Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 5th August

Key resistance levels at play after a largely bullish day

Last Updated August 5th 2021
5 Min Read

Ethereum

Ethereum was in the green for the better part of Wednesday and ended the day higher by over 8%.

It started the day trading in a range around the 38.2% Fibonacci support at $2490.3.

By midday, bullish momentum shot up. The bullish momentum was so high that Ethereum broke through the 23.6% Fibonacci at $2580.4 with high volumes.

It sustained this momentum all through the afternoon, and by early evening, had tested multi-month resistance at $2726.3.

However, this resistance proved quite strong, and Ethereum consolidated around it for the last few hours of the day.

At the time of writing, it was trading at $2680.8 and was up by about 7%.  It started the day in a continuation of the consolidation pattern that started on Wednesday around the 2726.3 multiple-month resistance.

ETH/USD 1-hour chart 080521

A glance at the day ahead

In the day, the key level to watch will be the multiple-month resistance at $2726.3.

In the event that this resistance is broken, it would be an indicator that bulls are firmly in control.

In such a scenario, Ethereum could easily test prices above $2800 in the day.

However, if bulls cannot push and sustain Ethereum above the multi-month resistance at $2726.3, then two scenarios could play out.

The first one is where bearish volumes increase. If this happens, then the key level to watch would be the 23.6% Fibonacci at $2580.4.

If bears are strong enough to push Ethereum through this support, then prices below $2500 could be possible in the day.

The second scenario is where volumes decline in the broader market. In such a scenario, Ethereum could trade in a range between the multi-month resistance at $2726.3 and the 23.6% Fibonacci support at $2580.4.

A glance at the technicals

Key resistance: Multiple month resistance at $2726.3

Key support: 23.6% Fibonacci at $2580.4

Litecoin

Litecoin was bullish for the better part of Wednesday, and by the end of the day, was up by over 3.8%.

It started the day trading in a range between the 38.2% Fibonacci resistance at $139.68 and the 50.0% Fibonacci support at $136.54.  

By midday, Litecoin bounced off the 50.0% Fibonacci support at $136.54, and with high volumes.

Buying volumes were so high that by early afternoon, Litecoin blasted through the 38.2% Fibonacci resistance at $139.68.

Litecoin sustained this momentum all through the afternoon, and by early evening, had tested the 23.6% Fibonacci resistance at $143.48.

However, this resistance proved quite strong, and Litecoin consolidated around it for the last three hours of the day.

At the time of writing, it was trading at $143.49 and was up by about 3%.  It started the day in a continuation of the consolidation pattern that started on Wednesday around the 23.6% Fibonacci resistance at $143.48.

LTC/USD 1-hour chart 080521

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fibonacci at $143.48.

If this resistance is broken, it would be an indicator that bulls are in control.

In such a scenario, the next level to watch would be weekly resistance at $146.06. If it breaks through this level in the day, then Litecoin could test multi-week resistance at $149.75 in the day.

However, if bulls cannot push and sustain Litecoin above the 23.6% Fibonacci resistance at $143.48, then two scenarios could play out.

The first one is where bears take control. If this happens, then the key level to watch would be the 38.2% Fibonacci support at $139.68.

If bears are strong enough to push Litecoin through this support, the 50.0% Fibonacci support at $136.54 would come into play.

If it breaks through this level, then prices below $130 could be possible in the day.

The second scenario is where volumes decline in the broader market. In such a scenario, Litecoin could trade in a range between the 23.6% Fibonacci resistance at $143.48 and the 38.2% Fibonacci support at $139.68.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $143.48

Key support: 38.2% Fibonacci at $139.68

Ripple’s XRP

Ripple’s XRP was bullish for the better of the day, and by the end of the day, it was up by about 4%.

XRP started the day trading in a range on the 38.2% Fibonacci support at $0.7070.

However, by midmorning, bears tried to take control, but they failed with buying momentum rising in the broader market.

What followed is that bulls took control from that point on.

They sustained this momentum all through the afternoon, and by early evening, XRP had tested the 23.6% Fibonacci resistance at $0.7339.

However, this resistance proved quite strong, and XRP consolidated around it for the last three hours of the day.

At the time of writing, XRP was trading at $0.7321 and was up by about 3.96%.  It started the day in a continuation of the consolidation pattern that started on Wednesday, around the 23.6% Fibonacci resistance at $0.7339.

XRP/USD 1-hour chart 080521

A glance at the day ahead

In the day, the key level to watch will be the 23.6% Fibonacci resistance at $0.7339.

If this resistance is broken, it would be an indicator that bulls are firmly in control.

In such a scenario, the next level to watch would be weekly resistance at $0.7538. If it breaks through this resistance, then multi-week resistance at $0.777 could be tested in the day.

However, if bulls cannot push and sustain XRP above the 23.6% Fibonacci resistance at $0.7339, then two scenarios could play out.

The first one is where bearish volumes increase. If this happens, then the key level to watch would be the 38.2% Fibonacci at $0.7070.

If bears are strong enough to push XRP through this support, the next significant level to watch would be the 50.0% Fibonacci at $0.6849.

Pushing through this support could see XRP test prices below $0.65 in the day.  

The second scenario is where volumes decline in the broader market. In such a scenario, XRP could trade between the 23.6% Fibonacci resistance at $0.7339 and the 38.2% Fibonacci support at $0.7070.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $0.7339

Key support: 38.2% Fibonacci at $0.7070

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