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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 20th, 2021

By:
Bob Mason
Updated: Jan 20, 2021, 00:43 UTC

It's a bullish start to the day for the majors. A move back through the early morning highs should support a breakout.

Cryptocurrency Ethereum with One Dollar Bill as financial concept.

Ethereum

Ethereum rallied by 8.70% on Tuesday. Following on from a 2.10% gain on Monday, Ethereum ended the day at $1,368.04.

A mixed start to the day saw Ethereum fall to an early morning intraday low $1,252.01 before making a move.

Steering clear of the first major support level at $1,207, Ethereum rallied to a mid-day intraday high and a new swing hi $1,440.00.

Ethereum broke through the day’s major resistance levels before a pullback to sub-$1,330 levels.

The pullback saw Ethereum fall back through the third major resistance level at $1,392.

Steering clear of the second major resistance level at $1,313, Ethereum revisited $1,400 levels before ending the day at sub-$1,370 levels.

At the time of writing, Ethereum was up by 1.34% to $1,386.34. A mixed start to the day saw Ethereum fall to an early morning low $1,356.16 before striking a high $1,397.24.

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

ETHUSD 200121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,353 to support a run at the first major resistance level at $1,455.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,440.00.

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 $1,600 before any pullback. The second major resistance level sits at $1,541.

Failure to avoid a fall through the $1,353 pivot would bring the first major support level at $1,267 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level sits at $1,165.

Looking at the Technical Indicators

First Major Support Level: $1,267

Pivot Level: $1,353

First Major Resistance Level: $1,455

23.6% FIB Retracement Level: $1,119

38.2% FIB Retracement Level: $921

62% FIB Retracement Level: $600

Litecoin

Litecoin rose by 0.06% on Tuesday. Following on from a 6.39% gain on Monday, Litecoin ended the day at $151.90.

A mixed start to the day saw Litecoin fall to an early morning intraday low $150.17 before making a move.

Steering clear of the first major support level at $141.77, Litecoin surged to a late morning intraday high $166.21.

Litecoin broke through the first major resistance level at $158.50 and the second major resistance level at $165.11.

More significantly, Litecoin broke back through the 23.6% FIB of $148.

A bearish second half of the day, however, saw Litecoin fall back through the resistance levels to end the day at sub-$152 levels.

At the time of writing, Litecoin was up by 1.13% to $153.61. A mixed start to the day saw Litecoin fall to an early morning low $149.68 before striking a high $154.14.

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

LTCUSD 200121 Hourly Chart

For the day ahead

Litecoin would need to move through the $156.09 pivot level to support a run at the first major resistance level at $162.02.

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

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $166.21 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $180. The second major resistance level sits at $172.13.

Failure to move through the $156.09 pivot level would bring 23.6% FIB of $148 and the first major support level at $145.98 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $140.05.

Looking at the Technical Indicators

First Major Support Level: $145.98

Pivot Level: $156.09

First Major Resistance Level: $162.02

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 2.87% on Tuesday. Following on from a 2.77% gain on Monday, Ripple’s XRP ended the day at $0.29424.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.28415 before making a move.

Steering clear of the first major support level at $0.2751, Ripple’s XRP jumped to a mid-morning intraday high $0.32960.

Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $0.3172.

It was bearish through the remainder of the day, however.

Ripple’s XRP fell back through the third major resistance level at $0.3157 and the second major resistance level at $0.2988.

More significantly, Ripple’s XRP also fell back through the 23.6% FIB of $0.3172.

Finding support at the first major resistance level at $0.2921, however, Ripple’s XRP wrapped up the day at $0.294 levels.

At the time of writing, Ripple’s XRP was up by 0.12% to $0.29460. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.29044 before rising to a high $0.29494.

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

XRPUSD 200121 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.3027 pivot level to bring the first major resistance level at $0.3212 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through the 23.6% FIB of $0.3172.

Barring an extended crypto rally, the first major resistance and Tuesday’s high $0.3296 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.35 levels. The second major resistance sits at $0.3481.

Failure to move through the $0.3027 pivot would bring the first major support level at $0.2757 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level sits at $0.2572.

Looking at the Technical Indicators

First Major Support Level: $0.2757

Pivot Level: $0.3027

First Major Resistance Level: $0.3212

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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