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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 14th, 2021

By:
Bob Mason
Updated: Oct 14, 2021, 01:28 UTC

After a bullish Wednesday, the majors will need to avoid the day's pivot levels to keep the momentum...

Different cryptocurrencies in a circle with a golden bitcoin in

Ethereum

Ethereum rallied by 3.38% on Wednesday. Reversing a 1.46% decline from Tuesday, Ethereum ended the day at $3,608.21.

A mixed start to the day saw Ethereum slide to an early afternoon intraday low $3,412.45 before making a move.

Finding support at the first major support level at $3,413, Ethereum rallied to a late intraday high $3,614.48.

Ethereum broke through the first major resistance level at $3,559.

Coming within range of the second major resistance level at $3,627, however, Ethereum briefly slipped back sub-$3,600 levels.

At the time of writing, Ethereum was up by 0.29% to $3,618.52. A bullish start to the day saw Ethereum rise from an early morning low $3,608.26 to a high $3,624.88.

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

ETHUSD 141021 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,545 pivot to bring the first major resistance level at $3,678 play.

Support from the broader market would be needed, however, for Ethereum to break out from $3,650 levels.

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 $3,800 before any pullback. The second major resistance level sits at $3,747.

A fall through the $3,545 pivot would bring the first major support level at $3,476 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,300 levels. The 23.6% FIB of $3,369 and the second major support level at $3,343 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,476

Pivot Level: $3,545

First Major Resistance Level: $3,678

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 2.89% on Wednesday. Partially reversing a 3.64% slide from Tuesday, Litecoin ended the day at $177.61.

A choppy start to the day saw Litecoin slide to a late morning intraday low $167.61 before making a move.

Steering clear of the first major support level at $166, Litecoin rallied to a late intraday high $179.66.

Litecoin broke through the 23.6% FIB of $178 and the first major resistance level at $179.

A late pullback, however, saw Litecoin fall back through the first major resistance level and the 23.6% FIB to end the day at $177 levels.

At the time of writing, Litecoin was up by 0.33% to $178.19. A bullish start to the day saw Litecoin move from an early morning low $177.69 to a high $178.39.

While leaving the major support and resistance levels untested, Litecoin broke back through the 23.6% FIB of $178.

LTCUSD 141021 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 $182 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $179.66.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level sits at $187.

A fall through the 23.6% FIB and the $175 pivot would bring the first major support level at $170 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$165. The second major support level sits at $163.

Looking at the Technical Indicators

First Major Support Level: $170

Pivot Level: $175

First Major Resistance Level: $182

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 2.54% on Wednesday. Partially reversing a 2.95% loss from Tuesday, Ripple’s XRP ended the day at $1.12682.

A mixed start to the day saw Ripple’s XRP fall to a late morning intraday low $1.07501 before making a move.

Steering clear of the first major support level at $1.0666, Ripple’s XRP rallied to a late intraday high $1.13862.

Coming up against the first major resistance level at $1.1373, however, Ripple’s XRP fell back to end the day at sub-$1.13 levels.

At the time of writing, Ripple’s XRP was up by 0.45% to $1.13186. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.12760 to a high $1.13186.

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

XRPUSD 141021 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.1135 pivot to bring the first major resistance level at $1.1520 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.15 levels.

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 resistance at $1.20. The second major resistance level sits at $1.1771.

A fall through the $1.1135 pivot would bring the first major support level at $1.0883 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $1.0499. The 38.2% FIB of $1.0659 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0883

Pivot Level: $1.1135

First Major resistance Level: $1.1520

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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