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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 28th, 2021

By:
Bob Mason
Updated: Feb 4, 2021, 09:52 UTC

It's a bullish start to the day for the majors. Failure to move through the day's pivot levels, however, would bring support levels into play.

Bitcoin coin on white keyboard

Ethereum

Ethereum slid by 9.28% on Wednesday. Reversing a 3.79% gain from Tuesday, Ethereum ended the day at $1,240.96.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,375.91 before hitting reverse.

Falling short of the first major resistance level at $1,416, Ethereum slid to an early afternoon intraday low $1,206.05.

The sell-off saw Ethereum fall through the first major support level at $1,283 before finding support.

Steering clear of sub-$1,200 support levels, Ethereum revisited $1,300 levels before falling back into the deep red.

At the time of writing, Ethereum was up by 2.16% to $1,267.71. A mixed start to the day saw Ethereum fall to an early morning low $1,220.08 before rising to a high $1,274.31.

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

ETHUSD 280121 Hourly Chart
ETHUSD 280121 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,274.31 to support a run at the first major resistance level at $1,343.

Support from the broader market would be needed, however, for Ethereum to break out from $1,300 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1,375.91 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test the second major resistance level at $1,444 and resistance at the swing hi $1,477.30.

Failure to move through the $1,274 pivot would bring the first major support level at $1,173 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,105. The 23.6% FIB of $1,148 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,173

Pivot Level: $1,274

First Major Resistance Level: $1,343

23.6% FIB Retracement Level: $1,148

38.2% FIB Retracement Level: $944

62% FIB Retracement Level: $614

Litecoin

Litecoin slid by 9.08% on Wednesday. Following on from a 1.66% decline on Tuesday, Litecoin ended the day at $122.63.

A mixed start to the day saw Litecoin rise to an early morning intraday high $135.13 before hitting reverse.

Falling short of the first major resistance level at $140.25, Litecoin slid to an early afternoon intraday low $118.00.

Litecoin fell through the first major support level at $128.87 and the second major support level at $122.05. The selloff also saw Litecoin fall through the 38.2% FIB of $125.

Finding support at sub-$120 levels, Litecoin briefly revisited $127 levels before falling back through the 38.2% FIB.

The second major support level limited the downside late in the day

At the time of writing, Litecoin was up by 2.05% to $125.15. A mixed start to the day saw Litecoin fall to an early morning low $120.91 before rising to a high $125.48.

While Litecoin left the major support and resistance levels untested, Litecoin broke through the 38.2% FIB of $125.

LTCUSD 280121 Hourly Chart
LTCUSD 280121 Hourly Chart

For the day ahead

Litecoin would need to move back through the $125.25 pivot level to support a run at the first major resistance level at $132.51.

Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $135.13 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $140 before any pullback. The second major resistance level sits at $142.38.

Failure to move back through the $125.25 pivot level would bring the 38.2% FIB of $125 and the first major support level at $115.38 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $108.12.

Looking at the Technical Indicators

First Major Support Level: $115.38

Pivot Level: $125.25

First Major Resistance Level: $132.51

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP fell by 6.51% on Wednesday. Reversing a 0.43% gain from Tuesday, Ripple’s XRP ended the day at $0.25103.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.26870 before hitting reverse.

Falling short of the first major resistance level at $0.2738, Ripple’s XRP slid to an early afternoon intraday low $0.24369.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2609 and the second major support level at $0.2530.

Steering clear of the third major support level at $0.2401, Ripple’s XRP revisited $0.257 levels before falling back through the second major support level.

At the time of writing, Ripple’s XRP was up by 0.98% to $0.25348. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.24749 before rising to a high $0.25349

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

XRPUSD 280121 Hourly Chart
XRPUSD 280121 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2545 pivot level to bring the first major resistance level at $0.2653 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.26 levels.

Barring an extended crypto rally, the first major resistance and Wednesday’s high $0.2687 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.28 before any pullback. The second major resistance sits at $0.2795.

Failure to move through the $0.2545 pivot would bring the first major support level at $0.2402 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level sits at $0.2295.

Looking at the Technical Indicators

First Major Support Level: $0.2402

Pivot Level: $0.2545

First Major Resistance Level: $0.2653

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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