Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 1st, 2021

Ethereum

Ethereum fell by 2.02% on Thursday. Partially reversing a 2.88% rally from Wednesday, Ethereum ended the day at $737.67.

Another mixed start to the day saw Ethereum rise to an early morning high $755.90 before hitting reverse.

Falling short of the first major resistance level at $768.91, Ethereum slid to an early afternoon intraday low $724.00.

Ethereum fell through the first major support level at $726.91 before briefly revisiting $747 levels.

A bearish end to the day, however, saw Ethereum fall back to sub-$740 levels.

At the time of writing, Ethereum was up by 1.16% to $746.24. A mixed start to the day saw Ethereum fall to an early morning low $731.00 before rising to a high $750.00.

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 $739.19 to support a run at the first major resistance level at $765.38.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $750.00.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $755.90 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test the second major resistance level at $771.09.

Failure to avoid a fall through the $739.19 pivot would bring the first major support level at $722.48 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of sub-$700 levels. The second major support level at $707.29 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $722.48

Pivot Level: $739.19

First Major Resistance Level: $754.38

23.6% FIB Retracement Level: $599

38.2% FIB Retracement Level: $500

62% FIB Retracement Level: $340

Litecoin

Litecoin slid by 4.37% on Thursday. Reversing a 1.10% gain from Wednesday, Litecoin ended the day at $124.41.

It was a bearish start to the day. Litecoin slid from an early morning intraday high $130.35 to an early afternoon intraday low $122.00.

Story continues

The reversal saw Litecoin fall through the first major support level at $124.18 before wrapping up the day at $124.4 levels.

Resistance at $125 pinned Litecoin back in the second half of the day.

At the time of writing, Litecoin was up by 7.27% to $133.45. A mixed start to the day saw Litecoin fall to an early morning low $123.19 before striking a high $134.22.

Litecoin broke through the first major resistance level at $129.17 to test the second major resistance level at $133.94 early on.

For the day ahead

Litecoin would need to avoid a fallback to sub-$130 levels to support a run at $135 levels. Support from the broader market would be needed, however, for Litecoin to break out from the second major resistance level at $133.94.

Barring an extended crypto rally, the second major resistance level and resistance at $135 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $140 before any pullback. The third major resistance level sits at $142.29.

A fall back through the first major resistance level at $129.18 would bring the $125.59 pivot level into play before any recovery.

Barring an extended sell-off on the day, however, Litecoin should steer clear of  sub-$125 levels. The first major support level sits at $120.82.

Looking at the Technical Indicators

First Major Support Level: $120.82

Pivot Level: $125.59

First Major Resistance Level: $129.17

23.6% FIB Retracement Level: $112

38.2% FIB Retracement Level: $96

62% FIB Retracement Level: $69

Ripple’s XRP

Ripple’s XRP rose by 3.82% on Thursday. Partially reversing a 4.51% slide from Wednesday, Ripple’s XRP ended the day at $0.21950. It was the first daily gain in 7-days.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.20520 before finding support.

Steering clear of the first major support level at $0.1897, Ripple’s XRP rose to a late morning intraday high $0.22927.

Falling short of the first major resistance level at $0.2352, however, Ripple’s XRP slid back to $0.215 levels before revisiting $0.228 levels.

In spite of a bearish end to the day, Ripple’s XRP held avoided a fall back into the red.

At the time of writing, Ripple’s XRP was up by 2.09% to $0.22409. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.21601 before rising to a high $0.22790.

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 $0.2180 pivot level to bring the first major resistance level at $0.2308 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.

Barring another extended crypto rally, the first major resistance would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.24 before any pullback. The second major resistance sits at $0.2421.

Failure to avoid a fall through the $0.2180 pivot would bring the first major support level at $0.2067 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.20 levels. The second major support level sits at $0.1939.

Looking at the Technical Indicators

First Major Support Level: $0.2067

Pivot Level: $0.2180

First Major Resistance Level: $0.2308

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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