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

By:
Bob Mason
Updated: Apr 7, 2021, 00:53 UTC

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

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum

Ethereum rose by 0.26% on Tuesday. Following a 1.48% gain on Monday, Ethereum ended the day at $2,113.00.

A bullish start to the day saw Ethereum rise to an early morning intraday high and a new swing hi $2,151.00 before hitting reverse.

Coming within range of the first major resistance level at $2,158, Ethereum fell to an early afternoon intraday low $2,046.08.

Steering clear of the first major support level at $2,030, Ethereum revisited $2,130 levels before easing back.

At the time of writing, Ethereum was up by 0.61% to $2,125.85. A mixed start to the day saw Ethereum fall to an early morning low $2,109.39 before rising to a high $2,125.85.

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

ETHUSD 070421 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $2,103 to support a run at the first major resistance level at $2,161.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s new swing hi $2,151.00.

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 $2,208.

Failure to avoid a fall through the $2,103 pivot would bring the first major support level at $2,056 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $1,998.

Looking at the Technical Indicators

First Major Support Level: $2,056

Pivot Level: $2,103

First Major Resistance Level: $2,161

23.6% FIB Retracement Level: $1,662

38.2% FIB Retracement Level: $1,360

62% FIB Retracement Level: $872

Litecoin

Litecoin rose by 7.08% on Tuesday. Following on from a 9.48% rally on Monday, Litecoin ended the day at $237.09.

A mixed start to the day saw Litecoin rise to an early morning high $227.58 before hitting reverse.

Falling short of the first major resistance level at $232, Litecoin slid to an early afternoon intraday low $213.00.

Steering clear of the first major support level at $205, Litecoin bounced back to strike a late afternoon intraday high $244.54.

Litecoin broke through the first major resistance level at $232 and the second major resistance level at $242.

Coming within range of February’s swing hi $247.00, Litecoin eased back to end the day at sub-$240.

At the time of writing, Litecoin was up by 2.06% to $241.98. A bullish start to the day saw Litecoin rise from an early morning low $237.05 to a high $242.00.

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

LTCUSD 070421 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $232 pivot level to support a run at the first major resistance level at $250.

Support from the broader market would be needed, however, for Litecoin to break out from February’s swing hi $247.00.

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 $270 before any pullback. The second major resistance level sits at $263.

Failure to avoid a fall through the $232 pivot level would bring the first major support level at $219 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$200 levels. The second major support level at $200 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $219

Pivot Level: $232

First Major Resistance Level: $250

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rallied by 19.75% on Tuesday. Following Monday’s 44.06% surge, Ripple’s XRP ended the day at $1.0970.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.80542 before making a move.

Steering clear of the 23.6% FIB of $0.7584 and the first major support level at $0.7098, Ripple’s XRP surged to a late morning high and a new swing hi $1.09888.

Ripple’s XRP broke through the first major resistance level at $1.0292 before sliding back to sub-$0.90 levels.

Finding late support, however, Ripple’s XRP broke back through the first major resistance level to strike a new swing hi $1.1196.

Falling short of the second major resistance level at $1.1440, Ripple’s XRP eased back to end the day at sub-$1.10 levels.

At the time of writing, Ripple’s XRP was down by 2.24% to $1.0725. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.1114 before falling to a low $1.0496.

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

XRPUSD 070421 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $1.0073 pivot level to bring the first major resistance level at $1.2093 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s new swing hi $1.1196.

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 $1.30 levels before any pullback. The second major resistance level sits at $1.3215.

Failure to avoid a fall through the $1.0073 pivot would bring the 23.6% FIB of $0.8960 and the first major resistance level at $0.8951 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer well clear of the 38.2% FIB of $0.7577. The second major support level sits at $0.6932.

Looking at the Technical Indicators

First Major Support Level: $0.8951

Pivot Level: $1.0073

First Major resistance Level: $1.2093

23.6% FIB Retracement Level: $0.8960

38.2% FIB Retracement Level: $0.7577

62% FIB Retracement Level: $0.5340

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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