Advertisement
Advertisement

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

By:
Bob Mason
Updated: Feb 4, 2021, 00:52 UTC

It's a mixed start to the day for the majors, with Ripple's XRP seeing red early on. Following Wednesday's gains, expect the pivot levels to be key today.

Coins of crypto currency are presented on a dark background. Virtual money concept.

Ethereum

Ethereum jumped by 10.23% on Wednesday. Following on from a 10.12% rally Tuesday, Ethereum ended the day at $1,668.72.

A mixed start to the day saw Ethereum slip to an early morning intraday low $1,509.48 before making a move.

Steering well clear of the first major support level at $1,400, Ethereum rallied to a late intraday high and a new swing high $1,672.20.

Ethereum broke through the first major resistance level at $1,588 and the second major resistance level at $1,663 to end the day at $1,668 levels.

At the time of writing, Ethereum was up 0.29% to $1,673.63. A mixed start to the day saw Ethereum fall to an early morning low $1,664.08 before rising to a new swing hi $1,680.00.

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

ETHUSD 040221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,617 to support a run at the first major resistance level at $1,724.

Support from the broader market would be needed, however, for Ethereum to break through to $1,700 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 $1,800 before any pullback. The second major resistance level sits at $1,780.

Failure to avoid a fall through the $1,617 pivot would bring the first major support level at $1,561 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,500 levels. The second major support level sits at $1,454.

Looking at the Technical Indicators

First Major Support Level: $1,561

Pivot Level: $1,617

First Major Resistance Level: $1,724

23.6% FIB Retracement Level: $1,297

38.2% FIB Retracement Level: $1,064

62% FIB Retracement Level: $689

Litecoin

Litecoin rallied by 9.91% on Wednesday. Following on from a 7.65% gain on Tuesday, Litecoin ended the day at $156.20.

It was a bullish day. Litecoin rallied from a start of the day intraday low $142.12 to a final hour intraday high $156.86.

Litecoin broke through the first major resistance level at $148.05 and the second major resistance level at $154.06.

More significantly, Litecoin also broke through the 23.6% FIB of $148 to wrap up the day at $156 levels.

At the time of writing, Litecoin was up by 1.11% to $157.93. A mixed start to the day saw Litecoin slip to an early low $156.05 before striking a high $158.49.

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

LTCUSD 040221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $151.73 pivot level to support a run at the first major resistance level at $161.33.

Support from the broader market would be needed, however, for Litecoin to break through to $160 levels.

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

In the event of an extended breakout, Litecoin could test resistance at $170 before any pullback. The second major resistance level sits at $166.47.

Failure to avoid a fall through the $151.73 pivot level would bring the 23.6% FIB of $148 and the first major support level at $146.59 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$145 levels. The second major support level sits at $136.99.

Looking at the Technical Indicators

First Major Support Level: $146.59

Pivot Level: $151.73

First Major Resistance Level: $161.33

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rallied by 6.58% on Wednesday. Following on from a 0.34% gain on Tuesday, Ripple’s XRP ended the day at $0.39797.

It was also bullish day for Ripple’s XRP, which avoided a fall into the red.

Ripple’s XRP rose from a start of the day intraday low $0.3734 to a late afternoon intraday high $0.4190 before easing back.

The rally saw Ripple’s XRP break through the 38.2% FIB of $0.4070 and the first major resistance level at $0.4095.

A pullback to $0.383 levels saw Ripple’s XRP fall back through the 38.2% FIB and first major resistance level, however.

Finding late support, Ripple’s XRP moved back through to $0.39 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.56% to $0.39574. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.3990 before falling to a low $0.39500.

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

XRPUSD 040221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.3967 pivot level to bring the 38.2% FIB of $0.4070 and the first major resistance level at $0.4202 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.4190.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.45 before any pullback. The second major resistance level sits at $0.4424.

Failure to move back through the $0.3967 pivot would bring the first major support level at $0.3746 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of the 23.6% FIB of $0.3172. The second major support level at $0.3512 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.3746

Pivot Level: $0.3968

First Major Resistance Level: $0.4202

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement