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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 23rd, 2021

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·5 min read
In this article:
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Ethereum

Ethereum rallied by 11.31% on Wednesday. Reversing a 7.08% decline from Tuesday, Ethereum ended the day at $3,078.43.

A mixed start to the day saw Ethereum fall to an early morning low $2,738.24 before making a move.

In spite of the early pullback, Ethereum steered clear of the first major support level at $2,576.

Finding support at the 38.2% FIB of $2,740, however, Ethereum rallied to a late intraday high $3,090.83.

Ethereum broke back through the 38.2% FIB and through first major resistance level at $3,030 to end the day at $3,070 levels.

At the time of writing, Ethereum was up by 0.44% to $3,064.90. A mixed start to the day saw Ethereum rise to an early morning high $3,085.23 before falling to a low $3,061.38.

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

For the day ahead

Ethereum would need to avoid the $2,969 pivot to bring the first major resistance level at $3,200 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,150 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 the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,322.

A fall through the $2,969 pivot would bring the first major support level at $2,848 and the 38.2% FIB of $2,740 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,700 levels. The second major support level sits at $2,617.

Looking at the Technical Indicators

First Major Support Level: $2,848

Pivot Level: $2,969

First Major Resistance Level: $3,200

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 8.69% on Wednesday. Reversing a 5.50% fall from Tuesday, Litecoin ended the day at $161.50.

A mixed start to the day saw Litecoin fall to an early morning intraday low $145.31 before making a move.

Steering clear of the first major support level at $141, Litecoin rallied to a late intraday high $161.87.

Litecoin broke through the first major resistance level at $159 to end the day at $161 levels.

At the time of writing, Litecoin was down by 1.15% to $159.65. A bearish start to the day saw Litecoin fall from an early morning high $161.51 to a low $159.06.

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

For the day ahead

Litecoin would need to avoid the $156 pivot to bring the first major resistance level at $167 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $165 levels.

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

In the event of another breakout, Litecoin could test the second major resistance level at $173.

A fall through the $156 pivot would bring the first major support level at $151 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$150. The second major support level sits at $140.

Looking at the Technical Indicators

First Major Support Level: $151

Pivot Level: $156

First Major Resistance Level: $167

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP surged by 14.84% on Wednesday. Reversing a 5.22% loss from Tuesday, Ripple’s XRP ended the day at $1.00265.

A bearish start to the day saw Ripple’s XRP fall to an early morning low $0.86784 before making a move.

Steering clear of the 23.6% FIB of $0.8533 and the major support levels, Ripple’s XRP rallied to a late intraday high $1.00765.

Ripple’s XRP broke through the first major resistance level at $0.9356 and the second major resistance level at $0.9977 to end the day at $1.0 levels.

At the time of writing, Ripple’s XRP was down by 0.42% to $0.99845. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.00816 before falling to a low $0.99609.

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

For the day ahead

Ripple’s XRP would need to avoid the $0.9594 pivot to bring the first major resistance level at $0.1.0509 and the 38.2% FIB of $1.0659 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.05 levels.

Barring an extended crypto rally, the first major resistance level and the 38.2% FIB of $1.0659 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.10 levels before any pullback. The second major resistance level sits at $1.0992

A fall through $0.9594 pivot would bring the first major support level at $0.9111 into play. Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8196.

The 23.6% FIB of $0.8533 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.9111

Pivot Level: $0.9594

First Major resistance Level: $1.0509

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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