Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 1st, 2021
Ethereum
Ethereum rallied by 4.29% on Wednesday. Following on from a 1.40% gain on Tuesday, Ethereum ended the day at $1,920.00.
A mixed start to the day saw Ethereum fall to a late morning intraday low $1,771.94 before making a move.
Ethereum fell through the first major support level at $1,798 before rallying to a late intraday high $1,948.00.
The rally saw Ethereum break through the first major resistance level at $1,872 and the second major resistance level at $1,903.
Coming up short of the third major resistance level at $1,977, Ethereum eased back to end the day at $1,920 levels.
At the time of writing, Ethereum was up by 0.20% to $1,923.86. A relatively bullish start to the day saw Ethereum rise from an early morning low $1,919.99 to a high $1,939.00.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the pivot level at $1,880 to support a run at the first major resistance level at $1,988.
Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,948.00.
Barring an extended crypto rally, the first major resistance level and resistance at $2,000 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $2,100 before any pullback. The second major resistance level sits at $2,056.
Failure to avoid a fall through the $1,880 pivot would bring the first major support level at $1,812 into play.
Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $1,704.
Looking at the Technical Indicators
First Major Support Level: $1,812
Pivot Level: $1,880
First Major Resistance Level: $1,988
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin rose by 0.58% on Wednesday. Following on from a 1.06% gain on Tuesday, Litecoin ended the day at $196.88.
A mixed start to the day saw Litecoin rise to a mid-morning intraday high $199.00 before hitting reverse.
Falling short of the first major resistance level at $201, Litecoin fell to a late morning intraday low $187.15.
Litecoin fell through the 23.6% FIB of $195 and the first major support level at $191 before finding support.
Through the 2nd half of the day, Litecoin broke back through the 23.6% FIB and the first major support level to end the day in the green.
At the time of writing, Litecoin was up by 1.62% to $200.07. A bullish start to the day saw Litecoin rally from an early morning low $196.86 to a high $200.80.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the 23.6% FIB and the $194 pivot level to support a run at the first major resistance level at $202.
Support from the broader market would be needed, however, for Litecoin to break out from $200 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $206.
Failure to avoid a fall through the 23.6% FIB of $195 and the $194 pivot level would bring the first major support level at $190 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$180 levels. The second major support level at $183 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $190
Pivot Level: $194
First Major Resistance Level: $202
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP rose by 1.14% on Wednesday. Reversing a 0.46% loss from Tuesday, Ripple’s XRP ended the day at $0.56954.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.5290 before making a move.
Ripple’s XRP fell through the first major support level at $0.5532 and the second major support level at $0.5429.
More significantly, Ripple’s XRP also fell through the 23.6% FIB of $0.5320 before rallying to a late intraday high $0.58000.
Ripple’s XRP broke back through the support levels and the 23.6% FIB before sliding back to sub-$0.57 levels.
The first major resistance level at $0.5798 pinned Ripple’s XRP late in the day.
At the time of writing, Ripple’s XRP was down by 0.41% to $0.56718. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.57342 before falling to a low $0.56472.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $0.5595 pivot level to bring the first major resistance level at $0.5900 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.5800.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.62 levels before any pullback. The second major resistance level sits at $0.6105.
Failure to avoid a fall through the $0.5595 pivot would bring the first major support level at $0.5390 and the 23.6% FIB of $0.5320 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5085.
Looking at the Technical Indicators
First Major Support Level: $0.5390
Pivot Level: $0.5595
First Major resistance Level: $0.5900
23.6% FIB Retracement Level: $0.5320
38.2% FIB Retracement Level: $0.4632
62% FIB Retracement Level: $0.3521
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
