Ethereum, Ripple (XRP) Daily Tech Analysis – 27 August

Top cryptocurrencies face another mixed start on Friday. The virtual assets will have to overpower today’s pivot zones to avoid more losses.

On Thursday, Ethereum (ETH) declined by 4.19%. That way, the leading ‘smart’ contract project ended yesterday at $3,093.2, after losing 1.82% of Wednesday’s surges. However, early sessions yesterday had Ethereum rising to an intraday high of $3,251.05 before reversing.

Meanwhile, the altcoin failed to test the resistance at $3,292, sliding to the $3,056 lows during mid-day sessions. The downside actions saw the token falling below the initial resistance at $3,123 before recovering towards the $3,056 price levels.

Bearishness towards the end of yesterday had ETH trading at the sub-$3,100 levels. While publishing this content, Ethereum stands at $3,092 after losing 0.01%. However, early Friday sessions had ETH falling to $3,050 before climbing towards $3,146.

ETH’s Day Ahead

For now, ETH has to avoid breaking the pivot at $3,133 to test the initial obstacle at $3,211. However, bulls will have to step up for ETH to maintain an upside stance. With a broader market rally, the altcoin will overcome the $3,150 levels.

Without continuous rally, ETH will have its uptrends capped by Thursday’s high and massive resistance at $3,251.05. Meanwhile, upside catalysts will see the alternative coin hitting the resistance near the 23.6% Fibonacci at $3,369. The second critical resistance lies near $3,329.

Technical Indicators

  • Support – $3,016
  • Pivot – $3,133
  • Resistance – $3,211
  • 6% Fibonacci retracement – $3,369
  • 2% Fibonacci retracement – $2,740
  • 62% Fibonacci retracement – $1,725

Ripple

Ripple (XRP) lost 8.62% yesterday. As the token lost 3.37% of Wednesday’s upticks, it ended trading at $1.07225. However, Thursday’s early sessions witnessed XRP rising to intraday highs of $1.1855. After that, the altcoin reversed. Meanwhile, the failure to smash the resistance at $1.1984 had XRP dropping to the $1.06485 level.

While writing this content, XRP traded at $1.07465 following 0.22% surges. Meanwhile, early morning sessions had the coin declining to $1.05061 before climbing to $1.10075.

Ripple’s Day Ahead

RXP has to overpower the pivot at $1.1075 to test the resistance at around $1.1502. The asset has to take advantage of a broader market uptick to rally high to $1.10075. Without a continuous uptick, the nearest resistance will prevent the coin’s uptrends.

Technical Indicators

  • Support – $1.0296
  • Pivot – $1.1075
  • Resistance – $1.1502
  • 6% Fibonacci retracement – $0.8533
  • 2% Fibonacci retracement – $1.0659
  • 62% Fibonacci retracement – $1.4096
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