Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 16th, 2021

Bob Mason
·5 min read

Ethereum

Ethereum rose by 3.49% on Thursday. Following on from a 5.76% gain on Wednesday, Ethereum ended the day at $2,517.03.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,401.25 before making a move.

Steering clear of the first major support level at $2,328, Ethereum rallied to a final hour intraday high and a new swing hi $2,546.82.

Ethereum broke through the first major resistance level at $2,492 before easing back.

Coming within range of the second major resistance level at $2,551, Ethereum slipped back to end the day at $2,517 levels.

At the time of writing, Ethereum was up by 0.21% to $2,522.26. A bullish start to the day saw Ethereum rise from an early morning low $2,517.03 to a high $2,527.12.

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 $2,488 to support a run at the first major resistance level at $2,576.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s new swing hi $2,546.82.

Barring an extended crypto rally, the first major resistance level and resistance at $2,600 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $2,700 before any pullback. The second major resistance level sits at $2,634.

Failure to avoid a fall through the $2,488 pivot would bring the first major support level at $2,430 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level at $2,343 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,430

Pivot Level: $2,488

First Major Resistance Level: $2,576

23.6% FIB Retracement Level: $1,975

38.2% FIB Retracement Level: $1,605

62% FIB Retracement Level: $1,023

Litecoin

Litecoin rose by 2.67% on Thursday. Following on from a 4.14% gain on Wednesday, Litecoin ended the day at $286.18.

A mixed start to the day saw Litecoin rise to an early morning high $282.80 before hitting reverse.

Falling short of the major resistance levels, Litecoin fell to a late morning intraday low $266.01.

Steering clear of the first major support level at $262, Litecoin rallied to a final hour intraday high and a new swing hi $291.25.

Litecoin broke through the first major resistance level at $289 before falling back to end the day at $286 levels.

At the time of writing, Litecoin was up by 0.17% to $286.68. A bullish start to the day saw Litecoin rise from an early morning low $286.18 to a high $288.39.

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

For the day ahead

Litecoin would need to avoid a fall through the $281 pivot level to support a run at the first major resistance level at $296.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s swing hi $291.25.

Barring an extended crypto rally, the first major resistance level and resistance at $300 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $315 before any pullback. The second major resistance level sits at $306.

Failure to avoid a fall through the $281 pivot level would bring the first major support level at $271 into play.

Barring an extended sell-off, Litecoin should steer well clear of the second major support level at $256.

Looking at the Technical Indicators

First Major Support Level: $271

Pivot Level: $281

First Major Resistance Level: $296

23.6% FIB Retracement Level: $229

38.2% FIB Retracement Level: $190

62% FIB Retracement Level: $127

Ripple’s XRP

Ripple’s XRP slid by 4.17% on Thursday. Reversing a 2.30% rise from Wednesday, Ripple’s XRP ended the day at $1.75937.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.88353 before hitting reverse.

Falling short of the first major resistance level at $2.0210, Ripple’s XRP slid to a late morning intraday low $1.65261.

Steering clear of the first major support level at $1.6004, Ripple’s XRP revisited $1.84 levels before falling back into the red.

At the time of writing, Ripple’s XRP was up by 0.51% to $1.76836. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.75953 to a high $1.78119.

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 back through the $1.7652 pivot level to bring the first major resistance level at $1.8777 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.80 levels.

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 $2.00 levels before any pullback. The second major resistance level sits at $1.9961.

Failure to avoid a fall back through the $1.7652 pivot would bring the first major support level at $1.6468 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 23.6% FIB of $1.5426. The second major support level sits at $1.5343.

Looking at the Technical Indicators

First Major Support Level: $1.6468

Pivot Level: $1.7652

First Major resistance Level: $1.8777

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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