Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 7th, 2021

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 7th, 2021

 

A mixed start to the day saw Ethereum slide to a late morning intraday low $3,342.16 before making a move.

Ethereum fell through the first major support level at $3,405 and the 23.6% FIB of $3,369.

Finding late morning support, however, Ethereum rallied to a mid-afternoon intraday high $3,632.44.

Ethereum broke through the first major resistance level at $3,587 ending the day at sub-$3,580 levels.

At the time of writing, Ethereum was down by 0.24% to $3,567.28. A mixed start to the day saw Ethereum rise to an early morning high $3,578.15 before falling to a low $3,553.73.

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

Ethereum would need to avoid the $3,517 pivot to bring the first major resistance level at $3,691 play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $3,632.44.

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 $4,000 before any pullback. The second major resistance level sits at $3,807.

A fall through the $3,517 pivot would bring the first major support level at $3,401 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,300 levels and the second major support level at $3,226. The 23.6% FIB of $3,369 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,401

Pivot Level: $3,517

First Major Resistance Level: $3,691

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 7th, 2021

Following a mixed day for the majors on Wednesday, avoiding the day’s pivot levels would be key to continue the upward trend.

Bob Mason

Bob Mason

8 hours ago (Oct 07, 2021 12:14 AM GMT)

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Ethereum

Ethereum rose by 1.64% on Wednesday. Following a 3.79% gain on Tuesday, Ethereum ended the day at $3,574.86.

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A mixed start to the day saw Ethereum slide to a late morning intraday low $3,342.16 before making a move.

Ethereum fell through the first major support level at $3,405 and the 23.6% FIB of $3,369.

Finding late morning support, however, Ethereum rallied to a mid-afternoon intraday high $3,632.44.

Ethereum broke through the first major resistance level at $3,587 ending the day at sub-$3,580 levels.

At the time of writing, Ethereum was down by 0.24% to $3,567.28. A mixed start to the day saw Ethereum rise to an early morning high $3,578.15 before falling to a low $3,553.73.

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

For the day ahead

Ethereum would need to avoid the $3,517 pivot to bring the first major resistance level at $3,691 play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $3,632.44.

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 $4,000 before any pullback. The second major resistance level sits at $3,807.

A fall through the $3,517 pivot would bring the first major support level at $3,401 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,300 levels and the second major support level at $3,226. The 23.6% FIB of $3,369 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,401

Pivot Level: $3,517

First Major Resistance Level: $3,691

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

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Litecoin

Litecoin rose by 2.70% on Wednesday. Following a 3.71% gain on Tuesday, Litecoin ended the day at $178.50.

A mixed start to the day saw Litecoin fall to a late morning intraday low $163.87 before making a move.

Litecoin fell through the first major support level at $169 before rallying to a late afternoon intraday high $183.03.

Litecoin broke through the first major resistance level at $177 and the second major resistance level at $181.

A late pullback, however, saw Litecoin fall back through the second major resistance level to end the day at $178 levels.

At the time of writing, Litecoin was down by 0.19% to $178.16. A mixed start to the day saw Litecoin rise to an early morning high $179.31 before falling to a low $178.08.

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

For the day ahead

Litecoin would need to avoid the 23.6% FIB of $178 and the $175 pivot to bring the first major resistance level at $186 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $183.03 levels

Barring an extended crypto rally, the first major resistance level and resistance at $190 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $194.

A fall through the 23.6% FIB of $178 and the $175 pivot would bring the first major support level at $167 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$165. The second major support level sits at $156.

Looking at the Technical Indicators

First Major Support Level: $167

Pivot Level: $175

First Major Resistance Level: $186

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 0.38% on Wednesday. Partially reversing a 3.95% rise from Tuesday, Ripple’s XRP ended the day at $1.07971.

A mixed start to the day saw Ripple’s XRP slide to a late morning intraday low $1.01807 before making a move.

Ripple’s XRP fell through the first major support level at $1.0539 and the second major resistance level at $1.0224.

The sell-off also saw Ripple’s XRP fall through the 38.2% FIB of $1.0659 before rallying to a mid-afternoon intraday high $1.10707.

Coming up against the first major resistance level at $1.1023, however, Ripple’s XRP fell back to end the day at $1.07 levels.

At the time of writing, Ripple’s XRP was down by 0.43% to $1.07508. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.07588 to a low $1.07508.

Ripple’s XRP would need to avoid the $1.0683 pivot and the 38.2% FIB of $1.0659 to bring the first major resistance level at $1.1185.

Support would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.1023.

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

In the event of a broad-based crypto rally, Ripple’s XRP could test the second major resistance level at $1.1573.

A fall through the $1.0683 pivot and the 38.2% FIB of $1.0659 would bring the first major support level at $1.0295 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid sub-$1.00 levels. The second major support level sits at $0.9793

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