Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 8th, 2021
Ethereum
Ethereum rose by 1.21% on Thursday. Following on from a 9.81% rally on Wednesday, Ethereum ended the day at $1,227.34.
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Another mixed start to the day saw Ethereum fall to a late morning low $1,160.71 before making a move.
Steering clear of the first major support level at $1,108.23, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,291.94
Ethereum broke through the first major resistance level at $1,265.89 before a pullback to an intraday low $1,140 levels.
Continuing to steer clear of the major support levels, Ethereum broke back through to $1,220 levels to end the day in the green.
At the time of writing, Ethereum was up by 0.50% to $1,233.48. A mixed start to the day saw Ethereum fall to an early morning low $1,216.22 before rising to a high $1,233.93.
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 $1,219.76 to support a run at the first major resistance level at $1,299.52.
Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $1,291.94.
Barring an extended crypto rally, the first major resistance level and resistance at $1,300 would likely cap any upside.
In the event of another extended crypto rally, Ethereum could test resistance at $1,450 before any pullback. The second major resistance level sits at $1,371.70.
Failure to avoid a fall through the $1,219.76 pivot would bring the first major support level at $1,147.58 into play.
Barring an extended sell-off, however, Ethereum should steer clear sub-$1,100 levels. The second major support level sits at $1,067.82.
Looking at the Technical Indicators
First Major Support Level: $1,147.58
Pivot Level: $1,219.76
First Major Resistance Level: $1,299.52
23.6% FIB Retracement Level: $1,006
38.2% FIB Retracement Level: $829
62% FIB Retracement Level: $543
Litecoin
Litecoin rose by 0.18% on Thursday. Following on from a 6.54% rally on Wednesday, Litecoin ended the day at $169.75.
A mixed start to the day saw Litecoin fall to a late morning low $162.42 before making a move.
Steering clear of the first major support level at $159.89, Litecoin rallied to a late afternoon intraday high and a new swing hi $181.25.
Litecoin broke through the first major resistance level at $174.42 and the second major resistance level at $179.42 before hitting reverse.
The reversal saw Litecoin fall to a late afternoon intraday low $162.00.
Steering clear of the major support levels, Litecoin revisited $175 levels before falling back into the red. Finding late support, however, Litecoin moved back through to $169.7 levels to end the day in the green.
At the time of writing, Litecoin was up by 1.01% to $171.46. A bullish start to the day saw Litecoin rise from an early morning low $169.63 to a high $172.17.
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 $171.00 pivot level to support a run at the first major resistance level at $180.00.
Support from the broader market would be needed, however, for Litecoin to break out $175 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $181.25 would likely cap any upside.
In the event of another extended breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $190.25.
Failure to avoid a fall back through the $171.00 pivot level would bring the first major support level at $160.75 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $151.75.
Looking at the Technical Indicators
First Major Support Level: $160.75
Pivot Level: $171.00
First Major Resistance Level: $180.00
23.6% FIB Retracement Level: $144
38.2% FIB Retracement Level: $122
62% FIB Retracement Level: $85
Ripple’s XRP
Ripple’s XRP surged by 29.93% on Thursday. Following on from a 9.97% rally on Wednesday, Ripple’s XRP ended the day at $0.32407.
A bullish day saw Ripple’s XRP rally from an early morning intraday low $0.24613 to a late afternoon intraday high $0.37168.
Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $0.3171 before a pullback to sub-$0.30 levels.
The pullback saw Ripple’s XRP fall back through the third major resistance level at $0.3577 and the second major resistance level at $0.3034
Ripple’s XRP also fell back through the 23.6% FIB before revisiting $0.34 levels.
A 2nd pullback saw Ripple’s XRP fall back through the second major resistance level and the 23.6% FIB to $0.29 levels.
Finding late support, however, Ripple’s XRP broke back through the second major resistance level at $0.3034.
Ripple’s XRP also broke back through 23.6% FIB to wrap up the day at $0.32 levels.
At the time of writing, Ripple’s XRP was up by 5.97% to $0.34342. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.32245 to a high $0.34626.
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 through the 23.6% FIB of $0.3172 and the $0.3140 pivot level to bring the first major resistance level at $0.3818 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.37168.
Barring another extended crypto rally, the first major resistance and resistance at $0.40 would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test resistance at $0.45 before any pullback. The second major resistance sits at $0.4395.
Failure to avoid a fall through the 23.6% FIB and the $0.3140 pivot would bring the first major support level at $0.2562 into play.
Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.25 levels. The second major support level sits at $0.1884.
Looking at the Technical Indicators
First Major Support Level: $0.2562
Pivot Level: $0.3140
First Major Resistance Level: $0.3818
23.6% FIB Retracement Level: $0.6274
38.2% FIB Retracement Level: $0.5285
62% FIB Retracement Level: $0.3687
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Thanks, Bob