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

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·6 min read
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Ethereum

Ethereum rose by 1.79% on Thursday. Following from a 1.07% gain on Wednesday, Ethereum ended the day at $2,399.99.

A mixed start to the day saw Ethereum fall to an early morning low $2,317.25 before making a move.

Steering clear of the major support levels, Ethereum rallied to a late afternoon intraday high and a new swing hi $2,646.20.

Ethereum broke through the first major resistance level at $2,474 and the second major resistance level at $2,590 before hitting reverse.

The reversal saw Ethereum slide to a late intraday low $2,304.00.

Steering clear of the first major support level at $2,239, Ethereum bounced back to $2,400 levels before ending the day at $2,390 levels.

The first major resistance level at $2,474 had pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 1.36% to $2,432.74. A mixed start to the day saw Ethereum fall to an early morning low $2,371.18 before rising to a high $2,432.74.

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

For the day ahead

Ethereum would need to move through the pivot level at $2,450 to support a run at the first major resistance level at $2,596.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,500 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s new swing hi $2,464.20 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $2,792.

Failure to move through the $2,450 pivot would bring the first major support level at $2,254 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level sits at $2,108.

Looking at the Technical Indicators

First Major Support Level: $2,254

Pivot Level: $2,450

First Major Resistance Level: $2,596

23.6% FIB Retracement Level: $2,041

38.2% FIB Retracement Level: $1,666

62% FIB Retracement Level: $1,061

Litecoin

Litecoin fell by 2.01% on Thursday. Following on from a 1.18% decline on Wednesday, Litecoin ended the day at $252.65.

Recovering from an early morning low $251.46, Litecoin rallied to a late afternoon intraday high $289.80.

Litecoin broke through the first major resistance level at $273 and the second major resistance level at $288.

More significantly, Litecoin also broke through the 23.6% FIB of $262 before sliding to a late intraday low $239.68.

The sell-off saw Litecoin fall back through the resistance levels and the 23.6% FIB.

Litecoin also fell through the first major support level at $247 before revising $259 levels.

A bearish end to the day, however, saw Litecoin fall back to end the day at $252 levels.

At the time of writing, Litecoin was up by 1.45% to $256.32. A mixed start to the day saw Litecoin fall to an early morning low $250.40 before rising to a high $257.07.

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

For the day ahead

Litecoin would need to move through the $261 pivot level and the 23.6% FIB of $262 to support a run at the first major resistance level at $282.

Support from the broader market would be needed, however, for Litecoin to break back through to $280 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $289.80 would likely cap any upside.

In the event of a bounce back, Litecoin could test resistance at $300. The second major resistance level sits at $311.

Failure to move through the $261 pivot level and the 23.6% FIB of $262 would bring the first major support level at $232 into play.

Barring another extended sell-off, Litecoin should steer clear of the 38.2% FIB of $217. The second major support level sits at $211.

Looking at the Technical Indicators

First Major Support Level: $232

Pivot Level: $261

First Major Resistance Level: $282

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slid by 10.53% on Thursday. Following on from a 6.95% fall on Wednesday, Ripple’s XRP ended the day at $1.15592.

A mixed start to the day saw Ripple’s XRP rise to a late afternoon intraday high $1.41999 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $1.4090 before sliding to a late intraday low $1.09124.

The sell-off saw Ripple’s XRP fall through the first major support level at $1.2264 and the second major support level at $1.1627.

Ripple’s XRP also fell through the 38.2% FIB of $1.2807 to end the day at $1.16 levels.

At the time of writing, Ripple’s XRP was up by 2.55% to $1.18534. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.12243 before rising to a high $1.19117.

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

For the day ahead

Ripple’s XRP will need to move through the $1.2224 pivot level to bring the first major resistance level at $1.3535 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 38.2% FIB of $1.2807.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.41999 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at the 23.6% FIB of $1.5426. The second major resistance level sits at $1.5511.

Failure to move through the $1.2224 pivot would bring the first major support level at $1.0248 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.8936.

Looking at the Technical Indicators

First Major Support Level: $1.0248

Pivot Level: $1.2224

First Major resistance Level: $1.3535

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

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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