Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 7th, 2021

Ethereum

Ethereum rallied by 9.81% on Wednesday. Following on from a 5.9% gain on Tuesday, Ethereum ended the day at $1,212.02.

Another mixed start to the day saw Ethereum fall to an early morning intraday low $1,058.32 before making a move.

Steering clear of the first major support level at $1,006.84, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,215.98.

Ethereum broke through the first major resistance level at $1,168.77 before a pullback to $1,120 levels.

Finding late support, however, Ethereum retested resistance at $1,200 late in the day.

At the time of writing, Ethereum was down by 0.87% to $1,201.51. A mixed start to the day saw Ethereum rise to an early morning high and a new swing hi $1,223.77 before falling to a low $1,199.04.

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

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,162.11 to support a run at the first major resistance level at $1,265.89.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $1,223.77.

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 $1,319.77.

Failure to avoid a fall through the $1,162.11 pivot would bring the first major support level at $1,108.23 into play.

Barring an extended sell-off, however, Ethereum should steer clear sub-$1000 levels. The second major support level at $1,004.45 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,108.23

Pivot Level: $1,162.11

First Major Resistance Level: $1,265.89

23.6% FIB Retracement Level: $948

38.2% FIB Retracement Level: $782

62% FIB Retracement Level: $514

Litecoin

Litecoin rallied by 6.54% on Wednesday. Following on from a 2.28% gain on Tuesday, Litecoin ended the day at $169.41.

A mixed start to the day saw Litecoin fall to an early morning intraday low $155.37 before making a move.

Steering clear of the first major support level at $149.31, Litecoin rallied to a late afternoon intraday high $169.90.

Litecoin broke through the first major resistance level at $166.05 before a pullback to sub-$160 levels.

Finding late support, however, Litecoin broke back through the first major resistance level to wrap up the day at $169 levels.

At the time of writing, Litecoin was down by 1.12% to $167.52. A mixed start to the day saw Litecoin rise to an early morning high $169.92 before falling to a low $167.41.

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

For the day ahead

Litecoin would need to avoid a fall through the $164.89 pivot level to support a run at the first major resistance level at $174.42.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $169.92.

Barring an extended crypto rally, the first major resistance level and resistance at $175 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 $179.42.

Failure to avoid a fall through the $164.89 pivot level would bring the first major support level at $159.89 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$150 levels. The second major support level at $150.36 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $159.89

Pivot Level: $164.89

First Major Resistance Level: $174.42

23.6% FIB Retracement Level: $139

38.2% FIB Retracement Level: $117

62% FIB Retracement Level: $82

Ripple’s XRP

Ripple’s XRP surged by 9.97% on Wednesday. Reversing a 4.09% slide from Tuesday, Ripple’s XRP ended the day at $0.24905.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.2220 before making a move.

Steering clear of the first major support level at $0.2152, Ripple’s XRP jumped to an early afternoon intraday high $0.27627.

Ripple’s XRP broke through the first major resistance level at $0.2402 and the second major resistance level at $0.2541.

Coming within range of the third major resistance level at $0.2791, however, slid back to sub-$0.24 levels.

Finding late support, Ripple’s XRP broke back through the first major resistance level to wrap up the day at $0.249 levels. The second major resistance level at $0.2541 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.43% to $0.24798. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.25006 before falling to a low $0.24722.

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

For the day ahead

Ripple’s XRP will need to move back through the $0.2491 pivot level to bring the first major resistance level at $0.2762 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.27 levels.

Barring another extended crypto rally, the first major resistance and Wednesday’s high $0.27628 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.30 before any pullback. The second major resistance sits at $0.3034.

Failure to move back through the $0.2491 pivot would bring the first major support level at $0.2219 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 $0.1948.

Looking at the Technical Indicators

First Major Support Level: $0.2219

Pivot Level: $0.2491

First Major Resistance Level: $0.2762

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