ETH and LTC Daily Tech Analysis – 16 July

Ethereum Litecoin (LTC) News

Failure to overpower today’s pivot zones might send digital coins down after Thursday’s losses.

Ethereum

On Thursday, ETH lost 3.81%. The altcoin ended its trading day hovering at $1,918.07 after the Wednesday 2.77% reversals.

Variable trading sessions saw ETH rising to $2,039.99 before reverses followed.

Failing to overcome the first massive resistance at $2,052 had the leading altcoin sliding to $1,880.0 in the late afternoon.

ETH declined through its first crucial resistance at $1,900 before slight recoveries to end Thursday at $1,918.

While writing this report, Ethereum traded at $1,919.13 after 0.06% upticks. A mixed morning saw the favorite alternative coin surging to $1,925.77 in the early morning, before the plunges to $1,903.23 followed.

Ethereum did not manage to test the significant resistance and support levels.

For now, ETH needs to overcome the pivot zone at $1,946 to aim at its first crucial resistance at $2,012.

However, the asset will require broader market support to defeat the $2,000 levels.

Technical Indicators

  • First vital support level – $1,852
  • Pivot level – $1,946
  • First vital resistance level – $2,012
  • 6% Fibonacci retracement – $3,369
  • 2% Fibonacci retracement level – $2,740
  • 62% Fibonacci retracement level – $1,725

Litecoin

Thursday sessions witnessed Litecoin sliding by 3.99%.

Mixed first trading had LTC rising to $133.07 intraday highs before reverses surfaced.

Meanwhile, Litecoin fell to late afternoon lows at $121.95 after failing to subdue the $134 first crucial resistance level.

LTC declined through its first crucial support at $121 before a slight revisit to $126 levels. However, the massive $126 resistance blocked LTC’s further upward movements.

While writing this, LTC trades around $126.52 after increasing 0.58%. Unpredictable sessions had Litecoin dropping to $124.84 earlier on, before the rises to $126.57 highs.

LTC failed to test its massive resistance and support levels.

The alternative asset needs to fluctuate above the pivot at $127 to overpower the first resistance at $132.

Technical Indicators

  • First massive support – $121
  • Pivot level – $127
  • First massive resistance – $132
  • 6% Fibonacci retracement level – $178
  • 2% Fibonacci retracement level – $223
  • 62% Fibonacci retracement level – $296

Where do you see these altcoins by the end of today? Feel free to share your views below.

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