Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 29th, 2021

By April 29, 2021Ethereum
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Ethereum

Ethereum rose by 3.14% on Wednesday. Following on from a 5.31% gain on Tuesday, Ethereum ended the day at $2,751.59.

A mixed start to the day saw Ethereum to a mid-morning intraday low $2,551.00 before making a move.

Steering clear of the first major support level at $2,541, Ethereum rallied to a late intraday high and a new swing hi $2,762.59.

Ethereum broke through the first major resistance level at $2,739 before easing back.

At the time of writing, Ethereum was down by 0.11% to $2,748.46. A mixed start to the day saw Ethereum fall to an early morning low $2,732.14 before rising to a high $2,759.00.

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

For the day ahead

Ethereum would need to avoid the pivot level at $2,688 to support a run at the first major resistance level at $2,826.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s new swing hi $2,762.59.

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 $3,000. The second major resistance level sits at $2,900.

Failure to avoid the $2,688 pivot would bring the first major support level at $2,614 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,400 levels. The second major support level at $2,477 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,614

Pivot Level: $2,688

First Major Resistance Level: $2,826

23.6% FIB Retracement Level: $2,130

38.2% FIB Retracement Level: $1,738

62% FIB Retracement Level: $1,105

Litecoin

Litecoin fell by 0.45% on Wednesday. Partially reversing a 5.12% gain from Tuesday, Litecoin ended the day at $258.81.

A bullish start to the day saw Litecoin rise to an early morning intraday high $267.00 before hitting reverse.

While falling short of the first major resistance level at $268, Litecoin broke through the 23.6% FIB of $262.

The reversal saw Litecoin saw Litecoin fall to a mid-morning intraday low $248.51.

Finding support at the first major support level at $248, Litecoin revisited $260 levels before easing back into the red.

At the time of writing, Litecoin was down by 0.39% to $257.80. A mixed start to the day saw Litecoin fall to an early morning low $257.00 before rising to a high $259.72.

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

For the day ahead

Litecoin would need to move back through the $258 pivot level to support a run at the 23.6% FIB of $262 and the first major resistance level at $268.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $267.00.

Barring an extended crypto rally, the first major resistance level and resistance at $270 would likely cap any upside.

In the event of a bounce back, Litecoin could test resistance at $285. The second major resistance level sits at $277.

Failure to move back through the $258 pivot level would bring the first majors support level at $249 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$240 levels. The second major support level at $240 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $249

Pivot Level: $258

First Major Resistance Level: $268

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP fell by 3.10% on Wednesday. Reversing a 2.94% gain from Tuesday, Ripple’s XRP ended the day at $1.35998.

After a mixed start to the day, Ripple’s XRP rise to an early morning intraday high $1.44908 before hitting reverse.

Falling short of the first major resistance level at $1.4682, Ripple’s XRP fell to a mid-morning intraday low $1.28600.

Ripple’s XRP fell through the first major support level at $1.3344 before revisiting $1.40 levels late in the day.

A bearish end to the day, however, saw Ripple’s XRP slide back into the red.

At the time of writing, Ripple’s XRP was up by 0.63% to $1.36856. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.34687 before rising to a high $1.37136.

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

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.3650 pivot level to bring the first major resistance level at $1.4440 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.44 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1.44908 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $1.5281 and resistance at the 23.6% FIB of $1.5426.

Failure to avoid a fall back through the $1.3650 pivot would bring the first major support level at $1.2810 and the 38.2% FIB of $1.2807 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.20 levels. The second major support level at $1.2019 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.2810

Pivot Level: $1.3650

First Major resistance Level: $1.4440

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

Please let us know what you think in the comments below.

Thanks, Bob

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