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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 17th, 2021

By:
Bob Mason
Updated: Sep 17, 2021, 00:52 UTC

Following Thursday's losses, the majors will need to move through the day's pivot levels to avoid a larger pullback on the day.

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Ethereum

Ethereum fell by 1.30% on Thursday. Partially reversing a 5.22% rally from Wednesday, Ethereum ended the day at $3,568.66.

A mixed start to the day saw Ethereum rally to an early morning intraday high $3,675.92 before hitting reverse.

Falling short of the first major resistance level at $3,705, Ethereum fell to a late intraday low $3,482.97.

Steering clear of the first major support level at $3,443, Ethereum moved back through to $3,500 levels to reduce the deficit.

At the time of writing, Ethereum was down by 0.22% to $3,560.90. A mixed start to the day saw Ethereum rise to an early morning high $3,573.03 before falling to a low $3,556.61.

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

ETHUSD 170921 Hourly Chart

For the day ahead

Ethereum would need to move through the $3,576 pivot to bring the first major resistance level at $3,669 into 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 and Thursday’s high $3,675.92 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 $3,769.

Failure to move through the $3,576 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 second major support level at $3,383 and the 23.6% FIB of $3,369 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,476

Pivot Level: $3,576

First Major Resistance Level: $3,669

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.08% on Thursday. Partially reversing a 3.34% gain from Wednesday, Litecoin ended the day at $185.33.

A mixed start to the day saw Litecoin rise to a mid-morning intraday high $195.49 before hitting reverse.

Litecoin broke through the first major resistance level at $194 before sliding to a late intraday low $181.53.

The reversal saw Litecoin fall through the first major support level at $182 before a partial recovery to $185 levels.

At the time of writing, Litecoin was up by 0.13% to $185.58. A range-bound start to the day saw Litecoin fall to an early morning low $185.26 before rising to a high $185.94.

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

LTCUSD 170921 Hourly Chart

For the day ahead

Litecoin would need to move through the $188 pivot to bring the first major resistance level at $193 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $195.49 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at $200. The second major resistance level sits at $201.

Failure to move through the $188 pivot would bring the first major support level at $179 and 23.6% FIB of $178 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$175. The second major support level sits at $174.

Looking at the Technical Indicators

First Major Support Level: $179

Pivot Level: $188

First Major Resistance Level: $193

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 2.71% on Thursday. Reversing a 2.24% gain from Wednesday, Ripple’s XRP ended the day at $1.09108.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.13064 before hitting reverse.

Falling short of the first major resistance level at $1.1399, Ripple’s XRP slid to a late intraday low $1.06601.

Ripple’s XRP fell through the first major support level at $1.0899.

Finding support at the 23.6% FIB of $1.0659, however, Ripple’s XRP broke back through the first major support level to end the day at $1.09 levels.

At the time of writing, Ripple’s XRP was down by 0.22% to $1.08872. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.09001 to a low $1.08872.

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

XRPUSD 170921 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $1.0959 pivot to bring first major resistance level at $1.1258 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.10 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.13064 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.1605.

Failure to move through the $1.0959 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0612 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.0313.

Looking at the Technical Indicators

First Major Support Level: $1.0612

Pivot Level: $1.0959

First Major resistance Level: $1.1258

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

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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