Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 21st, 2021

Bob Mason
·5 min read

Ethereum

Ethereum rose by 0.67% on Wednesday. Following an 8.70% rally from Tuesday, Ethereum ended the day at $1,376.88.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,408.50 before hitting reverse.

Falling well short of the first major resistance level at $1,455, Ethereum slid to a mid-day intraday low $1,234.01.

Ethereum fell through the first major support level at $1,267 before a late recovery to $1,376 levels.

At the time of writing, Ethereum was down by 0.36% to $1,371.99. A mixed start to the day saw Ethereum rise to an early morning high $1,390.00 before falling to a low $1,364.08.

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 $1,340 to support a run at the first major resistance level at $1,446.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $1,408.50.

Barring an extended crypto rally, Wednesday’s high and 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 $1,514.

Failure to avoid a fall through the $1,340 pivot would bring the first major support level at $1,271 into play.

Barring another extended sell-off, however, Ethereum should continue to 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: $1,271

Pivot Level: $1,340

First Major Resistance Level: $1,446

23.6% FIB Retracement Level: $1,119

38.2% FIB Retracement Level: $921

62% FIB Retracement Level: $600

Litecoin

Litecoin fell by 1.40% on Wednesday. Reversing a 0.06% decline from Tuesday, Litecoin ended the day at $149.77.

A mixed start to the day saw Litecoin rise to an early morning intraday high $156.30 before hitting reverse.

Falling short of the first major resistance level at $162.02, Litecoin slid to a late afternoon intraday low $138.53.

Litecoin fell through the first major support level at $145.98 and the second major support level at $140.05.

More significantly, Litecoin also fell through the 23.6% FIB of $148 before finding support.

Steering clear of sub-$130 levels, Litecoin revisited $150 levels late in the day before easing back.

The partial recovery saw Litecoin break back through the major support levels and the 23.6% FIB of $148.

At the time of writing, Litecoin was down by 0.43% to $149.12. A mixed start to the day saw Litecoin rise to an early morning high $150.35 before falling to a low $148.61.

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

For the day ahead

Litecoin would need to avoid a fall through the $148.20 pivot level and the 23.6% FIB of $148 to support a run at the first major resistance level at $157.87.

Support from the broader market would be needed, however, for Litecoin to break out from $155 levels.

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. The second major resistance level sits at $165.97.

Failure to avoid a fall through the $148.20 pivot level and the 23.6% FIB of $148 would bring the first major support level at $140.10 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $130.43.

Looking at the Technical Indicators

First Major Support Level: $140.10

Pivot Level: $148.20

First Major Resistance Level: $157.87

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 0.40% on Wednesday. Following a 2.87% gain from Tuesday, Ripple’s XRP ended the day at $0.29534.

A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28235 before making a move.

Steering clear of the major support levels, Ripple’s XRP jumped to a mid-morning intraday high $0.31200.

Falling well short of the first major resistance level at $0.3212, Ripple’s XRP slid to a late morning intraday low $0.28021.

Steering clear of the first major support level at $0.2757, Ripple’s XRP moved back through to $0.295 levels and into the green.

At the time of writing, Ripple’s XRP up by 0.09% to $0.29560. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.29715 before falling to a low $0.29499.

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 $0.2959 pivot level to bring the first major resistance level at $0.3115 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.

Barring an extended crypto rally, the first major resistance and Wednesday’s high $0.31200 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.33 levels. The second major resistance sits at $0.3276. Ripple’s XRP would need support to breakout from the 23.6% FIB of $0.3172, however.

Failure to move through the $0.2959 pivot would bring the first major support level at $0.2797 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level sits at $0.2641.

Looking at the Technical Indicators

First Major Support Level: $0.2797

Pivot Level: $0.2959

First Major Resistance Level: $0.3115

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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