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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 22nd, 2021

By:
Bob Mason
Updated: Apr 22, 2021, 01:19 UTC

It's a mixed start to the day for the majors. Failure to move through the day's pivot levels would leave support levels in play.

Bitcoin and Litecoin over dollar banknotes.

Ethereum

Ethereum rose by 1.07% on Wednesday. Following on from a 7.81% rally on Tuesday, Ethereum ended the day at $2,357.21.

A bearish start to the day saw Ethereum fall to a late morning intraday low $2,237.02 before making a move.

Steering clear of the first major support level at $2,141, Ethereum rallied to a late afternoon intraday high $2,471.72.

Ethereum broke through the first major resistance level at $2,437 before easing back to end the day at sub-$2,400 levels.

At the time of writing, Ethereum was down by 0.43% to $2,347.01. A mixed start to the day saw Ethereum rise to an early morning high $2,379.26 before falling to a low $2,317.25.

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

ETHUSD 220421 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $2,355 to support a run at the first major resistance level at $2,474.

Support from the broader market would be needed, however, for Ethereum to break out from $2,450 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $2,471.72 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at last week’s new swing hi $2,548.0 and resistance at $2,600. The second major resistance level sits at $2,590.

Failure to move back through the $2,355 pivot would bring the first major support level at $2,239 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,966. The second major support level at $2,121 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,239

Pivot Level: $2,355

First Major Resistance Level: $2,474

23.6% FIB Retracement Level: $1,966

38.2% FIB Retracement Level: $1,606

62% FIB Retracement Level: $1,023

Litecoin

Litecoin fell by 1.18% on Wednesday. Following a 0.26% decline from Tuesday, Litecoin ended the day at $257.78.

A mixed start to the day saw Litecoin fall to a late morning intraday low $251.17 before making a move.

Steering clear of the first major support level at $238, Litecoin rallied to a late afternoon intraday high $276.97.

While falling short of the first major resistance level at $280, Litecoin broke through the 23.6% FIB of $262.

A bearish end to the day, however, saw Litecoin fall back through the 23.6% FIB to end the day at sub-$260 levels.

At the time of writing, Litecoin was down by 0.66% to $256.09. A mixed start to the day saw Litecoin rise to an early morning high $260.89 before falling to a low $252.45.

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

LTCUSD 220421 Hourly Chart

For the day ahead

Litecoin would need to move through the $262 pivot level and the 23.6% FIB of $262 to support a run at the first major resistance level at $273.

Support from the broader market would be needed, however, for Litecoin to break back through to $270 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $276.97 would likely cap any upside.

In the event of a bounce back, Litecoin could test resistance at $300. The second major resistance level sits at $288.

Failure to move through the $262 pivot level and the 23.6% FIB of $262 would bring the first major support level at $247 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $236.

Looking at the Technical Indicators

First Major Support Level: $247

Pivot Level: $262

First Major Resistance Level: $273

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slid by 6.95% on Wednesday. Reversing a 5.76% gain from Tuesday, Ripple’s XRP ended the day at $1.29017.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $1.46406 before hitting reverse.

Falling short of the first major resistance level at $1.4980, Ripple’s XRP slid to a late morning intraday low $1.28153.

Steering clear of the 38.2% FIB of $1.2807 and the first major support level at $1.2235, Ripple’s XRP revisited $1.41 levels before falling back into the deep red.

At the time of writing, Ripple’s XRP was up by 0.44% to $1.29580. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.26656 before rising to a high $1.30498.

While leaving the major support and resistance levels untested early on, Ripple’s XRP briefly fell through the 38.2% FIB of $1.2807.

XRPUSD 220421 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $1.3453 pivot level to bring the first major resistance level at $1.4090 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.40 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1.46406 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at the 23.6% FIB of $1.5426. The second major resistance level sits at $1.5278.

Failure to move through the $1.3453 pivot would bring the 38.2% FIB of $1.2807 and the first major support level at $1.2264 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.20 levels. The second major support level sits at $1.1627.

Looking at the Technical Indicators

First Major Support Level: $1.2264

Pivot Level: $1.3453

First Major resistance Level: $1.4090

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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