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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 23rd, 2021

By:
Bob Mason
Updated: Jan 23, 2021, 01:44 UTC

It's a mixed start to the day for the majors. Steering clear of the day's pivot levels would support a run at the major resistance levels, however.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum

Ethereum rallied by 11.07% on Friday. Partially reversing Thursday’s 19.35% slump, Ethereum ended the day at $1,233.60.

A bearish start to the day saw Ethereum slide to an early morning intraday low $1,039.62 before making a move.

Steering clear of the first major support level at $998, Ethereum rallied to a late intraday high $1,275.99.

While coming up short of the first major resistance level at $1,307, Ethereum broke through the 23.6% FIB of $1,119.

A bearish end to the day saw Ethereum ease back to end the day at sub-$1,240 levels.

At the time of writing, Ethereum was down by 0.99% to $1,221.43. A bearish start to the day saw Ethereum fall from an early morning high $1,233.89 to a low $1,206.10.

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

ETHUSD 230121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,183 to support a run at the first major resistance level at $1,327.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,300 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 $1,400 before any pullback. The second major resistance level sits at $1,419.

Failure to avoid a fall through the $1,183 pivot would bring the 23.6% FIB of $1,119 and the first major support level at $1,090 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,000 levels. The second major support level sits at $947.

Looking at the Technical Indicators

First Major Support Level: $1,090

Pivot Level: $1,183

First Major Resistance Level: $1,327

23.6% FIB Retracement Level: $1,119

38.2% FIB Retracement Level: $921

62% FIB Retracement Level: $600

Litecoin

Litecoin rallied by 6.26% on Friday. Partially reversing a 13.40% tumble from Thursday, Litecoin ended the day at $137.76.

A bearish start to the day saw Litecoin slide to an early morning intraday low $122.25 before making a move.

The sell-off saw Litecoin fall through the 38.2% FIB of $125.

Steering clear of the first major support level at $119.98, Litecoin rallied to a late intraday high $142.00.

While coming up short of the first major resistance level at $144.93, Litecoin broke back through the 38.2% FIB.

A bearish end to the day saw Litecoin fall back to end the day at sub-$140 levels.

At the time of writing, Litecoin was down by 1.05% to $136.31. A bearish start to the day saw Litecoin fall from an early morning high $137.75 to a low $135.00.

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

LTCUSD 230121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $134.00 pivot level to support a run at the first major resistance level at $145.76 and the 23.6% FIB of $148.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $142.00.

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

In the event of an extended breakout, Litecoin could test resistance at $150. The second major resistance level sits at $153.75.

Failure to avoid a fall through the $134.00 pivot level would bring first major support level at $126.01 and the 38.2% FIB of $125 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $114.25.

Looking at the Technical Indicators

First Major Support Level: $126.01

Pivot Level: $134.00

First Major Resistance Level: $145.76

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 1.80% on Friday. Partially reversing a 9.43% slide from Thursday, Ripple’s XRP ended the day at $0.27282.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.24000.

Ripple’s XRP fell through the first major support level at $0.2497 before striking a late intraday high $0.27801.

Falling short of the first major resistance level at $0.2968, Ripple’s XRP eased back to end the day at $0.272 levels.

At the time of writing, Ripple’s XRP was up by 0.03% to $0.27290. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.27028 before rising to a high $0.27293.

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

XRPUSD 230121 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2636 pivot level to bring the first major resistance level at $0.2872 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.28 levels.

Barring an extended crypto rally, the first major resistance and resistance at $0.29 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test the second major resistance at $0.3016 before any pullback.

Failure to avoid a fall through the $0.2636 pivot would bring the first major support level at $0.2492 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level sits at $0.2256.

Looking at the Technical Indicators

First Major Support Level: $0.2492

Pivot Level: $0.2636

First Major Resistance Level: $0.2872

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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