Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 30th, 2021
Ethereum
Ethereum rose by 3.47% on Friday. Following on from a 7.46% rally on Thursday, Ethereum ended the day at $1,379.87.
A mixed start to the day saw Ethereum fall to an early morning intraday low $1,286.56 before making a move.
Steering clear of the first major support level at $1,248, Ethereum rallied to an early afternoon intraday high $1,442.88.
Ethereum broke through the first major resistance level at $1,391, before a late pullback.
Coming within range of the second major resistance level at $1,449, Ethereum slid to $1,332 levels and into the red.
Finding late support, however, Ethereum bounced back to $1,410 levels before ending the day at sub-$1,380 levels.
At the time of writing, Ethereum was up by 1.57% to $1,401.59. A bullish start to the day saw Ethereum rise from an early morning low $1,379.61 to a high $1,402.72.
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 $1,370 to support a run at the first major resistance level at $1,453.
Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $1,442.88.
Barring an extended crypto rally, the first major resistance level and swing hi $1,477.30 would likely cap any upside.
In the event of another extended crypto rally, Ethereum could test the second major resistance level at $1,526.
Failure to avoid a fall through the $1,370 pivot would bring the first major support level at $1,297 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level at $1,214 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1,297
Pivot Level: $1,370
First Major Resistance Level: $1,453
23.6% FIB Retracement Level: $1,148
38.2% FIB Retracement Level: $944
62% FIB Retracement Level: $614
Litecoin
Litecoin rose by 0.88% on Friday. Following on from an 8.89% rally on Thursday, Litecoin ended the day at $134.91.
A mixed start to the day saw Litecoin rise to an early high $138.97 before hitting reverse.
Falling short of the major resistance levels, Litecoin slid to a late morning intraday low $131.60.
In spite of the sell-off, Litecoin steered clear of the 38.2% FIB of $125 and the first major support level at $124.25.
Finding late morning support, Litecoin rallied to an early afternoon intraday high $145.88.
Litecoin broke through the first major resistance level at $139.63 before hitting reverse once more.
Coming up against the second major resistance level at $145.65, Litecoin slid back to $133 levels and into the red.
Finding late support, however, Litecoin briefly revisited $138 levels before easing back to end the day at sub-$135 levels.
At the time of writing, Litecoin was up by 0.62% to $135.75. A mixed start to the day saw Litecoin fall to an early morning low $134.51 before rising to a high $135.87.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $137.46 pivot level to support a run at the first major resistance level at $143.33.
Support from the broader market would be needed, however, for Litecoin to break back through to $140 levels.
Barring an extended crypto rally, the first major resistance level and 23.6% FIB of $148 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $150 before any pullback. The second major resistance level sits at $151.74.
Failure to move through the $137.46 pivot level would bring the first major support level at $129.05 into play.
Barring another extended sell-off, Litecoin should steer clear of the second major support level at $123.18. The 38.2% FIB of $125 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $129.05
Pivot Level: $137.46
First Major Resistance Level: $143.33
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 6.89% on Friday. Following on from a 5.63% gain on Thursday, Ripple’s XRP ended the day at $0.28314.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.26024 before making a move.
Steering clear of the first major support level at $0.2512, Ripple’s XRP jumped to a mid-morning intraday high $0.31694.
Ripple’s XRP broke through the day’s major resistance levels before hitting reverse.
Coming within range of the 23.6% FIB of $0.3172, Ripple’s XRP fell back through the major resistance levels to $0.272 levels.
Finding late morning support, Ripple’s XRP revisited $0.29 levels before easing back.
Ripple’s XRP broke back through the first major resistance level at $0.2745 and the second major resistance level at $0.2843.
The late pullback, however, saw Ripple’s XRP fall back through the second major resistance level to end the day at sub-$0.284 levels.
At the time of writing, Ripple’s XRP was up by 0.49% to $0.28454. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28208 before rising to a high $0.28504.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.2868 pivot level to bring the first major resistance level at $0.3133 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.31 levels.
Barring an extended crypto rally, resistance at $0.30 would likely leave Ripple’s XRP short of the first major resistance level.
In the event of an extended rally, Ripple’s XRP could test resistance at the 23.6% FIB of $0.3172 before any pullback. The second major resistance sits at $0.3435.
Failure to move through the $0.2868 pivot would bring the first major support level at $0.2566 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.25 levels. The second major support level sits at $0.2301.
Looking at the Technical Indicators
First Major Support Level: $0.2566
Pivot Level: $0.2868
First Major Resistance Level: $0.3133
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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