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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 23rd, 2021

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·5-min read
In this article:
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Ethereum

Ethereum fell by 2.03% on Friday. Following a 2.59% decline on Thursday, Ethereum ended the day at $3,971.55.

A bullish start to the day saw Ethereum rise to an early morning intraday high $4,169.72 before hitting reverse.

Falling short of the first major resistance level at $4,282, Ethereum fell to a late afternoon intraday low $3,885.25.

Ethereum fell through the first major support level at $3,920 before a partial recovery to end the day at $3,970 levels.

At the time of writing, Ethereum was down by 0.28% to $3,960.49. A mixed start to the day saw Ethereum rise to an early morning high $3,978.52 before falling to a low $3,953.71.

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

For the day ahead

Ethereum would need to move through the $4,009 pivot to bring the first major resistance level at $4,132 play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,100 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $4,169.72 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at May’s all-time high $4,383.4. The second major resistance level sits at $4,293.

Failure to move through the $4,009 pivot would bring the first major support level at $3,848 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,724.

Looking at the Technical Indicators

First Major Support Level: $3,848

Pivot Level: $4,009

First Major Resistance Level: $4,132

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.97% on Friday. Following a 5.07% slide on Thursday, Litecoin ended the day at $190.98.

A bullish start to the day saw Litecoin rise to an early morning intraday high $201.47 before hitting reverse.

Falling short of the first major resistance level at $209, Litecoin slid to a late intraday low $187.97.

Litecoin fell through the first major support level at $190 before finding support to end the day at $190 levels.

At the time of writing, Litecoin was down by 0.35% to $190.31. A mixed start to the day saw Litecoin rise to an early morning high $191.28 before falling to a low $189.98.

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

For the day ahead

Litecoin would need to move through the $194 pivot to bring the first major resistance level at $199 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $195 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $201.47 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $207.

Failure to move through the $194 pivot would bring the first major support level at $186 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$175. The second major support level at $180 and the 23.6% FIB of $178 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $186

Pivot Level: $194

First Major Resistance Level: $199

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slipped by 0.03% on Friday. Following a 5.04% slide on Thursday, Ripple’s XRP ended the day at $1.08883.

After a choppy start to the day, Ripple’s XRP fell to an early afternoon intraday low $1.07617 before making a move.

Steering clear through the 38.2% FIB of $1.0659 and the first major support level at $1.0609, Ripple’s XRP rallied to a mid-afternoon intraday high $1.12781.

Falling short of the first major resistance level at $1.1400, Ripple’s XRP fell back to $1.07 levels before finding late support.

Late in the day, Ripple’s XRP briefly moved back through to $1.09 levels before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.41% to $1.08435. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.08871 before falling to a low $1.08396.

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

For the day ahead

Ripple’s XRP would need to move through the $1.0976 pivot to bring the first major resistance level at $1.1190 into play.

Support would be needed, however, for Ripple’s XRP to break out from $1.10 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $1.12781 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.15 levels before any pullback. The second major resistance level sits at $1.1492.

Failure to move through the $1.0976 pivot would bring the first major support level at $1.0674 and the 38.2% FIB of $1.0659 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$1.05 levels. The second major support level sits at $1.0460.

Looking at the Technical Indicators

First Major Support Level: $1.0674

Pivot Level: $1.0976

First Major resistance Level: $1.1190

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

This article was originally posted on FX Empire

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