Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 11th, 2021
Ethereum
Ethereum slid by 6.26% on Friday. Following a 2.13% decline on Thursday, Ethereum ended the day at $3,209.82.
A mixed start to the day saw Ethereum rise to an early morning intraday high $3,514.37 before hitting reverse.
Falling short of the first major resistance level at $3,531, Ethereum fell to a late intraday low $3,142.67.
Ethereum fell through the first major support level at $3,356 and the second major support level at $3,287.
The sell-off also saw Ethereum fall through the 23.6% FIB of $3,369 to end the day at $3,200 levels.
At the time of writing, Ethereum was up by 1.26% to $3,250.25. A mixed start to the day saw Ethereum fall to an early morning low $3,199.88 before rising to a high $3,254.18.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $3,289 pivot to bring the 23.6% FIB of $3,369 and the first major resistance level at $3,435 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,400 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $3,700 before any pullback. The second major resistance level sits at $3,661.
Failure to move through the $3,289 pivot would bring the first major support level at $3,064 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,917.
Looking at the Technical Indicators
First Major Support Level: $3,064
Pivot Level: $3,289
First Major Resistance Level: $3,435
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin fell by 3.49% on Friday. Reversing a 0.91% gain from Thursday, Litecoin ended the day at $174.16.
A mixed start to the day saw Litecoin rise to an early morning intraday high $187.38 before hitting reverse.
Story continues
Coming up against the first major resistance level at $187, Litecoin slid to a late intraday low $170.88.
Litecoin fell through the 23.6% FIB of $178 and the first major support level at $175 to end the day at $174 levels.
At the time of writing, Litecoin was up by 0.75% to $175.46. A mixed start to the day saw Litecoin fall to an early morning low $173.44 before rising to a high $175.69.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $178 pivot and the 23.6% FIB of $178 to bring the first major resistance level at $184 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $187.38 would likely cap the upside.
In the event of broad-based crypto rally, Litecoin could the second major resistance level at $200. The second major resistance level sits at $194.
Failure to move through the $178 pivot and the 23.6% FIB would bring the first major support level at $168 into play.
Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $161.
Looking at the Technical Indicators
First Major Support Level: $168
Pivot Level: $178
First Major Resistance Level: $184
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP
Ripple’s XRP fell by 3.09% on Friday. Following a 1.15% loss on Thursday, Ripple’s XRP ended the day at $1.0588.
A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.24499 before hitting reverse.
Ripple’s XRP broke through the day’s major resistance levels before hitting reverse.
The reversal saw Ripple’s XRP slide to a late intraday low $1.03058.
Ripple’s XRP fell through the 38.2% FIB of $1.0659 and the first major support level at $1.0616.
Finding support at the second major support level at $1.0351, Ripple’s XRP ended the day at $1.05 levels.
At the time of writing, Ripple’s XRP was up by 0.80% to $1.06437. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.05296 before rising to a high $1.06918.
While leaving the major support and resistance levels untested, Ripple’s XRP tested resistance at the 38.2% FIB of $1.0659 early on.
For the day ahead
Ripple’s XRP would need to move through the 38.2% FIB and the $1.1105 pivot to bring first major resistance level at $1.1904 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.10 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $1.20 would likely cap the upside.
In the event of a broad-based crypto rebound, Ripple’s XRP could test resistance at $1.30 levels before any pullback. The second major resistance level sits at $1.3249.
Failure to move through the 38.2% FIB and the $1.1105 pivot would bring the first major support level at $0.9760 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level sits at $0.8961.
Looking at the Technical Indicators
First Major Support Level: $0.9760
Pivot Level: $1.1105
First Major resistance Level: $1.1904
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
More From FXEMPIRE:
How to Buy Ethereum, and What You Should Know Before You Invest
Editorial Independence We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.
You may have heard of Ethereum because of the role it plays in the creation of NFTs (non-fungible tokens). Or perhaps you’ve noticed it’s the second-most popular cryptocurrency, and want to get in on the action.
Either way, Ethereum is one of two cryptocurrencies that investing experts recommend beginners stick to (the other being Bitcoin), because it’s more-established than other lesser-known cryptos. So if you’ve decided that cryptocurrency has a place in your portfolio, are OK with the risks, and are ready to buy some, here’s where to start.
BEFORE YOU INVEST IN CRYPTO Experts say it’s smart to keep your crypto investments under 5% of your overall portfolio. Crypto prices fluctuate wildly by the day, and experts also say you’d be smart not to invest more than you’d be OK losing if the market dropped out altogether. Crypto investments should also never get in the way of other financial priorities like saving for emergencies, paying off high-interest debt, and saving for retirement using more conventional investment strategies.
What is Ethereum?
Before you start buying coins, it’s important to understand exactly what you’re investing in. Ethereum has price history to support its potential as a store of value, but there’s also interesting innovation happening with Ethereum that highlights the coin’s utility.
[READ MORE]: What Is Ethereum
The Ethereum blockchain can be used by developers to create applications, known as decentralized applications (aka DApps). In order to access that network, developers need to buy Ethereum’s associated token, ether (ETH). Similarly, if users wish to interact with a decentralized application, they must pay in ether.
Like Bitcoin, investors can buy and hold ether as a long-term investment, with the hope that its value will continue to increase over the long-term. But as with any cryptocurrency investment, the price of ether is likely to see plenty of ups and downs, especially in the short-term. This volatility is why investing experts recommend keeping any cryptocurrency investments to less than 5% of your total portfolio and to only invest what you’re OK with losing.
What Is Ethereum Worth?
Ethereum launched in 2018, and its all-time high is over $4,000 in May of this year. In the past year its price has fluctuated between around $300 and $4,000 per coin.
Like most cryptocurrencies, Ethereum’s price fluctuates a lot. Price fluctuation should be anticipated with any crypto investment. If near-term price fluctuations bother you, you might be better off reconsidering investing in cryptocurrency at all.
It’s also important to remember that Ethereum — like any cryptocurrency — only has value because people think it does. Its price is not tied to any commodity or currency, so it’s prone to intense swings based on external factors like media attention or proposed crypto regulation.
How to Buy Ethereum
- Choose a Cryptocurrency Exchange
You can’t purchase cryptocurrency through a bank or an online brokerage like Fidelity or Vanguard, so you’ll have to use a cryptocurrency trading platform. There are a ton of cryptocurrency exchanges out there, ranging from easy-to-use systems to complex dashboards for advanced traders.
Since Ethereum is so popular, most cryptocurrency exchanges will let you buy ether, but we recommend sticking to a few of the more-popular exchanges like Coinbase, Gemini, or eToro. Ethereum is also one of the few types of crypto you can buy on platforms like Venmo or PayPal. Different platforms come with different fees, security measures, and may include other features, so it’s a good idea to do some research before you sign up.
- Fund Your Account
You’ll likely need to provide some personal information and verify your identity to sign up for an account with a crypto exchange. Then you’ll be able to connect your bank account or debit card to fund your account. There will likely be fee differences based on the method you choose.
Funding your account doesn’t mean you’ve actually purchased Ethereum yet, and like with any investment account you don’t want to leave your uninvested money sitting in your account. To actually invest, you’ll need to purchase Ethereum at this point.
- Place an Order for Ethereum
After your account is funded, you’ll be able to trade your U.S. dollars for Ethereum. Simply put in the amount of USD you’d like to trade for Ethereum. You will likely be buying shares of a single Ethereum coin, depending on Ethereum’s price and how much you want to purchase. Whatever amount you purchase will be shown as a percentage of a total ether coin.
- Store Your Ethereum
If you only have a small amount of crypto, it’s easiest to leave your investment in your exchange account. But a digital wallet can offer more security if you want to move your holding to more secure storage. There are many different types of digital wallets, and they offer different levels of security.
[READ MORE]: A Crypto Wallet Can Help Keep Your Coins Safe. Here’s How to Decide If You Need One)
Should You Invest in Ethereum?
Cryptocurrency is a highly volatile, speculative investment. It’s not for everyone, and you should make sure you have enough risk tolerance before you invest. If you decide cryptocurrency is right for you, then experts recommend sticking with two most well-known cryptos, which are Bitcoin and Ethereum.
Make sure you keep any investment to less than 5% of your total portfolio, only invest what you would ultimately be OK with losing, and never at the expense of any other financial goals like paying off debt or saving for retirement.
Even though experts recommend sticking with well-known coins like Ethereum, that doesn’t negate the risk associated with the investment. Cryptocurrency is a new asset class, and there’s no long-term data available to prove how it performs in the long-run. If this risk is too much for you, stick with a safer, long-term investment like a classic index fund through a conventional retirement account like an IRA or 401(k).
Latest Ethereum price and analysis (ETH to USD)
Ethereum is currently trading at $3,420 following a devastating sell-off that saw $75 billion wiped off its market cap in a matter of minutes.
The industry’s second-largest asset has recovered significantly from a low of $3,000, although the recent plunge has proliferated the amount of bearish outcomes over the coming weeks and months.
While the cryptocurrency market was in a healthy position at the start of the week, it now seems to have formed a local top as a result of an increase in leveraged positions that wasn’t backed up by sufficient spot volume.
Traders will be on lower high watch now, with any kind of bounce into the $3,600 region expected to be shorted in light of yesterday’s events.
Ethereum
ETHUSD chart by TradingView
Levels of support remain the same at $3,325 and $3,000 with major points of resistance coming in at around $3,600 and $4,000.
If Ethereum begins to close daily candles below the $3,000 mark, it will likely enter a medium-term downtrend with downside targets beginning to emerge back at $2,450 and $2,170.
However, if it can pick itself up and close this week’s candle above $3,650 it would demonstrate a serious show of strength, which would lead to predictions of a new all-time high before the year is over.
Much of it will also depend on Bitcoin, which is currently trading at $46,500 after a brutal rejection from the $53,000 level of resistance on Monday.
About Ethereum
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
More Ethereum news and information
If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:
Story continues
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.