Ethereum, Litecoin & Ripple’s XRP Weekly Technical Analysis – 16th August

Key resistance levels at play after a strongly bullish week

Last Updated August 16th 2021
5 Min Read

Ethereum

Ethereum was bullish all through last week. By the end of the week, it was up by 12%.

It started the week in the green and ate into the losses it had made on Sunday the previous week. This momentum continued on Tuesday and Wednesday.

However, bears took charge on Thursday and pushed Ethereum low enough to eat into the gains it had made all through the week.

This downside momentum was short-lived, though, and on Friday, Ethereum rallied and reversed the bearish momentum that had engulfed it on Thursday.

However, as weekend trading set in, volumes declined. This saw Ethereum trade in a range all through the weekend.

Despite the low volumes trading, the bullish sentiment was still prevalent. Ethereum traded above Friday’s close all through the weekend.

At the time of going to press, Ethereum was up by 1.24% to trade at $3269.04.

It has started the week trading in a range, continuing the price action that started over the weekend.

ETH/USD daily chart 081621

A glance at the week ahead

In the week, the key level to watch will be the 23.6% Fibonacci resistance at $3441.7.  If bulls take control and push Ethereum through this resistance, it would be a pointer to a potentially bullish week ahead.

In such a scenario, the key level to watch would be $4000. If it rallies through $4k, then Ethereum could push through its all-time highs in the week.

On the other hand, if bears take control in the week, the key level to watch would be the 38.2% Fibonacci support at $2869.3.

If bears push it through this support and bearish volumes increase, then Ethereum could test prices below $2500 in the week.

However, if volumes decline in the week, Ethereum could trade in a range between the 23.6% Fibonacci resistance at $3441.7 and the 38.2% Fibonacci support at $2869.3.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $3441.7

Key support: 38.2% Fibonacci at $2869.3

Litecoin

Litecoin was bullish all through the week ending 15th August. By the end of the week, it was up by 25%.

It started the week above multiple week resistance at $146.90 and rallied all through Monday. This upside momentum continued on Tuesday and Wednesday, albeit with low volumes.

The low volumes saw bears take control on Thursday.  Bears were so strong that they ate into the gains made on Tuesday and Wednesday.

This downside momentum did not last. On Friday, Litecoin rallied and reversed the bearish momentum that had been prevalent on Thursday.

However, as weekend trading set in, Litecoin trading volumes declined. This saw it trade in a range all through the weekend.

Despite the low volumes trading, the bullish sentiment was still prevalent.  This was evident in the fact that weekend trading sustained above Friday’s close all through.

At the time of writing, Litecoin was up by 3.34% to trade at $187.01.

It has started the week bullish, a continuation of last week’s bullish price action.  

LTC/USD daily chart 081621

A glance at the week ahead

In the week, the key level to watch will be the 61.8% Fibonacci resistance at $193.37.  If bulls take control and push Litecoin through this resistance, it could be a bullish week.

In such a scenario, the next key level to watch would be $200. If it rallies through $200, then Litecoin could easily test $235.05 on the 50.0% Fibonacci in the week.

On the other hand, if bears take control in the week, the key level to watch would be multiple week support at $146.90.  

If bears push Litecoin through this support and bearish volumes increase, then Litecoin could test prices below $120 in the week.

However, if Litecoin trading volumes decline in the week, it could trade in a range between the 61.8% Fibonacci resistance at $193.37 and multi-week support at $146.90.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $193.37

Key support: Multi-week support at $146. 90

Ripple’s XRP

Ripple’s XRP was strongly bullish all through last week. By the end of the week, it was up by 64%.

It started the week in the green, and by Wednesday, pushed through the 61.8% Fibonacci resistance at $0.86006 with high volumes.

However, bears took charge on Thursday due to a sudden increase in selling momentum in the broader market.

This downside momentum was short-lived though, and on Friday, XRP rallied and reversed the losses made on Thursday.

Unlike most crypto majors, XRP was strongly bullish all through the weekend. It rallied over the weekend and tested the 38.2% Fibonacci resistance at $1.27882 by Sunday evening.

At the time of going to press, XRP was up by 0.80% to trade at $1.30.

It has started the week bullish, and by mid-morning, had pushed through the 38.2% Fibonacci resistance at $1.27882.

XRP/USD daily chart 081621

A glance at the week ahead

In the week, the key level to watch will be the 38.2% Fibonacci resistance at $1.27882.  Bulls have already pushed through this resistance. If they sustain momentum above it, it would be an indicator of a potentially bullish week.

In such a scenario, the next key level to watch would be the 23.6% Fibonacci resistance at $1.54417. If it rallies through this price level, then XRP could easily test $2 in the week.

On the other hand, if bears take control in the week and the 38.2% Fibonacci resistance holds, the key level to watch would be the 50.0% Fibonacci support at $1.07152.

If bears push it through this support and bearish volumes increase, then XRP could test prices below $1 in the week.

However, if volumes decline in the week, XRP could trade between the 38.2% Fibonacci resistance at $1.27882 and the 50.0% Fibonacci support at $1.07152.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $1.27882

Key support: 50.0% Fibonacci at $1.07152

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