Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 18th, 2021
Ethereum
Ethereum rose by 0.43% on Sunday. Following on from a 4.97% rally on Saturday, Ethereum ended the week down by 1.76% to $1.232.99.
A mixed start to the day saw Ethereum rise to an early morning high $1,256.74 before hitting reverse.
Falling short of the first major resistance level at $1,297, Ethereum slid to a late morning intraday low $1,165.78.
Steering clear of the first major support level at $1,155, Ethereum rallied to a late intraday high $1,268.83.
Continuing to fall short of the major resistance levels, Ethereum eased back to end the week at $1,230 levels.
At the time of writing, Ethereum was up by 0.69% to $1,241.47. A mixed start to the day saw Ethereum fall to an early morning low $1,226.38 before striking a high $1,241.88.
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 $1,223 to support a run at the first major resistance level at $1,279.
Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1,268.83.
Barring an extended crypto rally, the first major resistance level and resistance $1,300 would likely cap any upside.
In the event of an extended crypto rally, Ethereum could test resistance at $1,400 before any pullback. The second major resistance level sits at $1,326.
Failure to avoid a fall through the $1,223 pivot would bring the first major support level at $1,176 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,051. The second major support level at $1,120 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1,176
Pivot Level: $1,223
First Major Resistance Level: $1,279
23.6% FIB Retracement Level: $1,051
38.2% FIB Retracement Level: $866
62% FIB Retracement Level: $566
Litecoin
Litecoin fell by 0.54% on Sunday. Following on from a 0.36% decline from Saturday, Litecoin ended the week down by 16.11% to $142.80.
A mixed start to the day saw Litecoin rise to an early morning intraday high $147.00 before hitting reverse.
Falling short of the 23.6% FIB of $148 and the first major resistance level at $151.03, Litecoin slid to a late morning intraday low $136.29.
Litecoin fell through the first major support level at $137.61 before a brief revisit to $145 levels.
A bearish end to the day, however, saw Litecoin fall back to sub-$143 levels and into the red.
At the time of writing, Litecoin was up by 0.23% to $143.13. A mixed start to the day saw Litecoin fall to an early morning low $142.04 before rising to a high $143.35.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $142.0 pivot level to support a run at the first major resistance level at $147.8 and the 23.6% FIB of $148.
Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $147.00.
Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $160. The second major resistance level at $152.74.
Failure to avoid a fall through the $142.0 pivot level would bring the first major support level at $137.1 into play.
Barring another extended sell-off, Litecoin should avoid the 38.2% FIB of $125. The second major support level at $131.3 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $137.1
Pivot Level: $142.0
First Major Resistance Level: $147.8
23.6% FIB Retracement Level: $148
38.2% FIB Retracement Level: $125
62% FIB Retracement Level: $87
Ripple’s XRP
Ripple’s XRP fell by 0.68% on Sunday. Following on from a 0.36 % decline on Saturday, Ripple’s XRP ended the week down by 11.96% to $0.27732.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.28552 before hitting reverse.
Falling short of the first major resistance level at $0.2921, Ripple’s XRP slid to a late morning intraday low $0.26854.
Ripple’s XRP fell through the first major support level at $0.2706 before finding support.
Late in the day, Ripple’s XRP broke back through the first major support level to revisit $0.28 levels before easing back.
At the time of writing, Ripple’s XRP was up by 0.20% to $0.27788. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.27603 before rising to a high $0.27864.
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 $0.2771 pivot level to bring the first major resistance level at $0.2857 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2850 levels.
Barring another extended crypto rally, the first major resistance and Sunday’s high $0.28552 would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test resistance at $0.30 levels. The second major resistance sits at $0.2941.
Failure to avoid a fall back through the $0.2771 pivot would bring the first major support level at $0.2687 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level at $0.2601 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $0.2687
Pivot Level: $0.2771
First Major Resistance Level: $0.2857
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
