Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 23rd, 2021

Ethereum

Ethereum rallied by 11.07% on Friday. Partially reversing Thursday’s 19.35% slump, Ethereum ended the day at $1,233.60.

A bearish start to the day saw Ethereum slide to an early morning intraday low $1,039.62 before making a move.

Steering clear of the first major support level at $998, Ethereum rallied to a late intraday high $1,275.99.

While coming up short of the first major resistance level at $1,307, Ethereum broke through the 23.6% FIB of $1,119.

A bearish end to the day saw Ethereum ease back to end the day at sub-$1,240 levels.

At the time of writing, Ethereum was down by 0.99% to $1,221.43. A bearish start to the day saw Ethereum fall from an early morning high $1,233.89 to a low $1,206.10.

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 $1,183 to support a run at the first major resistance level at $1,327.

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 $1,419.

Failure to avoid a fall through the $1,183 pivot would bring the 23.6% FIB of $1,119 and the first major support level at $1,090 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,000 levels. The second major support level sits at $947.

Looking at the Technical Indicators

First Major Support Level: $1,090

Pivot Level: $1,183

First Major Resistance Level: $1,327

23.6% FIB Retracement Level: $1,119

38.2% FIB Retracement Level: $921

62% FIB Retracement Level: $600

Litecoin

Litecoin rallied by 6.26% on Friday. Partially reversing a 13.40% tumble from Thursday, Litecoin ended the day at $137.76.

A bearish start to the day saw Litecoin slide to an early morning intraday low $122.25 before making a move.

Story continues

The sell-off saw Litecoin fall through the 38.2% FIB of $125.

Steering clear of the first major support level at $119.98, Litecoin rallied to a late intraday high $142.00.

While coming up short of the first major resistance level at $144.93, Litecoin broke back through the 38.2% FIB.

A bearish end to the day saw Litecoin fall back to end the day at sub-$140 levels.

At the time of writing, Litecoin was down by 1.05% to $136.31. A bearish start to the day saw Litecoin fall from an early morning high $137.75 to a low $135.00.

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

For the day ahead

Litecoin would need to avoid a fall through the $134.00 pivot level to support a run at the first major resistance level at $145.76 and the 23.6% FIB of $148.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $142.00.

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 $150. The second major resistance level sits at $153.75.

Failure to avoid a fall through the $134.00 pivot level would bring first major support level at $126.01 and the 38.2% FIB of $125 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $114.25.

Looking at the Technical Indicators

First Major Support Level: $126.01

Pivot Level: $134.00

First Major Resistance Level: $145.76

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rose by 1.80% on Friday. Partially reversing a 9.43% slide from Thursday, Ripple’s XRP ended the day at $0.27282.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.24000.

Ripple’s XRP fell through the first major support level at $0.2497 before striking a late intraday high $0.27801.

Falling short of the first major resistance level at $0.2968, Ripple’s XRP eased back to end the day at $0.272 levels.

At the time of writing, Ripple’s XRP was up by 0.03% to $0.27290. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.27028 before rising to a high $0.27293.

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 through the $0.2636 pivot level to bring the first major resistance level at $0.2872 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.28 levels.

Barring an extended crypto rally, the first major resistance and resistance at $0.29 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test the second major resistance at $0.3016 before any pullback.

Failure to avoid a fall through the $0.2636 pivot would bring the first major support level at $0.2492 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 $0.2256.

Looking at the Technical Indicators

First Major Support Level: $0.2492

Pivot Level: $0.2636

First Major Resistance Level: $0.2872

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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