Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 23rd, 2021

By October 23, 2021Ethereum
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Ethereum

Ethereum fell by 2.03% on Friday. Following a 2.59% decline on Thursday, Ethereum ended the day at $3,971.55.

A bullish start to the day saw Ethereum rise to an early morning intraday high $4,169.72 before hitting reverse.

Falling short of the first major resistance level at $4,282, Ethereum fell to a late afternoon intraday low $3,885.25.

Ethereum fell through the first major support level at $3,920 before a partial recovery to end the day at $3,970 levels.

At the time of writing, Ethereum was down by 0.28% to $3,960.49. A mixed start to the day saw Ethereum rise to an early morning high $3,978.52 before falling to a low $3,953.71.

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

For the day ahead

Ethereum would need to move through the $4,009 pivot to bring the first major resistance level at $4,132 play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,100 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $4,169.72 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at May’s all-time high $4,383.4. The second major resistance level sits at $4,293.

Failure to move through the $4,009 pivot would bring the first major support level at $3,848 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,724.

Looking at the Technical Indicators

First Major Support Level: $3,848

Pivot Level: $4,009

First Major Resistance Level: $4,132

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.97% on Friday. Following a 5.07% slide on Thursday, Litecoin ended the day at $190.98.

A bullish start to the day saw Litecoin rise to an early morning intraday high $201.47 before hitting reverse.

Falling short of the first major resistance level at $209, Litecoin slid to a late intraday low $187.97.

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