Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 12th, 2021

Ethereum

Ethereum tumbled by 13.25% on Monday. Following on from a 2.04% on Sunday, Ethereum ended the day at $1,088.79.

It was a particularly bearish day. Ethereum slid from an early morning intraday high $1,260.24 to a late afternoon intraday low $905.00.

The sell-off saw Ethereum fall through the first major support level at $1,155.13 and the second major support level at $1,055.12.

More significantly, Ethereum also slid through the 23.6% FIB of $1,051.

Finding support late in the day. Ethereum moved back through the 23.6% FIB and the second major support level.

At the time of writing, Ethereum was down by 3.84% to $1,046.99. A particularly bearish start to the day saw Ethereum fall from an early morning high $1,093.00 to a low $1,040.00.

While leaving the major support and resistance levels untested, Ethereum fell through the 23.6% FIB of $1,051 early on.

For the day ahead

Ethereum would need to move through the 23.6% FIB and the pivot level at $1,085 to support a run at the first major resistance level at $1,264.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,200 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1,260.24 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,350 before any pullback. The second major resistance level sits at $1,440.

Failure to move through the 23.6% FIB and the $1,085 pivot would bring the first major support level at $909.11 into play.

Barring another extended sell-off, however, Ethereum should steer well clear of the second major support level at $729. The 38.2% FIB of $866 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,264

Pivot Level: $1,085

First Major Resistance Level: $909

23.6% FIB Retracement Level: $1,051

38.2% FIB Retracement Level: $866

62% FIB Retracement Level: $566

Litecoin

Litecoin tumbled by 18.09% on Monday. Following on from a 4.32% decline on Sunday. Litecoin ended the day at $139.43.

Tracking the broader market, Litecoin slid from an early morning intraday high $170.72 to a late afternoon intraday low $111.04.

The extended sell-off saw Litecoin fall through the day’s major support levels.

More significantly, Litecoin also fell through the 23.6% FIB of $148 and the 38.2% FIB of $125.

Finding late support, Litecoin moved back through the third major support level at $120.95 and the 38.2% FIB.

At the time of writing, Litecoin was down by 4.30% to $133.43. A mixed start to the day saw Litecoin rise to an early morning high $140.50 before sliding to a low $132.50.

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

For the day ahead

Litecoin would need to move through the $140 pivot level and the 23.6% FIB of $148 to support a run at the first major resistance level at $170.

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

Barring an extended crypto rally, the 23.6% FIB of $148 and resistance at $150 would likely leave Litecoin short of the first major resistance level.

In the event of an extended breakout, the first major resistance level would likely cap any upside. The second major resistance level sits at $200.

Failure to move through the $140 pivot level would bring the 38.2% FIB of $125 and the first major support level at $110 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$100 levels and the 62% FIB of $87. The second major support level sits at $81.

Looking at the Technical Indicators

First Major Support Level: $110

Pivot Level: $140

First Major Resistance Level: $170

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP slid by 8.63% on Monday. Following on from a 3.16% fall on Sunday Ripple’s XRP ended the day at $0.28781.

It was a bearish start to the day. Ripple’s XRP fell from an early morning intraday high $0.31592 to an early morning intraday low $0.25333.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2782 before revising $0.299 levels.

A 2^nd reversal saw Ripple’s XRP slide back through the first major support level to a late afternoon low $0.25781.

Finding support late in the day, however, Ripple’s XRP moved back through the first major support level to wrap up the day at $0.28 levels.

At the time of writing, Ripple’s XRP was down by 2.11% to $0.28175. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.28925 before falling to a low $0.27945.

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 $0.2857 pivot level to bring the 23.6% FIB of $0.3172 and the first major resistance level at $0.3180 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.

Barring another extended crypto rally, the 23.6% FIB and the first major resistance would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.33 before any pullback. The second major resistance sits at $0.3483.

Failure to move through the $0.2857 pivot would bring the first major support level at $0.2555 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2231.

Looking at the Technical Indicators

First Major Support Level: $0.2555

Pivot Level: $0.2857

First Major Resistance Level: $0.3180

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