Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 6th, 2021
Ethereum
Ethereum rallied by 7.75% on Friday. Reversing a 4.26% slide from Thursday, Ethereum ended the day at $1,721.06.
It was a mixed start to the day. Ethereum fell to an early morning intraday low $1,589.17 before making a move.
Steering clear of the first major support level at $1,536, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,763.93.
Ethereum broke through the first major resistance level at $1,679 and the second major resistance level at $1,761.
A late pullback saw Ethereum fall back through the second major resistance level to $1,680 levels before wrapping up the day at $1,721 levels.
At the time of writing, Ethereum was up by 0.53% to $1,730.23. A mixed start to the day saw Ethereum fall to an early morning low $1,720.01 before rising to a high $1,739.60.
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 $1,691 to support a run at the first major resistance level at $1,794.
Support from the broader market would be needed, however, for Ethereum to break out from Friday’s swing high $1,763.93.
Barring an extended crypto rally, the first major resistance level and resistance at $1,800 would likely cap any upside.
In the event of an extended crypto rally, Ethereum could test resistance at $1,950 before any pullback. The second major resistance level sits at $1,866.
Failure to avoid a fall through the $1,691 pivot would bring the first major support level at $1,619 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,600 levels. The second major support level sits at $1,517.
Looking at the Technical Indicators
First Major Support Level: $1,619
Pivot Level: $1,691
First Major Resistance Level: $1,794
23.6% FIB Retracement Level: $1,367
38.2% FIB Retracement Level: $1,121
62% FIB Retracement Level: $724
Litecoin
Litecoin rallied by 6.82% on Friday. Partially reversing a 7.06% slide from Thursday, Litecoin ended the day at $155.15.
It was also a mixed start to the day. Litecoin fell to an early morning intraday low $143.63 before making a move.
Steering clear of the first major support level at $137.96, Litecoin rallied to an early afternoon intraday high $156.99.
Litecoin broke through the 23.6% FIB of $148 and the first major resistance level at $155.79 before hitting reverse.
The reversal saw Litecoin fall back to sub-$150 levels before closing out the day at $155 levels.
While failing to break back through the first major resistance level, the 23.6% FIB limited the downside late on.
At the time of writing, Litecoin was up by 0.29% to $155.60. A mixed start to the day saw Litecoin fall to an early morning low $154.91 before striking a high $156.00.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $151.92 pivot level to support a run at the first major resistance level at $160.22.
Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $156.99.
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 before any pullback. The second major resistance level sits at $165.28.
Failure to avoid a fall through the $151.92 pivot level would bring the 23.6% FIB of $148 and the first major support level at $146.86 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $138.56.
Looking at the Technical Indicators
First Major Support Level: $146.86
Pivot Level: $151.92
First Major Resistance Level: $160.22
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 1.49% on Friday. Following a 12.12% jump on Thursday, Ripple’s XRP ended the day at $0.45276.
A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.47230 before hitting reverse.
Falling short of the first major resistance level at $0.4917, Ripple’s XRP slid to a late morning intraday low $0.42657.
Steering well clear of the 38.2% FIB of $0.4070 and the first major support level at $0.3905, Ripple’s XRP revisited $0.46 levels before easing back.
At the time of writing, Ripple’s XRP was down by 0.01% to $0.45273. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.45688 before falling to a low $0.44863.
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 back through the $0.4505 pivot level to bring the first major resistance level at $0.4745 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.47 levels.
Barring another extended crypto rally, the first major resistance level and Friday’s high $0.4723 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could the second major resistance level at $0.4963 and resistance at $0.50.
Failure to avoid a fall back through the $0.4505 pivot would bring the first major resistance level at $0.4288 into play.
Barring an extended sell-off, Ripple’s XRP should steer clear of sub-$0.40 levels. The 38.2% FIB of $0.4070 and the second major support level at $0.4048 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.4288
Pivot Level: $0.4505
First Major Resistance Level: $0.4745
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
