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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 8th, 2021

Ethereum

Ethereum slid by 7.06% on Wednesday. Reversing a 0.26% gain from Tuesday, Ethereum ended the day at $1,964.23.

A bullish start to the day saw Ethereum rise to an early morning intraday high $2,128.99 before hitting reverse.

Falling short of the first major resistance level at $2,161, Ethereum fell to a mid-day intraday low $1,929.69.

The sell-off saw Ethereum fall through the first major support level at $2,056 and the second major support level at $1,998.

A choppy 2nd half of the day saw Ethereum revisit $2,000 levels and fall back through the first and second major support levels.

Late in the day, Ethereum revisited $2,000 levels for a 2nd time before falling back through the second major support level.

At the time of writing, Ethereum was down by 0.21% to $1,960.07. A mixed start to the day saw Ethereum rise to an early morning high $1,971.01 before falling to a low $1,949.34.

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

ETHUSD 080421 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $2,008 to support a run at the first major resistance level at $2,086.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,050 levels.

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 $2,207.

Failure to move through the $2,008 pivot would bring the first major support level at $1,886 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,808.

Looking at the Technical Indicators

First Major Support Level: $1,886

Pivot Level: $2,008

First Major Resistance Level: $2,086

23.6% FIB Retracement Level: $1,662

38.2% FIB Retracement Level: $1,360

62% FIB Retracement Level: $872

Litecoin

Litecoin slid by 7.68% on Wednesday. Reversing a 7.08% rally from Tuesday, Litecoin ended the day at $219.33.

A mixed start to the day saw Litecoin rise to an early morning high $242.96 before hitting reverse.

Falling short of the first major resistance level at $250, Litecoin slid to late morning intraday low $211.00.

Litecoin fell through the first major support level at $219 before briefly revisiting $226 levels.

A 2nd sell-off saw Litecoin briefly fall back through the first major support level before wrapping up the day at $219 levels.

At the time of writing, Litecoin was up by 0.21% to $219.78. A mixed start to the day saw Litecoin fall to an early morning low $217.70 before rising to a high $219.92.

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

LTCUSD 080421 Hourly Chart

For the day ahead

Litecoin would need to move through the $224 pivot level to support a run at the first major resistance level at $238.

Support from the broader market would be needed, however, for Litecoin to break back through to $230 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $242.96 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 $256.

Failure to move through the $224 pivot level would bring the first major support level at $206 into play.

Barring another extended sell-off, Litecoin should steer clear of the 23.6% FIB of $195. The second major support level sits at $193.

Looking at the Technical Indicators

First Major Support Level: $206

Pivot Level: $224

First Major Resistance Level: $238

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP tumbled by 16.64% on Wednesday. Partially reversing Tuesday’s 19.75% breakout, Ripple’s XRP ended the day at $0.91441.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.11142 before hitting reverse.

Falling short of the first major resistance level at $1.2093, Ripple’s XRP slid to a mid-day intraday low $0.85518.

The extended sell-off saw Ripple’s XRP fall through the 23.6% FIB of $0.8960 and the first major support level at $0.8951.

Steering clear of sub-$0.80 levels, Ripple’s XRP revisited $0.97 levels before ending the day at sub-$0.92 levels.

The 23.6% FIB of $0.8960 delivered support late in the day.

At the time of writing, Ripple’s XRP was down by 0.16% to $0.91297. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.92533 before falling to a low $0.90563.

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

XRPUSD 080421 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.9603 pivot level to bring the first major resistance level at $1.0655 into play.

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

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1.11142 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 $1.2166.

Failure to move through the $0.9603 pivot would bring the 23.6% FIB of $0.8960 and the first major resistance level at $0.8093 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 38.2% FIB of $0.7577. The second major support level sits at $0.7041.

Looking at the Technical Indicators

First Major Support Level: $0.8093

Pivot Level: $0.9603

First Major resistance Level: $1.0655

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