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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 2nd, 2021

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Bob Mason
·6 min read
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Ethereum

Ethereum rallied by 4.62% on Monday. Reversing a 4.79% slide from Sunday, Ethereum ended the day at $1,374.6.

A mixed start to the day saw Ethereum slide to an early morning intraday low $1,271.13 before making a move.

Finding support at the first major support level at $1,271, Ethereum struck a late morning high $1,346.50.

Falling short of the first major resistance level at $1,370, Ethereum slid back to a low $1,300.04 before finding support.

Late in the day, Ethereum rallied to an intraday high $1,378.02 before easing back. Ethereum broke through first major resistance level at $1,370 to end the day at $1,374 levels.

At the time of writing, Ethereum was up by 1.54% to $1,395.83. A bullish start to the day saw Ethereum rally from an early morning low $1,374.17 to a high $1,397.85.

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 $1,341 to support a run at the first major resistance level at $1,411.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,400 levels.

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 $1,500 before any pullback. The second major resistance level sits at $1,448.

Failure to avoid a fall through the $1,341 pivot would bring the first major support level at $1,305 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level at $1,234 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,305

Pivot Level: $1,341

First Major Resistance Level: $1,411

23.6% FIB Retracement Level: $1,148

38.2% FIB Retracement Level: $944

62% FIB Retracement Level: $614

Litecoin

Litecoin rose by 1.87% on Monday. Partially reversing a 2.96% loss from Sunday, Litecoin ended the day at $132.04.

A mixed start to the day saw Litecoin slide to an early morning intraday low $126.02 before making a move.

Steering clear of the first major support level at $125.12 and the 38.2% FIB of $125, Litecoin struck a late morning intraday high $136.62.

Litecoin broke through the first major resistance level at $134.63 before sliding back to sub-$128 levels.

Continuing to steer clear of the major support levels, Litecoin revisited $133 levels before ending the day at $132.04.

At the time of writing, Litecoin was 1.43% to $133.93. A bullish start to the day saw Litecoin rise from an early morning low $131.84 to a high $134.00.

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

For the day ahead

Litecoin would need to avoid a fall through the $131.56 pivot level to support a run at the first major resistance level at $137.10.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $136.62.

Barring an extended crypto rally, the first major resistance level and resistance at $140 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at the 23.6% FIB of $148 before any pullback. The second major resistance level sits at $142.16.

Failure to avoid a fall through the $131.56 pivot level would bring the first major support level at $126.5 and 38.2% FIB of $125 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$120 levels. The second major support level at $120.96 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $126.50

Pivot Level: $131.56

First Major Resistance Level: $137.10

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP slumped by 25.14% on Monday. Reversing an 11.56% rally from Sunday, Ripple’s XRP ended the day at $0.37115.

A mixed start to the day saw Ripple’s XRP rally to a late morning intraday high $0.75991 before hitting reverse.

Ripple’s XRP broke through first major resistance level at $0.5593 and the second major resistance level at $0.6231.

More significantly, Ripple’s XRP also broke through the 62% FIB of $0.5522 to visit $0.70 levels for the first time this year.

Falling short of the third major resistance level at $0.7730, Ripple’s XRP tumbled to a late intraday low $0.35925.

The sell-off saw Ripple’s XRP slide through the first major support level at $0.4094.

More significantly, Ripple’s XRP also fell back through the 62% FIB of $0.5522 and the 38.2% FIB of $0.4070.

Finding support in the 2nd half of the day, Ripple’s XRP revisited $0.39 levels before falling back to $0.37 levels.

At the time of writing, Ripple’s XRP was down by 1.56% to $0.36537. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.37721 before sliding to a low $0.36458.

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 38.2% FIB of $0.4070 and the $0.4968 pivot level to bring the first major resistance level at $0.6343 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through the 62% FIB of $0.5522.

Barring another extended crypto rally, the first major resistance level and resistance at $0.70 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.90 before any pullback. The second major resistance level sits at $0.8974.

Failure to move through the 38.2% FIB of $0.04070 and the $0.4968 pivot would bring the 23.6% FIB of $0.3172 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.30 and the first major support level at $0.2336.

Looking at the Technical Indicators

First Major Support Level: $0.2336

Pivot Level: $0.4968

First Major Resistance Level: $0.6343

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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