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

Bob Mason
·5 min read

Ethereum

Ethereum rallied by 7.65% on Wednesday. Reversing a 3.56% loss from Tuesday, Ethereum ended the day at $1,130.80.

A bearish start to the day saw Ethereum fall to an early morning low $980.00 before making a move.

Finding support at the first major support level at $988, Ethereum rallied to a late intraday high $1,137.75.

Ethereum broke through the 23.6% FIB of $1,051 to wrap up the day at $1,120 levels. The first major resistance level at $1,131 pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 1.30% to $1,145.48. A bullish start to the day saw Ethereum rise from an early morning low $1,130.44 to a high $1,145.76.

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 $1,083 to support a run at the first major resistance level at $1,186.

Support from the broader market would be needed, however, for Ethereum to break out from $1,150 levels.

Barring an extended crypto rally, the first major resistance level and resistance $1,200 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,350 before any pullback. The second major resistance level sits at $1,241.

Failure to avoid a fall through the $1,083 pivot would bring the 23.6% FIB of $1,051 and the first major support level at $1,028 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $925.

Looking at the Technical Indicators

First Major Support Level: $1,028

Pivot Level: $1,083

First Major Resistance Level: $1,186

23.6% FIB Retracement Level: $1,051

38.2% FIB Retracement Level: $866

62% FIB Retracement Level: $566

Litecoin

Litecoin jumped by 10.61% on Wednesday. Reversing a 4.28% decline from Tuesday. Litecoin ended the day at $147.51.

A mixed start to the day saw Litecoin slide to an early morning intraday low $125.70 before making a move.

Coming within range of the first major support level and 38.2% FIB of $125, Litecoin rallied to a final hour intraday high $148.50.

Litecoin broke through the first major resistance level at $144 to come up against the 23.6% FIB of $148 before easing back.

At the time of writing, Litecoin was up by 1.55% to $149.80. A bullish start to the day saw Litecoin rise from an early morning low $147.46 to a high $149.99.

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

For the day ahead

Litecoin would need to avoid a fall through the $140.5 pivot level to support a run at the first major resistance level at $155.3.

Support from the broader market would be needed, however, for Litecoin to break out from $150 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $170. The second major resistance level at $163.1.

Failure to avoid a fall through the $140.5 pivot level would bring the first major support level at $132.7 into play.

Barring an extended sell-off, Litecoin should avoid the second major support level at $117.9. The 38.2% FIB of $125 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $132.7

Pivot Level: $140.5

First Major Resistance Level: $155.3

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rallied by 4.54% on Wednesday. Following on from a 1.66% gain on Tuesday, Ripple’s XRP ended the day at $0.30578.

It was a bearish start to the day. Ripple’s XRP fell to an early morning intraday low $0.2840 before making a move.

Steering clear of the first major support level at $0.2767, Ripple’s XRP rallied to a late intraday high $0.30984.

Ripple’s XRP came up against the first major resistance level at $0.3092 before easing back.

At the time of writing, Ripple’s XRP was up by 0.83% to $0.30833. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.30578 to a high $0.30906.

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 $0.2999 pivot level to bring the first major resistance level at $0.3157 and the 23.6% FIB of $0.3172 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.31 levels.

Barring another extended crypto rally, the first major resistance and the 23.6% FIB would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.33 before any pullback. The second major resistance sits at $0.3257.

Failure to avoid a fall through the $0.2999 pivot would bring the first major support level at $0.2899 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.28 levels. The second major support level sits at $0.2740.

Looking at the Technical Indicators

First Major Support Level: $0.2899

Pivot Level: $0.2999

First Major Resistance Level: $0.3157

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

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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