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

By:
Bob Mason
Updated: Oct 7, 2021, 01:02 GMT+00:00

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

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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.

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.

ETHUSD 071021 Hourly Chart

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

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.

LTCUSD 071021 Hourly Chart

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 left the major support and resistance levels untested early on.

XRPUSD 071021 Hourly Chart

For the day ahead

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.

Looking at the Technical Indicators

First Major Support Level: $1.0295

Pivot Level: $1.0683

First Major resistance Level: $1.1185

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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