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Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – 13th Oct

Crypto majors bounce off key support levels, but volumes remain low

Last Updated October 13th 2021
5 Min Read

Ethereum

Ethereum was range-bound for the better part of Tuesday. By the end of the day, it was down by less than a percentage.

Ethereum started the day bullish after bears failed to push it through the 23.6% Fibonacci support at $3455.10 in Monday’s session.

However, with overall market momentum bearish, bulls lost momentum by the third hour of the day.

This saw Ethereum trade in the red for the better part of the morning. By mid-day, bearish momentum had accelerated, and bears pushed Ethereum through the 23.6% Fibonacci support at $3455.10.

However, bears could not sustain momentum through this support level. What followed was a bounce off it in the early afternoon.

Without much support from the broader market, bulls quickly lost steam. What followed was range-bound trading just above the 23.6% Fib support for the better part of the evening.

Ethereum started Wednesday trading bullish. This was after bears failed to push it through the 23.6% Fib support in late Tuesday trading. 

At the time of going to press, Ethereum was still in the green, albeit with low volumes.

ETH/USD 1-hour chart 101321

A glance at the day ahead

The key levels to watch in the day are the $3598.84 intra-day resistance and the 23.6% Fibonacci support at $3455.10.

If bulls take control in the day and push Ethereum through the $3598.84 resistance, the next key level to watch would be the multi-month resistance at $3670.71. If this resistance is broken, then prices above $3800 could be possible in the day.

On the other hand, if bears take control in the day, the key level to watch would be the 23.6% Fibonacci support at $3455.10.

If this support level is broken, the 38.2% Fibonacci support at $3321.93 would come into focus. If it’s broken, then prices below $3200 could be seen in the day.

However, if volumes remain low, Ethereum could trade between the 23.6% Fib support at $3455.10 and the intra-day resistance at $3598.84 all through the day.

A glance at the technicals

Key resistance: Intra-day resistance at $3598.84

Key support: 23.6% Fibonacci at $3455.10

Litecoin

Litecoin was bearish, albeit with low volumes for the better part of Tuesday. By the end of the day, it was down by 3.2%.

Litecoin started the day bullish after bears failed to push it through the 23.6% Fibonacci support at $175.94 in Monday’s trading session.

However, with overall market momentum bearish, bulls lost momentum just before daybreak.

This saw Litecoin trade in the red for the better part of the morning. By daybreak, bearish momentum had accelerated, and Litecoin crashed through the 23.6% Fibonacci support at $175.94.

By mid-day, bears had pushed Litecoin through the 38.2% Fibonacci support at $169.05.

However, bears could not sustain momentum through this support level. What followed was a bounce off it in the early afternoon.  Litecoin kept trending higher for the rest of the day.

Litecoin started Wednesday trading bullish, a continuation of the momentum it built up in late Tuesday trading.  It was still in the green at the time of going to press, albeit with low volumes.

LTC/USD 1-hour chart 101321

A glance at the day ahead

In the day, the key levels to watch are the 23.6% Fibonacci, now resistance at $175.94, and the 38.2% Fibonacci support at $169.05.

If bulls take control in the day and push Litecoin through the 23.6% Fibonacci resistance, the next key level to watch would be the intraday resistance at $183.50. If this resistance is broken, then prices above $200 could be possible in the day.

On the other hand, if bears take control in the day, the key level to watch would be the 38.2% Fibonacci support at $169.05.

If this support level is broken, the 50.0% Fibonacci support at $163.57 would come into focus. If it’s broken, then prices below $160 could be seen in the day.

However, if volumes are low in the day, then Litecoin could trade between the 23.6% Fib resistance at $175.94 and the 38.2% Fib support at $169.05.  

A glance at the technicals

Key resistance: 23.6% Fibonacci at $175.94

Key support: 38.2% Fibonacci at $169.05

Ripple’s XRP

Ripple’s XRP was bearish for the better part of Tuesday. By the end of the day, it was down by 2.5%.

XRP started the day bullish after bears failed to push it through the 38.2% Fibonacci support at $1.0987 in late Monday trading.

However, with overall market momentum bearish, bulls lost momentum by the third hour of the day.

This saw XRP trade in the red for the better part of the morning. By daybreak, bearish momentum had accelerated, and XRP easily pushed through the 38.2% Fibonacci support at $1.0987.

Bearish sentiment persisted, and by midday, XRP was trading at the 50.0% Fibonacci support at $1.0581.

However, bears could not push XRP through this support level. What followed was a bounce off it in the early afternoon.

XRP traded in the green for the rest of the day. By the end of the day, it was trading at the 38.2% Fibonacci, now resistance at $1.0987.

XRP started Wednesday trading bullish. This was after it pushed through the 38.2% Fibonacci resistance in the first hour of the day.  

When going to press, XRP was still in the green and with high volumes.

XRP/USD 1-hour chart 101321

A glance at the day ahead

The key levels to watch in the day are the 23.6% Fibonacci resistance at $1.1489 and the 38.2% Fibonacci support at $1.0987.

If bulls take control in the day and push XRP through the 23.6% Fib resistance, the next key level to watch would be the intraday resistance at $1.1760. If this resistance is broken, then prices above $1.20 could be seen in the day.

On the other hand, if bears take control in the day, the key level to watch would be the 38.2% Fibonacci support at $1.0987.

If this support level is broken, the 50.0% Fibonacci support at $1.0581 would come into focus. If it’s broken, then prices below $1 could be possible in the day.

However, if volumes are low, XRP could trade between the 23.6% Fib resistance at $1.1489 and the 38.2% Fib support at $1.0987.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $1.1489

Key support: 38.2% Fibonacci at $1.0987

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