Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 3rd, 2021

Ethereum

Ethereum jumped by 10.12% on Tuesday. Following on from a 4.62% rally on Monday, Ethereum ended the day at $1,513.67.

A mixed start to the day saw Ethereum fall to an early morning intraday low $1,360.27 before making a move.

Steering clear of the first major support level at $1,305, Ethereum rallied to a late intraday high and a new swing high $1,549.00.

Ethereum broke through the first major resistance level at $1,411 and the second major resistance level at $1,448.

Coming up short of the third major resistance level at $1,555, Ethereum eased back to end the day at sub-$1,520 levels.

At the time of writing, Ethereum was up by 0.50% to $1,521.30. A mixed start to the day saw Ethereum slip to an early morning low $1,513.08 before striking a high $1,523.39.

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 $1,474 to support a run at the first major resistance level at $1,588.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s swing high $1,549.00.

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 $1,700 before any pullback. The second major resistance level sits at $1,663.

Failure to avoid a fall through the $1,474 pivot would bring the first major support level at $1,400 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,400 levels. The second major support level sits at $1,286.

Looking at the Technical Indicators

First Major Support Level: $1,400

Pivot Level: $1,474

First Major Resistance Level: $1,588

23.6% FIB Retracement Level: $1,203

38.2% FIB Retracement Level: $988

62% FIB Retracement Level: $642

Litecoin

Litecoin rallied by 7.65% on Tuesday. Following on from a 1.87% gain on Monday, Litecoin ended the day at $142.05.

A mixed start to the day saw Litecoin slip to an early morning intraday low $131.84 before making a move.

Steering clear of the first major support level at $126.50, Litecoin rallied to a late intraday high $145.95.

Litecoin broke through the first major resistance level at $137.10 and the second major resistance level at $142.16.

In spite of a late pullback, Litecoin avoided the second major resistance level, wrapping up the day at $142 levels.

At the time of writing, Litecoin was up by 0.37% to $142.57. A bullish start to the day saw Litecoin rise from an early morning low $142.12 to a high $142.95.

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

For the day ahead

Litecoin would need to avoid a fall through the $139.95 pivot level to support a run at 23.6% FIB of $148 and the first major resistance level at $148.05.

Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $145.95.

Barring an extended crypto rally, the first major resistance level and resistance at $150 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $160 before any pullback. The second major resistance level sits at $154.06.

Failure to avoid a fall through the $139.95 pivot level would bring the first major support level at $133.94 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $125.84 and the 38.2% FIB of $125.

Looking at the Technical Indicators

First Major Support Level: $133.94

Pivot Level: $139.95

First Major Resistance Level: $148.05

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 0.34% on Tuesday. Following Monday’s 25.14% slump, Ripple’s XRP ended the day at $0.37244.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.34007 before making a move.

Steering clear of the 23.6% FIB of $0.3172 and the first major support level at $0.2336, Ripple’s XRP rose to a late morning intraday high $0.41186.

While falling short of the first major resistance level at $0.6343, Ripple’s XRP broke through the 38.2% FIB of $0.4070.

A bearish second half of the day, however, saw Ripple’s XRP fall back through the 38.2% FIB to end the day at $0.372 levels.

At the time of writing, Ripple’s XRP was up by 1.94% to $0.37965. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.37340 to a high $0.37965.

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 $0.3748 pivot level to bring the 38.2% FIB of $0.4070 and the first major resistance level at $0.4095 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.40 levels.

Barring another extended crypto rally, the 38.2% FIB and the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.50 before any pullback. The second major resistance level sits at $0.4466.

Failure to avoid a fall back through the $0.3748 pivot would bring the first major support level at $0.3377 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.30 levels. The 23.6% FIB of $0.3172 and the first major support level at $0.3030 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.3377

Pivot Level: $0.3748

First Major Resistance Level: $0.4095

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