through this support and with high volumes, it would indicate that bears are in control.

In such a scenario, the next key level to watch would be the 50.0% Fibonacci at $2344.42.

If this is broken, then Ethereum could test prices below $2200 in the day.

However, if the 38.2% Fibonacci support holds and buying volumes increase, the next key level to watch would be the 23.6% Fibonacci, which is now intra-day resistance at $2530.95.

If buying volumes increase and Ethereum pushes through this resistance, the next key level to watch would be Monday’s high of $2467.67.

If it pushes through this level, then Ethereum could test the multi-month resistance at $2697.84.

If it breaks through this price level, then prices above $2800 could be possible in the day.

On the other hand, if it’s a low volumes day, and the broader market is directionless, Ethereum could trade in a range between the 38.2% Fibonacci support at $2427.87 and the 23.6% Fibonacci resistance at $2530.95.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $2530.95

Key support: 38.2% Fibonacci at 2427.87

Litecoin

Litecoin had a mixed day on Monday, and by the end of the day, was lower by about 2%.

It started the day bearish after it failed to push them through weekly resistance at $146.31 on Sunday. This saw it push through the 23.6% Fibonacci support at $141.96.

It kept trending lower, but just before daybreak, selling volumes dropped, and it failed to test key support at $137.16 on the 38.2% Fibonacci.

This saw bulls get back into the market, and Litecoin bounced back with high volumes, quickly pushing back through the 23.6% Fib.

However, by midmorning, this momentum dropped, and Litecoin failed to retest weekly resistance at $146.31.

Bears retook control at this point and pushed it through the 23.6% Fibonacci support. It turned bearish from this point on, until the end of the day.

At the time of writing, Litecoin was down by 4.27% to trade at $138.55. It started the day with some bullish momentum. 

However, bulls failed to push it back through the 23.6% Fibonacci, which is now intra-day resistance at $141.96.  This saw it turn bearish from that point on.

Selling momentum had eased up at the time of writing, and Litecoin was trading just above the 38.2% Fibonacci support at $137.16.

LTC/USD 1-hour chart 080321

A glance at the day ahead

In the day, the key level to watch will be the 38.2% Fibonacci support at $137.16.

If Litecoin pushes through this support and with high volumes, it would indicate that bears are in control.

In such a scenario, the next key level to watch would be the 50.0% Fibonacci at $133.27.

If this is broken, then Litecoin could test prices below $130 in the day.

However, if the 38.2% Fibonacci support holds and buying volumes increase, the next key level to watch would be the 23.6% Fibonacci, which is now intra-day resistance at $141.96.

If buying volumes increase and Litecoin pushes through this resistance, the next key level to watch would be Monday’s high of $145.81.

If it pushes through this level, then Litecoin could test the weekly resistance at $146.31.

If it breaks through this price level, then prices above $150 could be possible in the day.

On the other hand, if it’s a low volumes day, and the broader market is directionless, Litecoin could trade in a range between the 38.2% Fibonacci support at $137.16 and the 23.6% Fibonacci resistance at $141.96.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $141.96

Key support: 38.2% Fibonacci at $137.16

Ripple’s XRP

Ripple’s XRP, like other crypto majors, had a mixed day on Monday. By the end of the day, it was lower by about 2%.

It started the day bearish after it failed to push them through the multi-month resistance at $0.77822 on Sunday.

It kept trending lower, but just before daybreak, it hit the 23.6% Fibonacci support at $0.73023.

 It briefly pushed through this support, but bulls quickly took back control, and with high volumes. However, by midmorning, this momentum had eased up as the broader market turned bearish.

Bears took control from this point on, and XRP was in the red for the rest of the day.

At the time of writing, XRP was down by 6.41% to trade at $0.7181. It started the day bearish and has been trending lower all through the morning.

By daybreak, it had pushed through key support at $0.73023 on the 23.6% Fibonacci support.

However, at the time of writing, this momentum had eased up, and it was trading just above the 38.2% Fibonacci support at $0.70059.

XRP/USD 1-hour chart 080321

A glance at the day ahead

In the day, the key level to watch will be the 38.2% Fibonacci support at $0.70059.

If XRP pushes through this support with high volumes, it would be an indicator that bears are in control.

In such a scenario, the next key level to watch would be the 50.0% Fibonacci at $0.68005.

If this is broken, then XRP could test prices below $0.66 in the day.

However, if the 38.2% Fibonacci support holds and buying volumes increase, the next key level to watch would be the 23.6% Fibonacci, which is now intra-day resistance at $0.73023.

If buying volumes increase and XRP pushes through this resistance, the next key level to watch would be Monday’s high of $0.77299.

If it pushes through this level, then XRP could test the multi-month resistance at $0.77822.

If it breaks through this price level, then prices above $0.90 could be possible in the day.

On the other hand, if it’s a low volumes day and the broader market is directionless, XRP could trade in a range between the 38.2% Fibonacci support at $0.70059 and the 23.6% Fibonacci resistance at $0.73023.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.73023

Key support: 38.2% Fibonacci at $0.70059

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