Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 6th, 2021

Ethereum

Ethereum rose by 1.48% on Monday. Following on from a 3.35% gain on Sunday, Ethereum ended the day at $2,106.98.

A bullish start to the day saw Ethereum rise to an early morning high $2,085.23 before hitting reverse.

Falling short of the first major resistance level at $2,120, Ethereum slid to a mid-morning intraday low $2,003.10.

Ethereum fell through the first major support level at $2,007 before striking a late intraday high $2,131.27.

The rebound saw Ethereum break through the first major resistance level at $2,120 before ending the day at sub-$2,110 levels.

At the time of writing, Ethereum was up by 0.80% to $2,123.92. A bullish start to the day saw Bitcoin rise from an early morning low $2,107.39 to a high $2,124.48.

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 $2,081 to support a run at the first major resistance level at $2,158.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $2,131.27.

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

In the event of a breakout, Ethereum could test resistance at $2,200 before any pullback. The second major resistance level sits at $2,209.

Failure to avoid a fall through the $2,081 pivot would bring the first major support level at $2,030 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,900 levels. The second major support level at $1,952 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,030

Pivot Level: $2,081

First Major Resistance Level: $2,158

23.6% FIB Retracement Level: $1,659

38.2% FIB Retracement Level: $1,356

62% FIB Retracement Level: $869

Litecoin

Litecoin rallied by 9.48% on Monday. Following on from a 3.58% gain on Sunday, Litecoin ended the day at $221.44.

A mixed start to the day saw Litecoin rise to an early morning high $207.50 before hitting reverse.

Coming up against the first major resistance level at $207, Litecoin slid to a mid-morning intraday low $198.11.

Steering clear of the 23.6% FIB and the first major support level at $195, Litecoin bounced back to strike a late intraday high $225.00.

Litecoin broke through the first major resistance level at $207 and the second major resistance level at $213.

Coming up against the third major resistance level at $225, Litecoin eased back to end the day at $221 levels.

At the time of writing, Litecoin was down by 0.20% to $220.99. A mixed start to the day saw Litecoin rise to an early morning high $222.29 before falling to a low $220.31.

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

https://finance.yahoo.com/

For the day ahead

Litecoin would need to avoid a fall through the $215 pivot level to support a run at the first major resistance level at $232.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $225.00.

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 $250 before any pullback. The second major resistance level sits at $242.

Failure to avoid a fall through the $215 pivot level would bring the first major support level at $205 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$190 levels and the second major support level at $188.

The 23.6% FIB of $195 would likely limit the downside.

Looking at the Technical Indicators

First Major Support Level: $205

Pivot Level: $215

First Major Resistance Level: $232

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP surged by 44.06% on Monday. Following on from a 9.69% rally on Sunday, Ripple’s XRP ended the day at $0.91431.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.62015 before making a move.

Steering clear of the first major support level at $0.5896, Ripple’s XRP surged to a late intraday high and a new swing hi $0.93953.

Ripple’s XRP broke through the day’s major resistance levels to wrap up the day at $0.91 levels for the first time since 2018.

At the time of writing, Ripple’s XRP was down by 0.13% to $0.91312. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.94396 before falling to a low $0.90712.

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

https://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.8247 pivot level to bring the first major resistance level at $1.0292 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $1.00 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 $1.20 levels before any pullback. The second major resistance level sits at $1.1440.

Failure to avoid a fall through the $0.8247 pivot would bring the 23.6% FIB of $0.7584 and first major support level at $0.7098 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer well clear of sub-$0.70 levels. The 38.2% FIB sits at 0.6463, with the second major support level at $0.5053.

Looking at the Technical Indicators

First Major Support Level: $0.7098

Pivot Level: $0.8247

First Major resistance Level: $1.0292

23.6% FIB Retracement Level: $0.7584

38.2% FIB Retracement Level: $0.6463

62% FIB Retracement Level: $0.4652

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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