Cryptocurrency Technical Analysis of April 27, 2021

Cryptocurrencies: Ethereum

Ethereum traded + 9.11% on Monday, following a Sunday rise of + 4.78% and ending the day at $ 2533.99.

A mixed start to the day saw Ethereum fall to a morning intraday low $ 2306.03 before making a bullish first move yesterday.

After avoiding the main support level at $ 2,206, Ethereum reached a last-hour intraday high of $ 2,541.99.

The cryptocurrency then broke through the first resistance level at $ 2,398 and the second major resistance level at $ 2,474 to close the session at $ 2,500.

At the time of writing, Ethereum was down 0.97% to $ 2,509.51. A mixed start to the day saw Ethereum rise to a morning high of $ 2,550.00 before falling to a low of $ 2,506.03.

Ethereum left the major support and resistance levels untested at the start of today’s trading session.

For today

To sustain a run to the major resistance level at $ 2615, Ethereum should first avoid the pivot of $ 2461.

However, support from a broader market would be needed to give Etheruem a chance to return to $ 2600 levels.

Excluding an extended rally, the first major resistance level and last week’s swing at $ 2,646.2 would likely limit any upside.

In the event of a breakout, Ethereum could instead be able to test the resistance at $ 2,700, while the second level would be found at $ 2.697.

Conversely, a failure to avoid the pivot of $ 2,461 would bring the first major support level at $ 2,379 into play.

Net of another extended sell-off, Ethereum should still be able to avoid price levels below $ 2,200. The second major support band at $ 2,225 should limit the downside.

A look at the technical indicators

First major support level: $ 2,379

Pivot Level: $ 2,461

First major resistance level: $ 2.615

23.6% FIB Retracement Level: $ 2,041

38.2% FIB Retracement Level: $ 1,666

62% FIB Retracement Level: $ 1,061

Cryptocurrencies: Litecoin

Litecoin was up 10.43% yesterday, reversing the -0.49% decline from Sunday and ending the day at $ 247.65.

A mixed start saw Litecoin fall to a morning intraday low $ 221.25 before taking a bullish move yesterday.

After avoiding the first support level at $ 212, Litecoin reached an afternoon intraday high $ 248.36.

The cryptocurrency then broke through the main resistance level at $ 236.

Meeting the second major resistance level at $ 249, Litecoin eventually returned to $ 237 levels before closing the day at $ 247.

At the time of writing, the cryptocurrency was still down by 0.69% to $ 245.94. A mixed start to the day saw Litecoin rise to a morning high of $ 249.56 before falling to a low of $ 245.78.

Again, the major support and resistance levels remained untested by Litecoin at first.

For today

Litecoin should avoid the pivot level of $ 239 to be able to sustain a run at the main resistance level at $ 257.

However, Litecoin would need support from a broader market to return to $ 250 levels.

Excluding an extended rally, the first major resistance level and the 23.6% FIB of $ 262 should limit any upside.

In the event of a rebound, however, Litecoin could test the overhead resistance at $ 270. The second major resistance level is found at $ 266.

Conversely, failure to avoid a fall above the pivot level of $ 239 would bring the support level at $ 230 into play.

Net of another extended sell-off, Litecoin should avoid the second major support level at $ 212. The 38.2% FIB of $ 217 should further limit the downside.

A look at the technical indicators

First major support level: $ 230

Pivot level: $ 239

First major resistance level: $ 257

23.6% FIB Retracement Level: $ 250

38.2% FIB Retracement Level: $ 207

62% FIB Retracement Level: $ 138

Cryptocurrencies: Ripple XRP

Ripple was up + 31.66% on Monday, reversing a Sunday drop of -1.88% to end the day at $ 1.3650.

After a mixed start to the day, Ripple dipped to a morning intraday low of $ 1.01639 yesterday before moving on.

Avoiding the main support level at $ 0.9307, the cryptocurrency leapt to its last-hour intraday high $ 1.37241.

Ripple broke through the main resistance level at $ 1.1449 and the second major resistance level at $ 1.2573.

The day’s rally also saw Ripple break the 38.2% FIB at $ 1.2807 to end the day at $ 1.36.

At the time of writing, Ripple was up by 1.57% to $ 1.38645. A mixed start to the day saw the cryptocurrency drop to a morning low of $ 1.34166 before climbing to a high of $ 1.39395.

Ripple left the major support and resistance levels untested at the start of today’s session.

For today

Ripple will need to avoid the 38.2% FIB at $ 1.2807 and the pivot of $ 1.2513 to be able to bring the major resistance level at $ 1.4861 into play.

Again, support from a broader market would be needed to allow Ripple to return to $ 1.40 levels.

If you rule out an extended rally, the major resistance level and the 23.6% FIB at $ 1.5426 may be able to limit the upside.

In the event of an extended rally, however, Ripple could test resistance at $ 1.70 levels; the second resistance level would be at $ 1.6073.

Failure to avoid a plunge above the 38.2% FIB and pivot of $ 1.2513 could instead leave the main support level of $ 1.1301 in play.

However, net of another extended sell-off, Ripple should easily be able to avoid price levels below $ 1. The second major support level would be at $ 0.8952.

Looking at the main technical indicators

First major support level: $ 1.1301

Pivot Level: $ 1.2513

First major resistance level: $ 1.4861

23.6% FIB Retracement Level: $ 1.5426

38.2% FIB Retracement Level: $ 1.2807

62% FIB Retracement Level: $ 0.8573

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