Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 5th, 2021
Ethereum
Ethereum fell by 0.95% on Monday. Partially reversing a 0.93% gain from Sunday, Ethereum ended the day at $3,387.20.
A bearish start to the day saw Ethereum fall to a mid-afternoon intraday low $3,269.67 before making a move.
Ethereum fell through the 23.6% FIB of $3,369 and the first major support level at $3,346.
Finding afternoon support, however, Ethereum rose to a late afternoon intraday high $3,438.91.
Falling short of the first major resistance level at $3,492, however, Ethereum briefly fell back through the 23.6% FIB.
A late move back through to $3,380 levels limited the downside on the day, however.
At the time of writing, Ethereum was down by 0.34% to $3,375.78. A mixed start to the day saw Ethereum rise to an early morning high $3,395.60 before falling to a low $3,365.34
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall back through the 23.6% FIB of $3,369 and the $3,365 pivot to bring the first major resistance level at $3,461 play.
Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $3,438.91.
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 $3,600 before any pullback. The second major resistance level sits at $3,535.
A fall back through the 23.6% FIB of $3,369 and the $3,365 pivot would bring the first major support level at $3,292 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,200 levels. The second major support level sits at $3,196.
Looking at the Technical Indicators
First Major Support Level: $3,292
Pivot Level: $3,365
First Major Resistance Level: $3,460.85
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin fell by 1.79% on Monday. Reversing a 0.99% gain from Sunday, Litecoin ended the day at $167.53.
A mixed start to the day saw Litecoin rise to an early morning intraday high $170.88 before hitting reverse.
Falling short of the first major resistance level at $175, Litecoin slid to a mid-afternoon intraday low $161.39.
Litecoin fell through the first major support level at $166 before briefly revisiting $169 levels late in the day.
At the time of writing, Litecoin was down by 0.36% to $166.93. A mixed start to the day saw Litecoin rise to an early morning high $168.05 before falling to a low $166.66.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move back through the $167 pivot to bring the first major resistance level at $172 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels
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 the 23.6% FIB of $178. The second major resistance level sits at $176.
Failure to move back through the $167 pivot would bring the first major support level at $162 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$160. The second major support level sits at $157.
Looking at the Technical Indicators
First Major Support Level: $162
Pivot Level: $167
First Major Resistance Level: $172
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP
Ripple’s XRP fell by 1.20% on Monday. Partially reversing a 1.76% rise from Sunday, Ripple’s XRP ended the day at $1.04272.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.05933 before hitting reverse.
Falling short of the 38.2% FIB of $1.0659 and the first major resistance level at $1.0888, Ripple’s XRP slid to a mid-afternoon intraday low $1.00679.
Ripple’s XRP fell through the first major support level at $1.0221 before briefly revisiting $1.05 levels.
At the time of writing, Ripple’s XRP was down by 0.26% to $1.04000. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.04439 before falling to a low $1.04000.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP would need to avoid the $1.0363 pivot to bring the first major resistance level at $1.0658 and the 38.2% FIB of $1.0659 into play.
Support would be needed, however, for Ripple’s XRP to break out from $1.05 levels.
Barring an extended crypto rally, the first major resistance level and the 38.2% FIB would likely cap the upside.
In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.10 before any pullback. The second major resistance level sits at $1.0888.
A fall through the $1.0363 pivot would bring the first major support level at $1.0132 into play.
Barring an extended sell-off, however, Ripple’s XRP should avoid sub-$0.95 levels. The second major support level at $0.9837 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1.0132
Pivot Level: $1.0363
First Major resistance Level: $1.0658
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
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Thanks, Bob
This article was originally posted on FX Empire