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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 6th, 2021

By:
Bob Mason
Updated: Apr 6, 2021, 00:47 UTC

It's a mixed start to the day for the majors. Steering clear of the day's pivot levels would support further upside, however.

Investing and stock market concept gain and profits with faded candlestick charts.

Ethereum

Ethereum rose by 1.48% on Monday. Following on from a 3.35% gain on Sunday, Ethereum ended the day at $2,106.98.

A bullish start to the day saw Ethereum rise to an early morning high $2,085.23 before hitting reverse.

Falling short of the first major resistance level at $2,120, Ethereum slid to a mid-morning intraday low $2,003.10.

Ethereum fell through the first major support level at $2,007 before striking a late intraday high $2,131.27.

The rebound saw Ethereum break through the first major resistance level at $2,120 before ending the day at sub-$2,110 levels.

At the time of writing, Ethereum was up by 0.80% to $2,123.92. A bullish start to the day saw Bitcoin rise from an early morning low $2,107.39 to a high $2,124.48.

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

ETHUSD 060421 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $2,081 to support a run at the first major resistance level at $2,158.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $2,131.27.

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 $2,200 before any pullback. The second major resistance level sits at $2,209.

Failure to avoid a fall through the $2,081 pivot would bring the first major support level at $2,030 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,900 levels. The second major support level at $1,952 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,030

Pivot Level: $2,081

First Major Resistance Level: $2,158

23.6% FIB Retracement Level: $1,659

38.2% FIB Retracement Level: $1,356

62% FIB Retracement Level: $869

Litecoin

Litecoin rallied by 9.48% on Monday. Following on from a 3.58% gain on Sunday, Litecoin ended the day at $221.44.

A mixed start to the day saw Litecoin rise to an early morning high $207.50 before hitting reverse.

Coming up against the first major resistance level at $207, Litecoin slid to a mid-morning intraday low $198.11.

Steering clear of the 23.6% FIB and the first major support level at $195, Litecoin bounced back to strike a late intraday high $225.00.

Litecoin broke through the first major resistance level at $207 and the second major resistance level at $213.

Coming up against the third major resistance level at $225, Litecoin eased back to end the day at $221 levels.

At the time of writing, Litecoin was down by 0.20% to $220.99. A mixed start to the day saw Litecoin rise to an early morning high $222.29 before falling to a low $220.31.

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

LTCUSD 060421 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $215 pivot level to support a run at the first major resistance level at $232.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $225.00.

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

In the event of an extended rally, Litecoin could test resistance at $250 before any pullback. The second major resistance level sits at $242.

Failure to avoid a fall through the $215 pivot level would bring the first major support level at $205 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$190 levels and the second major support level at $188.

The 23.6% FIB of $195 would likely limit the downside.

Looking at the Technical Indicators

First Major Support Level: $205

Pivot Level: $215

First Major Resistance Level: $232

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP surged by 44.06% on Monday. Following on from a 9.69% rally on Sunday, Ripple’s XRP ended the day at $0.91431.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.62015 before making a move.

Steering clear of the first major support level at $0.5896, Ripple’s XRP surged to a late intraday high and a new swing hi $0.93953.

Ripple’s XRP broke through the day’s major resistance levels to wrap up the day at $0.91 levels for the first time since 2018.

At the time of writing, Ripple’s XRP was down by 0.13% to $0.91312. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.94396 before falling to a low $0.90712.

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

XRPUSD 060421 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.8247 pivot level to bring the first major resistance level at $1.0292 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $1.00 levels.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.1440.

Failure to avoid a fall through the $0.8247 pivot would bring the 23.6% FIB of $0.7584 and first major support level at $0.7098 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer well clear of sub-$0.70 levels. The 38.2% FIB sits at 0.6463, with the second major support level at $0.5053.

Looking at the Technical Indicators

First Major Support Level: $0.7098

Pivot Level: $0.8247

First Major resistance Level: $1.0292

23.6% FIB Retracement Level: $0.7584

38.2% FIB Retracement Level: $0.6463

62% FIB Retracement Level: $0.4652

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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