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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 5th, 2021

By:
Bob Mason
Updated: Jan 5, 2021, 00:41 GMT+00:00

It's a mixed start to the day for the majors. The pivot levels will provide direction following the mixed returns from Monday.

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Ethereum

Ethereum rose by 6.32% on Monday. Following on from Sunday’s 26.46% surge, Ethereum ended the day at $1,042.38.

Another mixed start to the day saw Ethereum rally to a mid-morning intraday high and a new swing high $1,168.99.

Ethereum broke through the first major resistance level at $1,073.72 before hitting reverse.

Coming up against the second major resistance level at $1,167.00, Ethereum slid to a late morning intraday low $886.33.

Steering clear of the first major support level at $828.58, Ethereum revisited $1,050 levels before easing back.

At the time of writing, Ethereum was up by 4.19% to $1,086.05. A bullish start to the day saw Ethereum rise from an early morning low $1,042.00 to a high $1,086.05.

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

ETHUSD 050121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,032.57 to support a run at the first major resistance level at $1,178.80.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $1,168.99.

Barring an extended crypto rally, the first major resistance level and resistance at $1,200 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $1,300 before any pullback. The second major resistance level sits at $1,315.23.

Failure to avoid a fall through the $1,032.57 pivot would bring the 23.6% FIB of $912 and the first major support level at $896.14 into play.

Barring an extended sell-off, however, Ethereum should continue to steer well clear of sub-$800 levels. The second major support level sits at $749.91.

Looking at the Technical Indicators

First Major Support Level: $896.14

Pivot Level: $1,032.57

First Major Resistance Level: $1,178.89

23.6% FIB Retracement Level: $912

38.2% FIB Retracement Level: $753

62% FIB Retracement Level: $496

Litecoin

Litecoin slid by 3.72% on Monday. Partially reversing a 17.81% rally from Sunday, Litecoin ended the day at $155.43.

A bullish start to the day saw Litecoin rally to a mid-morning intraday high and a new swing hi $174.50 before hitting reverse.

Litecoin broke through the first major resistance level at $172.50 before sliding to a late morning intraday low $140.00.

The sell-off saw Litecoin fall through the first major support level at $143.02 before finding support.

Steering clear of sub-$140 and the 23.6% FIB of $132, Litecoin briefly revisited $158 levels before sliding back to $151 levels.

A bullish end to the day, however, reduced the deficit for the day.

At the time of writing, Litecoin was up by 2.12% to $158.72. A bullish start to the day saw Litecoin rise from an early morning low $155.48 to a high $159.30.

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

LTCUSD 050121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $156.64 pivot level to support a run at the first major resistance level at $173.29.

Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $174.50 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level sits at $191.14.

Failure to avoid a fall through the $156.64 pivot level would bring the 23.6% FIB of $139 and the first major support level at $138.79 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$130 levels and the second major support level at $122.14.

Looking at the Technical Indicators

First Major Support Level: $138.79

Pivot Level: $156.64

First Major Resistance Level: $173.29

23.6% FIB Retracement Level: $139

38.2% FIB Retracement Level: $117

62% FIB Retracement Level: $82

Ripple’s XRP

Ripple’s XRP rallied by 4.54% on Monday. Following on from a 1.85% gain on Sunday, Ripple’s XRP ended the day at $0.23601.

Tracking the broader market, Ripple’s XRP jumped to a mid-morning intraday high $0.26805 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2376 and the second major resistance level at $0.2500.

The reversal saw Ripple’s XRP slide to a late morning intraday low $0.21439.

Finding support at the first major support level at $0.2140, Ripple’s XRP revisited $0.24 levels before easing back.

The first major resistance level at $0.2376 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.82% to $0.23408. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.23758 before falling to a low $0.23318.

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

XRPUSD 050121 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2395 pivot level to bring the first major resistance level at $0.2646 into play.

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

Barring another extended crypto rally, the first major resistance and Monday’s high $0.26805 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.28 before any pullback. The second major resistance sits at $0.2931.

Failure to move through the $0.2395 pivot would bring the first major support level at $0.2109 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to avoid sub-$0.21 levels. The second major support level sits at $0.1858.

Looking at the Technical Indicators

First Major Support Level: $0.2109

Pivot Level: $0.2395

First Major Resistance Level: $0.2646

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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