2021-07-09 06:23:28

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 9th, 2021

Ethereum

Ethereum tumbled by 8.66% on Thursday. Following a 0.23% decline on Wednesday, Ethereum ended the day at $2,116.95.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,325.46 before hitting reverse.

Falling short of the first major resistance level at $2,387, Ethereum slid to a late intraday low $2,084.00.

The extended sell-off saw Ethereum fall through the day’s major support levels before finding support.

Late in the day, Ethereum moved back through the third major support level at $2,107 to end the day at $2,110 levels.

At the time of writing, Ethereum was down by 0.35% to $2,109.64. A mixed start to the day saw Ethereum rise to an early morning high $2,120.00 before falling to a low $2,108.66.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the $2,176 pivot to bring the first major resistance level at $2,267 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,200 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $2,417.

Failure to move through the $2,176 pivot would bring the first major support level at $2,026 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,934.

Looking at the Technical Indicators

First Major Support Level: $2,026

Pivot Level: $2,176

First Major Resistance Level: $2,267

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 3.91% on Thursday. Following a 1.05% loss on Wednesday, Litecoin ended the day at $132.10.

A mixed start to the day saw Litecoin rise to an early intraday high $137.81 before hitting reverse.

Falling well short of the first major resistance level at $141, Litecoin slid to a late intraday low $127.93.

Litecoin fell through the first major support level at $135 and the second major support level at $133.

Steering clear of the third major support level at $127, however, Litecoin found support to end the day at $132 levels.

At the time of writing, Litecoin was down by 0.31% to $131.69. A mixed start to the day saw Litecoin rise to an early morning high $132.29 before falling to a low $131.68.

Litecoin left the major support and resistance levels untested early on.

https://finance.yahoo.com/

For the day ahead

Litecoin would need to move through the $133 pivot to bring the first major resistance level at $137 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $135 levels.

Barring an extended crypto rally, the first major resistance level and resistance at Thursday’s high $137.81 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $140. The second major resistance level sits at $143.

Failure to move through the $133 pivot would bring the first major support level at $127 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$120 levels. The second major support level at $123 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $127

Pivot Level: $133

First Major Resistance Level: $137

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 4.32% on Thursday. Following a 1.66% decline on Wednesday, Ripple’s XRP ended the day at $0.62407.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.65328 before hitting reverse.

Falling short of the first major resistance level at $0.6672, Ripple’s XRP slid to a late morning intraday low $0.61121.

Ripple’s XRP fell through the day’s major support levels before a partial recovery to $0.62 levels.

The partial recovery saw Ripple’s XRP break back through the third major support level at $0.6126.

At the time of writing, Ripple’s XRP was down by 0.66% to $0.61994. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.62157 to a low $0.61994.

Ripple’s XRP left the major support and resistance levels untested early on.

https://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to move through the $0.6295 pivot to bring the first major resistance level at $0.6478 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.64 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.6716.

Failure to move through the $0.6295 pivot would bring the first major support level at $0.6058 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5875.

Looking at the Technical Indicators

First Major Support Level: $0.6058

Pivot Level: $0.6295

First Major resistance Level: $0.6478

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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