Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 20th, 2021
Ethereum
Ethereum rallied by 8.70% on Tuesday. Following on from a 2.10% gain on Monday, Ethereum ended the day at $1,368.04.
A mixed start to the day saw Ethereum fall to an early morning intraday low $1,252.01 before making a move.
Steering clear of the first major support level at $1,207, Ethereum rallied to a mid-day intraday high and a new swing hi $1,440.00.
Ethereum broke through the day’s major resistance levels before a pullback to sub-$1,330 levels.
The pullback saw Ethereum fall back through the third major resistance level at $1,392.
Steering clear of the second major resistance level at $1,313, Ethereum revisited $1,400 levels before ending the day at sub-$1,370 levels.
At the time of writing, Ethereum was up by 1.34% to $1,386.34. A mixed start to the day saw Ethereum fall to an early morning low $1,356.16 before striking a high $1,397.24.
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 $1,353 to support a run at the first major resistance level at $1,455.
Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,440.00.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another extended crypto rally, Ethereum could test resistance at $1,600 before any pullback. The second major resistance level sits at $1,541.
Failure to avoid a fall through the $1,353 pivot would bring the first major support level at $1,267 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level sits at $1,165.
Looking at the Technical Indicators
First Major Support Level: $1,267
Pivot Level: $1,353
First Major Resistance Level: $1,455
23.6% FIB Retracement Level: $1,119
38.2% FIB Retracement Level: $921
62% FIB Retracement Level: $600
Litecoin
Litecoin rose by 0.06% on Tuesday. Following on from a 6.39% gain on Monday, Litecoin ended the day at $151.90.
A mixed start to the day saw Litecoin fall to an early morning intraday low $150.17 before making a move.
Steering clear of the first major support level at $141.77, Litecoin surged to a late morning intraday high $166.21.
Litecoin broke through the first major resistance level at $158.50 and the second major resistance level at $165.11.
More significantly, Litecoin broke back through the 23.6% FIB of $148.
A bearish second half of the day, however, saw Litecoin fall back through the resistance levels to end the day at sub-$152 levels.
At the time of writing, Litecoin was up by 1.13% to $153.61. A mixed start to the day saw Litecoin fall to an early morning low $149.68 before striking a high $154.14.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $156.09 pivot level to support a run at the first major resistance level at $162.02.
Support from the broader market would be needed, however, for Litecoin to break back through to $160 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $166.21 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $180. The second major resistance level sits at $172.13.
Failure to move through the $156.09 pivot level would bring 23.6% FIB of $148 and the first major support level at $145.98 into play.
Barring an extended sell-off, Litecoin should steer clear of the second major support level at $140.05.
Looking at the Technical Indicators
First Major Support Level: $145.98
Pivot Level: $156.09
First Major Resistance Level: $162.02
23.6% FIB Retracement Level: $148
38.2% FIB Retracement Level: $125
62% FIB Retracement Level: $87
Ripple’s XRP
Ripple’s XRP rose by 2.87% on Tuesday. Following on from a 2.77% gain on Monday, Ripple’s XRP ended the day at $0.29424.
Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.28415 before making a move.
Steering clear of the first major support level at $0.2751, Ripple’s XRP jumped to a mid-morning intraday high $0.32960.
Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $0.3172.
It was bearish through the remainder of the day, however.
Ripple’s XRP fell back through the third major resistance level at $0.3157 and the second major resistance level at $0.2988.
More significantly, Ripple’s XRP also fell back through the 23.6% FIB of $0.3172.
Finding support at the first major resistance level at $0.2921, however, Ripple’s XRP wrapped up the day at $0.294 levels.
At the time of writing, Ripple’s XRP was up by 0.12% to $0.29460. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.29044 before rising to a high $0.29494.
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 $0.3027 pivot level to bring the first major resistance level at $0.3212 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through the 23.6% FIB of $0.3172.
Barring an extended crypto rally, the first major resistance and Tuesday’s high $0.3296 would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test resistance at $0.35 levels. The second major resistance sits at $0.3481.
Failure to move through the $0.3027 pivot would bring the first major support level at $0.2757 into play.
Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level sits at $0.2572.
Looking at the Technical Indicators
First Major Support Level: $0.2757
Pivot Level: $0.3027
First Major Resistance Level: $0.3212
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
