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

By October 14, 2021Ethereum
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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.

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.

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