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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 19th, 2021

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Bob Mason
·6 min read
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Ethereum

Ethereum rallied by 4.74% on Thursday. Following on from a 3.92% gain on Wednesday, Ethereum ended the day at $1,939.64.

A mixed start to the day saw Ethereum slip to an early morning intraday low $1,851.47 before finding support.

Steering well clear of the first major support level at $1,771, Ethereum rallied to a late intraday high and a new swing hi $1,950.3.

Ethereum broke through the first major resistance level at $1,895 and the second major resistance level at $1,938.

A choppy end to the day saw Ethereum briefly fall back through the second major resistance level to $1,916 levels before ending the day at $1,939 levels.

At the time of writing, Ethereum was up by 0.07% to $1,940.93. A mixed start to the day saw Ethereum rise to an early morning high $1,947.37 before falling to a low $1,939.50.

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 $1,914 to support a run at the first major resistance level at $1,976.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s new swing hi $1,950.30.

Barring an extended crypto rally, the first major resistance level resistance at $2,000 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $2,100 before any pullback. The second major resistance level sits at $2,013.

Failure to avoid a fall through the $1,914 pivot would bring the first major support level at $1,877 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,800 levels. The second major support level at $1,815 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,877

Pivot Level: $1,914

First Major Resistance Level: $1,976

23.6% FIB Retracement Level: $1,509

38.2% FIB Retracement Level: $1,236

62% FIB Retracement Level: $795

Litecoin

Litecoin slid by 4.58% on Thursday. Partially reversing a 13.02% rally from Wednesday, Litecoin ended the day at $226.65.

A bullish start to the day saw Litecoin rise to an early morning intraday high and a new swing hi $239.11.

Falling short of the first major resistance level at $248.91, however, Litecoin slid to a mid-day intraday low $220.70.

Steering clear of the first major support level at $214.84, Litecoin revisited $231 levels before falling back into the deep red.

At the time of writing, Litecoin was up by 0.39% to $227.54. A bullish start to the day saw Litecoin rise from an early morning low $226.69 to a high $228.55.

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

For the day ahead

Litecoin would need to move through the $228.82 pivot level to support a run at the first major resistance level at $236.94.

Support from the broader market would be needed, however, for Litecoin to break out from $235 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s new swing hi $239.11 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $250 before any pullback. The second major resistance level sits at $247.23.

Failure to move through the $228.82 pivot level would bring the first major support level at $218.53 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $210.41.

Looking at the Technical Indicators

First Major Support Level: $218.53

Pivot Level: $228.82

First Major Resistance Level: $236.94

23.6% FIB Retracement Level: $189

38.2% FIB Retracement Level: $157

62% FIB Retracement Level: $107

Ripple’s XRP

Ripple’s XRP fell by 0.54% on Thursday. Following a 2.60% gain from Wednesday, Ripple’s XRP ended the day at $0.53199.

A bullish start to the day saw Ripple’s XRP rise to a mid-morning intraday high $0.55990 before hitting reverse.

Falling short of the first major resistance level at $0.5627, Ripple’s XRP slid to a mid-day intraday low $0.51955.

While steering clear of the first majors support level at $0.4993, Ripple’s XRP fell through the 23.6% FIB of $0.5320.

Finding late support, Ripple’s XRP broke back through the 23.6% FIB of $0.5320 to revisit $0.54 levels. A bearish end to the day, however, saw Ripple’s XRP fall back to sub-$0.5320 levels and into the red

At the time of writing, Ripple’s XRP was down by 0.13% to $0.53131. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.53587 before falling to a low $0.5300.

While leaving the major support and resistance levels untested early on, Ripple’s XRP briefly broke through the 23.6% FIB of $0.5320.

For the day ahead

Ripple’s XRP will need to move back through the 23.6% FIB and the $0.5371 pivot level to bring the first major resistance level at $0.5547 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.55 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.55990 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.0.5775.

Failure to move back through the 23.6% FIB of $0.5320 and the $0.5371 pivot would bring the first major support level at $0.5144 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.0.4968.

Looking at the Technical Indicators

First Major Support Level: $0.5144

Pivot Level: $0.5371

First Major Resistance Level: $0.5547

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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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