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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 6th, 2021

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·5 min read
In this article:
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Ethereum

Ethereum rose by 5.9% on Tuesday. Following on from a 6.32% rally on Monday, Ethereum ended the day at $1,103.73.

Another mixed start to the day saw Ethereum rise to an early morning intraday high $1,136.93 before hitting reverse.

Falling short of the first major resistance level at $1,178.80, Ethereum slid to a mid-morning intraday low $975.00.

Steering clear of the first major support level at $896.14, Ethereum bounced back to $1,100 levels late in the day.

At the time of writing, Ethereum was down by 1.70% to 1,082.83. A mixed start to the day saw Ethereum rise to an early morning high $1,114.24 before falling to a low $1,066.62.

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

For the day ahead

Ethereum would need to avoid a fall back through the pivot level at $1,071.89 to support a run at the first major resistance level at $1,168.80.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,136.93.

Barring an extended crypto rally, the first major resistance level and resistance at $1,150 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $1,300 before any pullback. The second major resistance level sits at $1,233.82.

Failure to avoid a fall back through the $1,071.89 pivot would bring the first major support level at $1,006.84 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear sub-$950 levels. The second major support level sits at $909.96.

Looking at the Technical Indicators

First Major Support Level: $1,006.84

Pivot Level: $1,071.89

First Major Resistance Level: $1,168.77

23.6% FIB Retracement Level: $912

38.2% FIB Retracement Level: $753

62% FIB Retracement Level: $496

Litecoin

Litecoin rose by 2.28% on Tuesday. Partially reversing a 3.72% fall from Monday, Litecoin ended the day at $159.03.

A mixed start to the day saw Litecoin rise to an early morning high $160.00 before hitting reverse.

Falling short of the first major resistance level at $173.29, Litecoin slid to a mid-morning intraday low $146.62.

Steering clear of the first major support level at $138.79, however, rallied to a late intraday high $163.36 before easing back.

At the time of writing, Litecoin was down by 1.33% to $156.91. A mixed start to the day saw Litecoin rise to an early morning high $160.51 before falling to a low $155.44.

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

For the day ahead

Litecoin would need to avoid a fall back through the $156.34 pivot level to support a run at the first major resistance level at $166.05.

Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $163.36.

Barring an extended crypto rally, the first major resistance level and resistance at $170 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $180 before any pullback. The second major resistance level sits at $173.08.

Failure to avoid a fall back through the $156.34 pivot level would bring the first major support level at $149.31 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$140 levels and the second major support level at $139.60.

Looking at the Technical Indicators

First Major Support Level: $149.31

Pivot Level: $156.34

First Major Resistance Level: $166.05

23.6% FIB Retracement Level: $139

38.2% FIB Retracement Level: $117

62% FIB Retracement Level: $82

Ripple’s XRP

Ripple’s XRP slid by 4.09% on Tuesday. Reversing a 4.54% gain from Monday, Ripple’s XRP ended the day at $0.22635.

Recovering from a mid-morning low $0.22551, Ripple’s XRP rallied to a late morning intraday high $0.24298 before hitting reverse.

Falling short of the first major resistance level at $0.2646. Ripple’s XRP slid to an early afternoon intraday low $0.21800.

Steering clear of the first major support level at $0.2109, Ripple’s XRP revisited $0.23 levels before falling back to $0.226 levels.

At the time of writing, Ripple’s XRP was down by 1.39% to $0.22321. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22662 before falling to a low $0.22200.

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 $0.2291 pivot level to bring the first major resistance level at $0.2402 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.

Barring another extended crypto rally, the first major resistance and Tuesday’s high $0.24298 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.26 before any pullback. The second major resistance sits at $0.2541.

Failure to move through the $0.2291 pivot would bring the first major support level at $0.2152 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to avoid sub-$0.21 levels. The second major support level sits at $0.2041.

Looking at the Technical Indicators

First Major Support Level: $0.2152

Pivot Level: $0.2291

First Major Resistance Level: $0.2402

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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