Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 5th, 2021

Ethereum

Ethereum rose by 6.32% on Monday. Following on from Sunday’s 26.46% surge, Ethereum ended the day at $1,042.38.

Another mixed start to the day saw Ethereum rally to a mid-morning intraday high and a new swing high $1,168.99.

Ethereum broke through the first major resistance level at $1,073.72 before hitting reverse.

Coming up against the second major resistance level at $1,167.00, Ethereum slid to a late morning intraday low $886.33.

Steering clear of the first major support level at $828.58, Ethereum revisited $1,050 levels before easing back.

At the time of writing, Ethereum was up by 4.19% to $1,086.05. A bullish start to the day saw Ethereum rise from an early morning low $1,042.00 to a high $1,086.05.

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 $1,032.57 to support a run at the first major resistance level at $1,178.80.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $1,168.99.

Barring an extended crypto rally, the first major resistance level and resistance at $1,200 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $1,300 before any pullback. The second major resistance level sits at $1,315.23.

Failure to avoid a fall through the $1,032.57 pivot would bring the 23.6% FIB of $912 and the first major support level at $896.14 into play.

Barring an extended sell-off, however, Ethereum should continue to steer well clear of sub-$800 levels. The second major support level sits at $749.91.

Looking at the Technical Indicators

First Major Support Level: $896.14

Pivot Level: $1,032.57

First Major Resistance Level: $1,178.89

23.6% FIB Retracement Level: $912

38.2% FIB Retracement Level: $753

62% FIB Retracement Level: $496

Litecoin

Litecoin slid by 3.72% on Monday. Partially reversing a 17.81% rally from Sunday, Litecoin ended the day at $155.43.

Story continues

A bullish start to the day saw Litecoin rally to a mid-morning intraday high and a new swing hi $174.50 before hitting reverse.

Litecoin broke through the first major resistance level at $172.50 before sliding to a late morning intraday low $140.00.

The sell-off saw Litecoin fall through the first major support level at $143.02 before finding support.

Steering clear of sub-$140 and the 23.6% FIB of $132, Litecoin briefly revisited $158 levels before sliding back to $151 levels.

A bullish end to the day, however, reduced the deficit for the day.

At the time of writing, Litecoin was up by 2.12% to $158.72. A bullish start to the day saw Litecoin rise from an early morning low $155.48 to a high $159.30.

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

For the day ahead

Litecoin would need to avoid a fall through the $156.64 pivot level to support a run at the first major resistance level at $173.29.

Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $174.50 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level sits at $191.14.

Failure to avoid a fall through the $156.64 pivot level would bring the 23.6% FIB of $139 and the first major support level at $138.79 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$130 levels and the second major support level at $122.14.

Looking at the Technical Indicators

First Major Support Level: $138.79

Pivot Level: $156.64

First Major Resistance Level: $173.29

23.6% FIB Retracement Level: $139

38.2% FIB Retracement Level: $117

62% FIB Retracement Level: $82

Ripple’s XRP

Ripple’s XRP rallied by 4.54% on Monday. Following on from a 1.85% gain on Sunday, Ripple’s XRP ended the day at $0.23601.

Tracking the broader market, Ripple’s XRP jumped to a mid-morning intraday high $0.26805 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2376 and the second major resistance level at $0.2500.

The reversal saw Ripple’s XRP slide to a late morning intraday low $0.21439.

Finding support at the first major support level at $0.2140, Ripple’s XRP revisited $0.24 levels before easing back.

The first major resistance level at $0.2376 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.82% to $0.23408. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.23758 before falling to a low $0.23318.

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

For the day ahead

Ripple’s XRP will need to move through the $0.2395 pivot level to bring the first major resistance level at $0.2646 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.26 levels.

Barring another extended crypto rally, the first major resistance and Monday’s high $0.26805 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.28 before any pullback. The second major resistance sits at $0.2931.

Failure to move through the $0.2395 pivot would bring the first major support level at $0.2109 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to avoid sub-$0.21 levels. The second major support level sits at $0.1858.

Looking at the Technical Indicators

First Major Support Level: $0.2109

Pivot Level: $0.2395

First Major Resistance Level: $0.2646

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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