Ethereum, Litecoin, & Ripple’s XRP Weekly Technical Analysis – 23rd August

Key resistance levels at play as bulls take control

Last Updated August 23rd 2021
5 Min Read

Ethereum

Ethereum was pretty directionless in the past week. By the end of the week, it was up by just 1.5%.

Ethereum started bearish last week. This was after bulls in the previous week failed to push it high enough to test the 23.6% Fibonacci resistance at $3449.62.

Bearish sentiment was quite strong and persisted all the way into Wednesday. However, bears did not have the momentum to push it low enough to test the 38.2% Fibonacci support at $2880.33.

With bullish sentiment on the rise in the broader market, Ethereum gained upside momentum on Thursday.

It rallied and negated all the losses made on Wednesday and most of the losses from Tuesday.

This upside momentum continued into Friday when Ethereum re-tested Monday’s highs.

However, it hit strong resistance at this level, an indicator that there was strong selling pressure at around $3277.93.

This resistance was quite strong, and Ethereum experienced a slight correction on Saturday and Sunday.

Ethereum has started the new week bullish, in tandem with the broader market. At the time of going to press, it was up by 1.84%.

By mid-morning, it had broken through weekly resistance at $3325.40 and was gaining.

ETH/USD daily chart 082321

A glance at the week ahead

In the week, the key level to watch will be the 23.6% Fibonacci resistance at $3449.62.   If in the week bulls are strong enough to push Ethereum through this resistance, then $4000 could be within reach in the week

On the other hand, if the broader market turns bearish in the week, the key level to watch would be the 38.2% Fibonacci support at $2880.33.

If this price level is broken, the next key level to watch would be the 50.0% Fibonacci support at $2419.47.

If bears manage to push Ethereum through the 50.0% Fibonacci, then Ethereum could end the week anywhere between $2100 and $2200.

However, if volumes decline in the broader market, Ethereum could trade in a range between the 38.2% Fibonacci support at $2880.33 and resistance at $3449.62 on the 23.6% Fibonacci.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $3449.62

Key support: 38.2% Fibonacci at $2880.33

Litecoin

Litecoin had a mixed week, and relatively low volumes.  By the end of the week, it was up by just 1.49%.

Litecoin started last week bearish. This was after bulls in the previous week failed to push it high enough to test the 61.8% Fibonacci resistance at $197.78.

Bearish sentiment was so strong that it persisted all the way into Wednesday when it hit multi-week support at $164.70. However, bears did not have the momentum to push it through this support.

With bullish sentiment on the rise in the broader market, Litecoin gained upside momentum on Thursday.

It rallied and ate into all the losses made on Wednesday and most of the losses from Tuesday.

This upside momentum continued into Friday when Litecoin tested weekly resistance at $184.06.

This resistance was quite strong, and Litecoin experienced a slight correction on Saturday and Sunday.

Litecoin has started the new week bullish, in tandem with the broader market.  At the time of going to press, it was up by 1.84%.

By mid-morning, it had broken through weekly resistance at $184.06 and was gaining.

LTC/USD daily chart 082321

A glance at the week ahead

In the week, the key level to watch will be the 61.8% Fibonacci resistance at $197.78.   If in the week bulls are strong enough to push Litecoin through this resistance, then $210, and above, could be possible in the week.

On the other hand, if the broader market turns bearish in the week, the key level to watch would be weekly support at $164.70.

If this price level is broken, the next key level to watch would be multiple-week support at $132.43.

If bears manage to push Litecoin through $132.43, it could test prices below $110 in the week.

However, if volumes decline in the broader market, Litecoin could trade in a range between weekly resistance at $184.06 and multi-week support at $164.70.  

A glance at the technicals

Key resistance: 61.8% Fibonacci at $197.78

Key support: Multi-week support at $164.70

Ripple’s XRP

Ripple’s XRP was pretty volatile in the past week. By the end of the week, it was down by about 3%.

XRP started last week bearish. This was after bullish momentum was strongly rejected at the 38.2% Fibonacci at $1.27468.

Bearish sentiment was quite strong and by Wednesday, XRP had tested the 50.0% Fibonacci support at $1.06322.

With bullish sentiment on the rise in the broader market, XRP gained strongly on Thursday.  

It rallied and reversed all the losses made on Wednesday and most of the losses from Tuesday.

This rally continued into Friday when XRP re-tested the 38.2% Fibonacci resistance.

This resistance was quite strong, and XRP experienced a minor correction on Saturday and Sunday.

XRP has started the new week bullish, along with the broader market.  At the time of going to press, it was up by 0.50%.

By mid-morning, it was close to testing the 38.2% Fibonacci resistance at $1.27468.

XRP/USD daily chart 082321

A glance at the week ahead

In the week, the key level to watch will be the 38.2% Fibonacci resistance at $1.27468.   If in the week bulls are strong enough to push XRP through this resistance, $1.5 could be within reach in the week

On the other hand, if the broader market turns bearish in the week, the key level to watch would be the 50.0% Fibonacci support at $1.06322.

If this price level is broken, the next key level to watch would be the $1 support level.

If bears manage to push XRP through the $1 support, then it could test the 61.8% Fibonacci support at $0.85592 in the week.

However, if volumes decline in the broader market, XRP could trade in a range between the 38.2% Fibonacci resistance at $1.27468 and support at $1.06322 on the 50.0% Fibonacci.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $1.27468

Key support: 50.0% Fibonacci at $1.06322

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