Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 9th, 2021

Ethereum

Ethereum rallied by 8.51% on Monday. Reversing a 3.84% slide Sunday, Ethereum ended the day at $1,752.98.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $1,565.98 before making a move.

Steering clear of the first major support level at $1,507, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,780.00.

Ethereum broke through the first major resistance level at $1,709 to come within range of $1,800 before easing back.

The pullback saw Ethereum briefly fall back through the first major resistance level before wrapping up the day at $1,750 levels.

At the time of writing, Ethereum was up by 0.60% to $1,763.46. A mixed start to the day saw Ethereum fall to an early morning low $1,750.47 before rising to a high $1,764.0.

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 $1,700 to support a run at the first major resistance level at $1,833.

Support from the broader market would be needed, however, for Ethereum to break through to $1,800 levels.

Barring an extended crypto rally, the first major resistance level 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 $1,914.

Failure to avoid a fall through the $1,700 pivot would bring the first major support level at $1,619 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,600 levels. The second major support level sits at $1,486.

Looking at the Technical Indicators

First Major Support Level: $1,619

Pivot Level: $1,700

First Major Resistance Level: 1,833

23.6% FIB Retracement Level: $1,367

38.2% FIB Retracement Level: $1,121

62% FIB Retracement Level: $724

Litecoin

Litecoin jumped by 10.99% on Monday. Reversing a 3.22% loss from Sunday, Litecoin ended the day at $167.63.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $147.98 before making a move.

Story continues

While steering clear of the first major support level at $145.02, Litecoin found support at the 23.6% FIB of $148.

Finding support in the late morning, Litecoin surged to a final hour intraday high $169.48 before easing back.

Litecoin broke through the first major resistance level at $157.18 and the second major resistance level at $163.42.

In spite of a late pullback, Litecoin avoided a fall back through the second major resistance level.

At the time of writing, Litecoin was up by 0.42% to $168.33. A bullish start to the day saw Litecoin rise from an early morning low $167.48 to a high $168.74.

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

For the day ahead

Litecoin would need to avoid a fall through the $161.70 pivot level to support a run at the first major resistance level at $175.41.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $169.48.

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 $190 before any pullback. The second major resistance level sits at $183.20.

Failure to avoid a fall through the $161.70 pivot level would bring the first major support level at $153.91 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$150 levels and the 23.6% FIB of $148. The second major support level sits at $140.20.

Looking at the Technical Indicators

First Major Support Level: $153.91

Pivot Level: $161.70

First Major Resistance Level: $175.41

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rallied by 7.79% on Monday. Reversing a 5.48% slide from Sunday, Ripple’s XRP ended the day at $0.45193.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.41347 before making a move.

Steering clear of the 38.2% FIB of $0.4070 and the first major support level at $0.3908, Ripple’s XRP rallied to an early afternoon intraday high $0.4700.

Ripple’s XRP broke through the first major resistance level at $0.4500 before a pullback to $0.44 levels.

Finding late support, however, Ripple’s XRP broke back through the first major resistance level to end the day at $0.45 levels.

At the time of writing, Ripple’s XRP was up by 0.51% to $0.45423. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.45194 to a high $0.45557.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will avoid a fall through the $0.4451 pivot level to bring the first major resistance level at $0.4768 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.47 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $0.48 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 $0.5017.

Failure to avoid a fall through the $0.4451 pivot would bring the first major support level at $0.4203 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of the second major support level at $0.3886. The 38.2% FIB of $0.4070 should limit any downside on the day.

Looking at the Technical Indicators

First Major Support Level: $0.4203

Pivot Level: $0.4451

First Major Resistance Level: $0.4768

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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