Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 22nd, 2021

Ethereum

Ethereum slumped by 19.35% on Thursday. Reversing a 0.67% gain from Wednesday, Ethereum ended the day at $1,110.62.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,390.00 before hitting reverse.

Falling well short of the first major resistance level at $1,446, Ethereum slid to a late intraday low $1,081.00.

The sell-off saw Ethereum fall through the first major support level at $1,271 and the second major support level at $1,165.

More significantly, Ethereum also fell through the 23.6% FIB of $1,119.

Finding late support, however, Ethereum ended the day at $1,100 levels. The 23.6% FIB of $1,119 pinned Ethereum back late on.

At the time of writing, Ethereum was down by 1.42% to $1,094.83. A mixed start to the day saw Ethereum rise to an early morning high $1,117.35 before falling to a low $1,094.83.

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

For the day ahead

Ethereum would need to move through the 23.6% FIB of $1,119 and the pivot level at $1,194 to support a run at the first major resistance level at $1,307.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,300 levels.

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

In the event of another extended crypto rally, Ethereum could test resistance at $1,400 before any pullback. The second major resistance level sits at $1,503.

Failure to move through 23.6% FIB of $1,119 and the $1,194 pivot would bring the first major support level at $998 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $885. The 38.2% FIB of $921 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $998

Pivot Level: $1,194

First Major Resistance Level: $1,307

23.6% FIB Retracement Level: $1,119

38.2% FIB Retracement Level: $921

62% FIB Retracement Level: $600

Story continues

Litecoin

Litecoin tumbled by 13.40% on Thursday. Following on from a 1.40% decline on Wednesday, Litecoin ended the day at $129.75.

A mixed start to the day saw Litecoin rise to an early morning intraday high $150.35 before hitting reverse.

Falling short of the first major resistance level at $157.87, Litecoin tumbled to a late intraday low $125.40.

The extended sell-off saw Litecoin fall through the first major support level at $140.10 and the second major support level at $130.43.

More significantly, Litecoin also fell through the 23.6% FIB of $148.

Finding support at the 38.2% FIB of $125, Litecoin briefly broke back through the second major support level before ending the day at sub-$130 levels.

At the time of writing, Litecoin was down by 0.95% to $128.52. A bearish start to the day saw Litecoin fall from an early morning high $129.80 to a low $126.77.

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

For the day ahead

Litecoin would need to move through the $135.17 pivot level to support a run at the first major resistance level at $144.93 and the 23.6% FIB of $148.

Support from the broader market would be needed, however, for Litecoin to break back through to $140 levels.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $160. The second major resistance level sits at $160.12.

Failure to move through the $135.17 pivot level would bring the 38.2% FIB of $125 and the first major support level at $119.98 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $110.22.

Looking at the Technical Indicators

First Major Support Level: $119.98

Pivot Level: $135.17

First Major Resistance Level: $144.93

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 9.43% on Thursday. Reversing a 0.40% gain from Wednesday, Ripple’s XRP ended the day at $0.26804.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.30713 before hitting reverse.

Falling short of the first major resistance level at $0.3115, Ripple’s XRP slid to a late intraday low $0.26000.

The extended sell-off saw Ripple’s XRP fall through the first major support level at $0.2797 and the second major support level at $0.2641.

Steering clear of sub-$0.26 levels, Ripple’s XRP broke back through the second major support level to end the day at $0.268 levels.

At the time of writing, Ripple’s XRP was down by 0.50% to $0.26669. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.26828 before falling to a low $0.26529.

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 $0.2784 pivot level to bring the first major resistance level at $0.2968 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.29 levels.

Barring an extended crypto rally, the first major resistance and Thursday’s high $0.30713 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test the second major resistance at $0.3255. Ripple’s XRP would need support to breakout from the 23.6% FIB of $0.3172, however.

Failure to move through the $0.2784 pivot would bring the first major support level at $0.2497 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level sits at $0.2313.

Looking at the Technical Indicators

First Major Support Level: $0.2497

Pivot Level: $0.2784

First Major Resistance Level: $0.2968

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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