Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 29th, 2021

By:
Bob Mason
Updated: Apr 29, 2021, 00:56 UTC

It's a mixed start to the day for the majors. A move back through early highs would bring resistance levels into play.

Depositphotos_192431198_s-2019 (1)

Ethereum

Ethereum rose by 3.14% on Wednesday. Following on from a 5.31% gain on Tuesday, Ethereum ended the day at $2,751.59.

A mixed start to the day saw Ethereum to a mid-morning intraday low $2,551.00 before making a move.

Steering clear of the first major support level at $2,541, Ethereum rallied to a late intraday high and a new swing hi $2,762.59.

Ethereum broke through the first major resistance level at $2,739 before easing back.

At the time of writing, Ethereum was down by 0.11% to $2,748.46. A mixed start to the day saw Ethereum fall to an early morning low $2,732.14 before rising to a high $2,759.00.

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

ETHUSD 290421 Hourly Chart

For the day ahead

Ethereum would need to avoid the pivot level at $2,688 to support a run at the first major resistance level at $2,826.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s new swing hi $2,762.59.

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 $3,000. The second major resistance level sits at $2,900.

Failure to avoid the $2,688 pivot would bring the first major support level at $2,614 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,400 levels. The second major support level at $2,477 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,614

Pivot Level: $2,688

First Major Resistance Level: $2,826

23.6% FIB Retracement Level: $2,130

38.2% FIB Retracement Level: $1,738

62% FIB Retracement Level: $1,105

Litecoin

Litecoin fell by 0.45% on Wednesday. Partially reversing a 5.12% gain from Tuesday, Litecoin ended the day at $258.81.

A bullish start to the day saw Litecoin rise to an early morning intraday high $267.00 before hitting reverse.

While falling short of the first major resistance level at $268, Litecoin broke through the 23.6% FIB of $262.

The reversal saw Litecoin saw Litecoin fall to a mid-morning intraday low $248.51.

Finding support at the first major support level at $248, Litecoin revisited $260 levels before easing back into the red.

At the time of writing, Litecoin was down by 0.39% to $257.80. A mixed start to the day saw Litecoin fall to an early morning low $257.00 before rising to a high $259.72.

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

LTCUSD 290421 Hourly Chart

For the day ahead

Litecoin would need to move back through the $258 pivot level to support a run at the 23.6% FIB of $262 and the first major resistance level at $268.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $267.00.

Barring an extended crypto rally, the first major resistance level and resistance at $270 would likely cap any upside.

In the event of a bounce back, Litecoin could test resistance at $285. The second major resistance level sits at $277.

Failure to move back through the $258 pivot level would bring the first majors support level at $249 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$240 levels. The second major support level at $240 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $249

Pivot Level: $258

First Major Resistance Level: $268

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP fell by 3.10% on Wednesday. Reversing a 2.94% gain from Tuesday, Ripple’s XRP ended the day at $1.35998.

After a mixed start to the day, Ripple’s XRP rise to an early morning intraday high $1.44908 before hitting reverse.

Falling short of the first major resistance level at $1.4682, Ripple’s XRP fell to a mid-morning intraday low $1.28600.

Ripple’s XRP fell through the first major support level at $1.3344 before revisiting $1.40 levels late in the day.

A bearish end to the day, however, saw Ripple’s XRP slide back into the red.

At the time of writing, Ripple’s XRP was up by 0.63% to $1.36856. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.34687 before rising to a high $1.37136.

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

XRPUSD 290421 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.3650 pivot level to bring the first major resistance level at $1.4440 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.44 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1.44908 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $1.5281 and resistance at the 23.6% FIB of $1.5426.

Failure to avoid a fall back through the $1.3650 pivot would bring the first major support level at $1.2810 and the 38.2% FIB of $1.2807 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.20 levels. The second major support level at $1.2019 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.2810

Pivot Level: $1.3650

First Major resistance Level: $1.4440

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.

Did you find this article useful?

Advertisement