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

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

Ethereum

Ethereum is up 1.64% on Wednesday. After a 3.79% gain on Tuesday, Ethereum ended the day at $3,574.86.

A mixed start to the day saw Ethereum drop to an intraday low in the late morning at $3,342.16 before making any move.

Ethereum fell through the first major support level at $3,405 and the 23.6% FIB of $3,369.

Finding support late in the morning, however, Ethereum surged to a midday high at $3,632.44.

Ethereum broke the first major resistance level at $3,587 to end the day at levels below $3,580.

At the time of writing, Ethereum is down 0.24% to $3,567.28. A mixed start to the day saw Ethereum climb to an early morning high of $3,578.15 before dropping to a low of $3,553.73.

Ethereum left key support and resistance levels untested early on.

for the next day

Ethereum will need to avoid the $3,517 pivot to hit the first major resistance level in play at $3,691.

However, support from the broader market will be needed to exit Ethereum from Wednesday’s high of $3,632.44.

Barring an extended crypto rally, the first major resistance level is likely to be the upper bound.

In the event of a broad rally in the cryptocurrency, Ethereum could test the $4,000 resistance before any pullback. The second major resistance level is located at $3,807.

A fall through the $3,517 pivot would trigger the first major support level at $3,401.

Barring an extended sell-off, Ethereum should move away from levels below $3,300 and the second major support level at $3,226. The 23.6% FIB level of $3,369 should limit the downside.

Looking at 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 is up 2.70% on Wednesday. After a 3.71% gain on Tuesday, Litecoin ended the day at $178.50.

A mixed start to the day saw Litecoin drop to a late-morning low of $163.87 before making any move.

Litecoin dropped through the first major support level at $169 before rising to an afternoon high at $183.03.

Litecoin broke the first major resistance at $177 and the second major resistance at $181.

However, a late pullback saw Litecoin slip through the second major resistance level to end the day at $178 levels.

At the time of writing, Litecoin is down 0.19% to $178.16. A mixed start to the day saw Litecoin climb to an early morning high of $179.31 before dropping to $178.08.

Litecoin left key support and resistance levels untested early on.

for the next day

Litecoin will need to avoid the 23.6% FIB of $178 and the $175 pivot to trigger the first major resistance level at $186.

Support from the broader market will be needed, however, for Litecoin to break out of Wednesday’s highs of $183.03

Barring an extended rally in the cryptocurrency, the first major resistance and resistance at $190 is likely to be the upper bound.

In the event of another breakout, Litecoin could test the $200 resistance before any pullback. The second major resistance level is located at $194.

A drop through the 23.6% FIB of $178 and the $175 pivot would trigger the first major support level to appear at $167.

Barring an extended sell off, Litecoin should move away from below $165. The second major support level is at $156.

Looking at 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 XRP

XRP is down 0.38% on Wednesday. After partially reversing its 3.95% rally from Tuesday, XRP finished the day at $1.07,971.

A mixed start to the day saw Ripple’s XRP drop to an intraday low late in the day at $1.01807 before making any move.

Ripple’s XRP fell through the first major support level at $1.0539 and the second major resistance at $1.0224.

The sell-off also saw Ripple’s XRP drop through a 38.2% FIB at $1.0659 before climbing to an afternoon high at $1.10707.

However, against the first major resistance level at $1.1023, XRP fell again to end the day at $1.07 levels.

At the time of writing, XRP is down 0.43% to $1.07508. A bearish start to the day saw Ripple XRP drop from the early morning high of $1.07588 to $1.07508.

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

for the next day

Ripple’s XRP will need to avoid the $1.0683 pivot and the 38.2% Fib at $1.0659 to bring the first major resistance level at $1.1185.

With that said, support will be needed for XRP to break XRP off from Wednesday’s high of $1.1023.

Barring an extended crypto rally, the first major resistance level is likely to be the upper bound.

In the event of a broad rally in the cryptocurrency, 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.

However, barring an extended sell-off, Ripple’s XRP should avoid levels below $1.00. The second major support level is located at $0.9793.

Looking at technical indicators

First major support level: $1.0295

Pivot level: $1.0683

The first major resistance level: $1.1185

23.6% Fib Retracement Level: $0.8533

38.2% Fib Retracement Level: $1.0659

62% Fibonacci Retracement Level: $1.4096

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Thanks bob

This article was originally published on FX Empire

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