Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 8th, 2021

Ethereum

Ethereum rose by 1.21% on Thursday. Following on from a 9.81% rally on Wednesday, Ethereum ended the day at $1,227.34.

Another mixed start to the day saw Ethereum fall to a late morning low $1,160.71 before making a move.

Steering clear of the first major support level at $1,108.23, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,291.94

Ethereum broke through the first major resistance level at $1,265.89 before a pullback to an intraday low $1,140 levels.

Continuing to steer clear of the major support levels, Ethereum broke back through to $1,220 levels to end the day in the green.

At the time of writing, Ethereum was up by 0.50% to $1,233.48. A mixed start to the day saw Ethereum fall to an early morning low $1,216.22 before rising to a high $1,233.93.

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 $1,219.76 to support a run at the first major resistance level at $1,299.52.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $1,291.94.

Barring an extended crypto rally, the first major resistance level and resistance at $1,300 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $1,450 before any pullback. The second major resistance level sits at $1,371.70.

Failure to avoid a fall through the $1,219.76 pivot would bring the first major support level at $1,147.58 into play.

Barring an extended sell-off, however, Ethereum should steer clear sub-$1,100 levels. The second major support level sits at $1,067.82.

Looking at the Technical Indicators

First Major Support Level: $1,147.58

Pivot Level: $1,219.76

First Major Resistance Level: $1,299.52

23.6% FIB Retracement Level: $1,006

38.2% FIB Retracement Level: $829

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 0.18% on Thursday. Following on from a 6.54% rally on Wednesday, Litecoin ended the day at $169.75.

A mixed start to the day saw Litecoin fall to a late morning low $162.42 before making a move.

Steering clear of the first major support level at $159.89, Litecoin rallied to a late afternoon intraday high and a new swing hi $181.25.

Litecoin broke through the first major resistance level at $174.42 and the second major resistance level at $179.42 before hitting reverse.

The reversal saw Litecoin fall to a late afternoon intraday low $162.00.

Steering clear of the major support levels, Litecoin revisited $175 levels before falling back into the red. Finding late support, however, Litecoin moved back through to $169.7 levels to end the day in the green.

At the time of writing, Litecoin was up by 1.01% to $171.46. A bullish start to the day saw Litecoin rise from an early morning low $169.63 to a high $172.17.

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

https://finance.yahoo.com/

For the day ahead

Litecoin would need to avoid a fall back through the $171.00 pivot level to support a run at the first major resistance level at $180.00.

Support from the broader market would be needed, however, for Litecoin to break out $175 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $181.25 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $190.25.

Failure to avoid a fall back through the $171.00 pivot level would bring the first major support level at $160.75 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $151.75.

Looking at the Technical Indicators

First Major Support Level: $160.75

Pivot Level: $171.00

First Major Resistance Level: $180.00

23.6% FIB Retracement Level: $144

38.2% FIB Retracement Level: $122

62% FIB Retracement Level: $85

Ripple’s XRP

Ripple’s XRP surged by 29.93% on Thursday. Following on from a 9.97% rally on Wednesday, Ripple’s XRP ended the day at $0.32407.

A bullish day saw Ripple’s XRP rally from an early morning intraday low $0.24613 to a late afternoon intraday high $0.37168.

Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $0.3171 before a pullback to sub-$0.30 levels.

The pullback saw Ripple’s XRP fall back through the third major resistance level at $0.3577 and the second major resistance level at $0.3034

Ripple’s XRP also fell back through the 23.6% FIB before revisiting $0.34 levels.

A 2nd pullback saw Ripple’s XRP fall back through the second major resistance level and the 23.6% FIB to $0.29 levels.

Finding late support, however, Ripple’s XRP broke back through the second major resistance level at $0.3034.

Ripple’s XRP also broke back through 23.6% FIB to wrap up the day at $0.32 levels.

At the time of writing, Ripple’s XRP was up by 5.97% to $0.34342. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.32245 to a high $0.34626.

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

https://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to avoid a fall through the 23.6% FIB of $0.3172 and the $0.3140 pivot level to bring the first major resistance level at $0.3818 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.37168.

Barring another extended crypto rally, the first major resistance and resistance at $0.40 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.45 before any pullback. The second major resistance sits at $0.4395.

Failure to avoid a fall through the 23.6% FIB and the $0.3140 pivot would bring the first major support level at $0.2562 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.25 levels. The second major support level sits at $0.1884.

Looking at the Technical Indicators

First Major Support Level: $0.2562

Pivot Level: $0.3140

First Major Resistance Level: $0.3818

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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