Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 5th, 2021
Ethereum
Ethereum rose by 3.35% on Sunday. Partially reversing a 5.86% slide from Saturday, Ethereum ended the week up by 23.09% to $2,076.36.
A bearish start to the day saw Ethereum fall to an early morning intraday low $1,980.00 before making a move.
Steering clear of the first major support level at $1,960, Ethereum rallied to a mid-afternoon intraday high $2,093.07.
Coming within range of the first major resistance level at $2,099, Ethereum slipped back to $2,050 levels before ending the day at $2,076 levels.
At the time of writing, Ethereum was down by 0.14% to $2,073.46. A mixed start to the day saw Ethereum rise to an early morning high $2,085.23 before falling to a low $2,072.02.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the pivot level at $2,050 to support a run at the first major resistance level at $2,120.
Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $2,093.07.
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 $2,200 before any pullback. The second major resistance level sits at $2,163.
Failure to avoid a fall through the $2,050 pivot would bring the first major support level at $2,007 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,900 levels. The second major support level at $1,937 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,007
Pivot Level: $2,050
First Major Resistance Level: $2,120
23.6% FIB Retracement Level: $1,659
38.2% FIB Retracement Level: $1,356
62% FIB Retracement Level: $869
Litecoin
Litecoin rose by 3.58% on Sunday. Partially reversing a 7.6% slide from Saturday, Litecoin ended the week up by 9.78% to $202.26.
A mixed start to the day saw Litecoin fall to an early morning intraday low $191.90 before making a move.
Story continues
While steering clear of the first major support level at $188, Litecoin fell through the 23.6% FIB of $195.
Finding early support, however, Litecoin struck an early afternoon intraday high $204.74.
While breaking back through the 23.6% FIB, Litecoin fell short of the first major resistance level at $210.
A late pullback saw Litecoin fall back to sub-$200 levels before ending the day at $202 levels.
At the time of writing, Litecoin was up by 0.42% to $203.11. A bullish start to the day saw Litecoin rise from an early morning low $202.26 to a high $203.40.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $200 pivot level to support a run at the first major resistance level at $207.
Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $204.74.
Barring an extended crypto rally, the first major resistance level and resistance at $210 would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $220 before any pullback. The second major resistance level sits at $213.
Failure to avoid a fall through the $200 pivot level would bring the first major support level at $195 and the 23.6% FIB of $195 into play.
Barring an extended sell-off, Litecoin should steer clear of the second major support level at $187.
Looking at the Technical Indicators
First Major Support Level: $195
Pivot Level: $200
First Major Resistance Level: $207
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP rallied by 9.69% on Sunday. Reversing a 4.53% fall from Saturday, Ripple’s XRP ended the week up by 16.11% to $0.63465.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.56743 before making a move.
Steering clear of the first major support level at $0.5550, Ripple’s XRP rallied to a final hour intraday high $0.63534.
Ripple’s XRP broke through the first major resistance level at $0.6230 to wrap up the day at $0.635 levels.
At the time of writing, Ripple’s XRP was down by 0.63% to $0.63063. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.63750 before falling to a low $0.63011.
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 through the $0.6125 pivot level to bring the first major resistance level at $0.6575 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.65 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.70 levels before any pullback. The second major resistance level sits at $0.6804.
Failure to avoid a fall through the $0.6125 pivot would bring the first major support level at $0.5896 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.55 levels. The second major support level sits at $0.5446.
Looking at the Technical Indicators
First Major Support Level: $0.5896
Pivot Level: $0.6125
First Major resistance Level: $0.6575
23.6% FIB Retracement Level: $0.5320
38.2% FIB Retracement Level: $0.4632
62% FIB Retracement Level: $0.3521
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
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Ethereum provided the first crypto gift of the Easter break with an unexpected move to claim an all-time high as it breached the much-desired $2,000 mark to hit $2,147 tonight.
Despite spending much of its five-year lifespan in the shadow of principle actor Bitcoin (BTC), Vitalik Buterin’s brainchild took centre stage after a year of huge gains cemented its place as second billing in the cryptocurrency cast list.
This time last year, Ether (ETH) was worth less than $150 before it embarked on a near-constant ascending trajectory that brought it to today’s value.
ETH’s rise is in tandem with a remarkable crypto market effervescence which has seen impressive rises across the board.
Bridesmaid to Bitcoin
The bridesmaid to Bitcoin’s ever-present big day has, it should be noted, lately been a cause of repeated concern for analysts and traders who have been critical of rising charges and the, frankly, ‘clunky’ mechanic of the leading alternative to BTC.
But, time and time again, the native currency of the Ethereum blockchain has proved its stoicism in the face of reproach and continued to move its price upwards.
For many observers, though, it would appear that Ethereum’s stock is twinned with the movement of institutional investment in cryptocurrency.
“Ethereum’s price started to rally just as Visa started using its network to settle cryptocurrency transactions,” Greg Waisman, the co-founder and COO of the payment network Mercuryo, explained to The Independent’s Anthony Cuthbertson.
“Ethereum has seen other beneficial developments, such as prominent investor Mark Cuban revealing that he owns a lot of Ethereum, as he thinks that ETH is the closest to a true currency.
“As for the future, Ethereum breaking the $2,000 mark is a major achievement, which will possibly allow it to start using this level as a support and continue going higher up.”
To put ETH’s surge into context, it’s worth noting yesterday’s comments from Kraken CEO Jesse Powell who, when assessing what coins would be the stand-out performers of 2021, suggested Ether might just make it above $2,000.
“Hard to predict but I think we’ll see north of $2,000 a coin for Ethereum by the end of this year,” he said.
Right now, ETH is racking up all-time highs almost minute-by-minute. At the time the first sentence of this article was written, Ether was at $2,071. Five paragraphs ago, it was at $2,084. At the time the full stop at the end of this sentence, it had just notched $2,096.
Mark Cuban on his cryptocurrency portfolio: ‘I own a lot of Ethereum because I think it’s the closest to a true currency’
Billionaire investor Mark Cuban is bullish on the future of cryptocurrency and frequently compares blockchain technology to the early days of the internet.
That’s why, over the years, Cuban held onto the few digital coins he bought in the “early days,” Cuban said on a recent episode of “The Delphi Podcast.” Currently, his portfolio allocation is broken down as: “60% bitcoin, 30% Ethereum and 10% the rest.”
Bitcoin, created in 2009, is the largest cryptocurrency by market value, but is appealing to Cuban as a store of value rather than a currency.
In 2012, “people said bitcoin is a currency, and I’m like, ‘It’s just not going to work.’ But, the entire time, I said it was a store of value where, if you could get people to believe that it was a better alternative than gold, because of its algorithmic scarcity, the price is going to go up,” he said.
According to Cuban, bitcoin is “a better alternative to gold, and it’s going to continue [to be],” he said. “That’s why I own bitcoin and why I never sold it.”
Cuban is also very interested in Ethereum — the blockchain where ether, the second largest cryptocurrency below bitcoin, is built — mainly due to the smart contracts that run on it. In cryptocurrency, smart contracts are collections of code that carry out a set of instructions and run on the blockchain.
“What really changed everything was smart contracts,” Cuban said. “Smart contracts came along, and that created DeFi [or decentralized finance] and NFTs [or nonfungible tokens]. That’s what changed the game. That’s what got me excited. That’s why it’s a lot like the internet.”