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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 14th, 2021

By:
Bob Mason

It's a bullish start to the day for the majors. Avoiding the day's pivot levels would bring resistance levels into play.

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Ethereum

Ethereum rallied by 7.65% on Wednesday. Reversing a 3.56% loss from Tuesday, Ethereum ended the day at $1,130.80.

A bearish start to the day saw Ethereum fall to an early morning low $980.00 before making a move.

Finding support at the first major support level at $988, Ethereum rallied to a late intraday high $1,137.75.

Ethereum broke through the 23.6% FIB of $1,051 to wrap up the day at $1,120 levels. The first major resistance level at $1,131 pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 1.30% to $1,145.48. A bullish start to the day saw Ethereum rise from an early morning low $1,130.44 to a high $1,145.76.

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

ETHUSD 140121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,083 to support a run at the first major resistance level at $1,186.

Support from the broader market would be needed, however, for Ethereum to break out from $1,150 levels.

Barring an extended crypto rally, the first major resistance level and resistance $1,200 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 $1,241.

Failure to avoid a fall through the $1,083 pivot would bring the 23.6% FIB of $1,051 and the first major support level at $1,028 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $925.

Looking at the Technical Indicators

First Major Support Level: $1,028

Pivot Level: $1,083

First Major Resistance Level: $1,186

23.6% FIB Retracement Level: $1,051

38.2% FIB Retracement Level: $866

62% FIB Retracement Level: $566

Litecoin

Litecoin jumped by 10.61% on Wednesday. Reversing a 4.28% decline from Tuesday. Litecoin ended the day at $147.51.

A mixed start to the day saw Litecoin slide to an early morning intraday low $125.70 before making a move.

Coming within range of the first major support level and 38.2% FIB of $125, Litecoin rallied to a final hour intraday high $148.50.

Litecoin broke through the first major resistance level at $144 to come up against the 23.6% FIB of $148 before easing back.

At the time of writing, Litecoin was up by 1.55% to $149.80. A bullish start to the day saw Litecoin rise from an early morning low $147.46 to a high $149.99.

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

LTCUSD 140121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $140.5 pivot level to support a run at the first major resistance level at $155.3.

Support from the broader market would be needed, however, for Litecoin to break out from $150 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. The second major resistance level at $163.1.

Failure to avoid a fall through the $140.5 pivot level would bring the first major support level at $132.7 into play.

Barring an extended sell-off, Litecoin should avoid the second major support level at $117.9. The 38.2% FIB of $125 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $132.7

Pivot Level: $140.5

First Major Resistance Level: $155.3

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 4.54% on Wednesday. Following on from a 1.66% gain on Tuesday, Ripple’s XRP ended the day at $0.30578.

It was a bearish start to the day. Ripple’s XRP fell to an early morning intraday low $0.2840 before making a move.

Steering clear of the first major support level at $0.2767, Ripple’s XRP rallied to a late intraday high $0.30984.

Ripple’s XRP came up against the first major resistance level at $0.3092 before easing back.

At the time of writing, Ripple’s XRP was up by 0.83% to $0.30833. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.30578 to a high $0.30906.

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

XRPUSD 140121 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2999 pivot level to bring the first major resistance level at $0.3157 and the 23.6% FIB of $0.3172 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.31 levels.

Barring another extended crypto rally, the first major resistance and the 23.6% FIB 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 $0.3257.

Failure to avoid a fall through the $0.2999 pivot would bring the first major support level at $0.2899 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.28 levels. The second major support level sits at $0.2740.

Looking at the Technical Indicators

First Major Support Level: $0.2899

Pivot Level: $0.2999

First Major Resistance Level: $0.3157

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.

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