Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 8th, 2021

Ethereum

Ethereum slid by 3.84% on Sunday. Following on from a 2.40% decline on Saturday, Ethereum ended the week up by 22.94% to $1,615.32.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $1,695.38 before hitting reverse.

Falling short of the first major resistance level at $1,735, Ethereum slid to a late afternoon intraday low $1,493.28.

Ethereum fell through the first major support level at $1,636 and the second major support level at $1,592.

Finding support at the third major support level at $1,494, Ethereum broke back through to $1,600 levels.

The first major support level at $1,636 pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 0.75% to $1,627.46. A mixed start to the day saw Ethereum fall to an early morning low $1,601.14 before rising to a high $1,627.46.

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 $1,601 to support a run at the first major resistance level at $1,709.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,700 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $1,750 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,803.

Failure to avoid a fall through the $1,601 pivot would bring the first major support level at $1,507 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $1,399.

Looking at the Technical Indicators

First Major Support Level: $1,507

Pivot Level: $1,601

First Major Resistance Level: 1,709

23.6% FIB Retracement Level: $1,367

38.2% FIB Retracement Level: $1,121

62% FIB Retracement Level: $724

Litecoin

Litecoin fell by 3.22% on Sunday. Reversing a 0.38% gain from Saturday, Litecoin ended the week up by 16.46% to $150.95.

Story continues

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $157.49 before hitting reverse.

Falling short of the first major resistance level at $163.33, Litecoin slid to a late afternoon intraday low $145.33.

Litecoin fell through the first major support level at $149.10 and the 23.6% FIB of $148 before finding support.

Late in the day, Litecoin moved back through the 23.6% FIB and the first major support level to end the day at $150 levels.

At the time of writing, Litecoin was up by 0.52% to $151.74. A mixed start to the day saw Litecoin fall to an early morning low $150.18 before rising to a high $151.82.

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 $151.26 pivot level to support a run at the first major resistance level at $157.18.

Support from the broader market would be needed, however, for Litecoin to break back through to $157 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $157.49 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $165 before any pullback. The second major resistance level sits at $163.42.

Failure to avoid a fall back through the $151.26 pivot level would bring the 23.6% FIB of $148 and the first major support level at $145.02 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $139.10.

Looking at the Technical Indicators

First Major Support Level: $145.02

Pivot Level: $151.26

First Major Resistance Level: $157.18

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP slid by 5.48% on Sunday. Following a 1.84% decline on Saturday, Ripple’s XRP ended the week down by 15.35% to $0.41967.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.45144 before hitting reverse.

Falling short of the first major resistance level at $0.4585, Ripple’s XRP slid to an early afternoon intraday low $0.39219.

Ripple’s XRP fell through the first major support level at $0.4281 and the second major support level at $0.4120.

More significantly, Ripple’s XRP also fell through the 38.2% FIB of $0.4070 before briefly revisiting $0.4260 levels.

Ripple’s XRP broke back through the 38.2% FIB and the second major support level at $0.4120 to end the day at $0.419 levels.

At the time of writing, Ripple’s XRP was up by 0.77% to $0.42290. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.41686 before rising to a high $0.42302.

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 $0.4211 pivot level to bring the first major resistance level at $0.4500 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.45 levels.

Barring another extended crypto rally, the first major resistance level and Sunday’s high $0.45144 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could tests resistance at $0.50 before any pullback. The second major resistance level sits at $0.4804.

Failure to avoid a fall back through the $0.4211 pivot would bring the 38.2% FIB of $0.4070 and the first major support level at $0.3908 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of sub-$0.39 levels. The second major support level sits at $0.3619.

Looking at the Technical Indicators

First Major Support Level: $0.3908

Pivot Level: $0.4211

First Major Resistance Level: $0.4500

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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