Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 4th, 2021

Ethereum

Ethereum surged by 26.46% on Sunday. Following on from a 6.06% rally on Saturday, Ethereum ended the week up by 43.3% to $980.44.

Another mixed start to the day saw Ethereum fall to an early morning intraday low $770.00 before making a move.

Steering clear of the first major support level at $730.61, Ethereum surged to a late intraday high and a new swing hi $1,015.14.

Ethereum broke through the day’s major resistance levels to visit $1,000 levels for the first time.

In spite of a late pullback, Ethereum avoided the third major resistance level at $907.89.

At the time of writing, Ethereum was up by 0.42% to $984.58. A mixed start to the day saw Ethereum rise to an early morning high $995.99 before falling to a low $970.06.

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 $921.86 to support a run at the first major resistance level at $1073.72.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1015.14.

Barring an extended crypto rally, the first major resistance level and resistance at $1,100 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $1,200 before any pullback. The second major resistance level sits at $1,167.

Failure to avoid a fall through the $921.86 pivot would bring the first major support level at $828.58 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of sub-$800 levels. The second major support level sits at $676.72.

Looking at the Technical Indicators

First Major Support Level: $828.58

Pivot Level: $921.86

First Major Resistance Level: $1,073.72

23.6% FIB Retracement Level: $795

38.2% FIB Retracement Level: $658

62% FIB Retracement Level: $438

Litecoin

Litecoin rallied by 17.81% on Sunday. Following on from an 8.38% gain on Saturday, Litecoin ended the week up by 26.5% to $161.52.

Story continues

It was a mixed start to the day. Litecoin fell to an early morning intraday low $135.50 before making a move.

Steering clear of the first major support level at $126.55, Litecoin surged to a late afternoon high $160.00.

Litecoin broke through the first major resistance level at $144.96 and the second major resistance level at $152.79.

A late reversal saw Litecoin fall back to sub-$150 levels before striking a final hour intraday high and a new swing hi $164.98.

Litecoin broke back through the second major resistance level to wrap up the day at $161 levels.

At the time of writing, Litecoin was down by 0.61% to $160.54. A mixed start to the day saw Litecoin rise to an early morning high $163.61 before falling to a low $159.66.

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

For the day ahead

Litecoin would need to avoid a fall through the $154.00 pivot level to support a run at the first major resistance level at $172.50.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $164.98.

Barring an extended crypto rally, the first major resistance level and resistance at $175 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 $183.48.

Failure to avoid a fall through the $154.00 pivot level would bring the first major support level at $143.02 into play before any recovery.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the 23.6% FIB of $132. The second major support level sits at $124.52.

Looking at the Technical Indicators

First Major Support Level: $143.02

Pivot Level: $154.00

First Major Resistance Level: $172.50

23.6% FIB Retracement Level: $132

38.2% FIB Retracement Level: $112

62% FIB Retracement Level: $79

Ripple’s XRP

Ripple’s XRP rose by 1.85% on Sunday. Partially reversing a 7.16% slide from Saturday, Ripple’s XRP ended the week down by 20.6% to $0.22518.

A mixed start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.21524 before finding support.

Steering clear of the first major support level at $0.2084, Ripple’s XRP rose to a late afternoon intraday high $0.23886.

Ripple’s XRP broke through the first major resistance level at $0.2362 before falling back to $0.2210 levels.

Avoiding a fall back into the red, Ripple’s XRP moved back through to $0.225 levels to deliver the upside for the day.

At the time of writing, Ripple’s XRP was down by 0.19% to $0.22476. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22705 before falling to a low $0.22375.

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 $0.2264 pivot level to bring the first major resistance level at $0.2376 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.235 levels.

Barring another extended crypto rally, the first major resistance and Sunday’s high $0.23886 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.25 before any pullback. The second major resistance sits at $0.2500.

Failure to move through the $0.2264 pivot would bring the first major support level at $0.2140 into play.

Barring another extended crypto sell-off, Ripple’s XRP should continue to avoid sub-$0.21 levels. The second major support level sits at $0.2028.

Looking at the Technical Indicators

First Major Support Level: $0.2140

Pivot Level: $0.2264

First Major Resistance Level: $0.2376

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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