2021-10-14 06:25:48

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 14th, 2021

Ethereum

Ethereum rallied by 3.38% on Wednesday. Reversing a 1.46% decline from Tuesday, Ethereum ended the day at $3,608.21.

A mixed start to the day saw Ethereum slide to an early afternoon intraday low $3,412.45 before making a move.

Finding support at the first major support level at $3,413, Ethereum rallied to a late intraday high $3,614.48.

Ethereum broke through the first major resistance level at $3,559.

Coming within range of the second major resistance level at $3,627, however, Ethereum briefly slipped back sub-$3,600 levels.

At the time of writing, Ethereum was up by 0.29% to $3,618.52. A bullish start to the day saw Ethereum rise from an early morning low $3,608.26 to a high $3,624.88.

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

For the day ahead

Ethereum would need to avoid the $3,545 pivot to bring the first major resistance level at $3,678 play.

Support from the broader market would be needed, however, for Ethereum to break out from $3,650 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 $3,800 before any pullback. The second major resistance level sits at $3,747.

A fall through the $3,545 pivot would bring the first major support level at $3,476 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,300 levels. The 23.6% FIB of $3,369 and the second major support level at $3,343 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,476

Pivot Level: $3,545

First Major Resistance Level: $3,678

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 2.89% on Wednesday. Partially reversing a 3.64% slide from Tuesday, Litecoin ended the day at $177.61.

A choppy start to the day saw Litecoin slide to a late morning intraday low $167.61 before making a move.

Steering clear of the first major support level at $166, Litecoin rallied to a late intraday high $179.66.

Litecoin broke through the 23.6% FIB of $178 and the first major resistance level at $179.

A late pullback, however, saw Litecoin fall back through the first major resistance level and the 23.6% FIB to end the day at $177 levels.

At the time of writing, Litecoin was up by 0.33% to $178.19. A bullish start to the day saw Litecoin move from an early morning low $177.69 to a high $178.39.

While leaving the major support and resistance levels untested, Litecoin broke back through the 23.6% FIB of $178.

https://finance.yahoo.com/

For the day ahead

Litecoin would need to avoid the 23.6% FIB of $178 and the $175 pivot to bring the first major resistance level at $182 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $179.66.

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

In the event of another breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level sits at $187.

A fall through the 23.6% FIB and the $175 pivot would bring the first major support level at $170 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$165. The second major support level sits at $163.

Looking at the Technical Indicators

First Major Support Level: $170

Pivot Level: $175

First Major Resistance Level: $182

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 2.54% on Wednesday. Partially reversing a 2.95% loss from Tuesday, Ripple’s XRP ended the day at $1.12682.

A mixed start to the day saw Ripple’s XRP fall to a late morning intraday low $1.07501 before making a move.

Steering clear of the first major support level at $1.0666, Ripple’s XRP rallied to a late intraday high $1.13862.

Coming up against the first major resistance level at $1.1373, however, Ripple’s XRP fell back to end the day at sub-$1.13 levels.

At the time of writing, Ripple’s XRP was up by 0.45% to $1.13186. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.12760 to a high $1.13186.

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

https://finance.yahoo.com/

For the day ahead

Ripple’s XRP would need to avoid the $1.1135 pivot to bring the first major resistance level at $1.1520 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.15 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, Ripple’s XRP could test resistance at $1.20. The second major resistance level sits at $1.1771.

A fall through the $1.1135 pivot would bring the first major support level at $1.0883 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $1.0499. The 38.2% FIB of $1.0659 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0883

Pivot Level: $1.1135

First Major resistance Level: $1.1520

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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