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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 8th, 2021

By:
Bob Mason
Updated: Jan 8, 2021, 00:56 UTC

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

Investing and stock market concept gain and profits with faded candlestick charts.

Ethereum

Ethereum rose by 1.21% on Thursday. Following on from a 9.81% rally on Wednesday, Ethereum ended the day at $1,227.34.

Another mixed start to the day saw Ethereum fall to a late morning low $1,160.71 before making a move.

Steering clear of the first major support level at $1,108.23, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,291.94

Ethereum broke through the first major resistance level at $1,265.89 before a pullback to an intraday low $1,140 levels.

Continuing to steer clear of the major support levels, Ethereum broke back through to $1,220 levels to end the day in the green.

At the time of writing, Ethereum was up by 0.50% to $1,233.48. A mixed start to the day saw Ethereum fall to an early morning low $1,216.22 before rising to a high $1,233.93.

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

ETHUSD 080121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,219.76 to support a run at the first major resistance level at $1,299.52.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $1,291.94.

Barring an extended crypto rally, the first major resistance level and resistance at $1,300 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $1,450 before any pullback. The second major resistance level sits at $1,371.70.

Failure to avoid a fall through the $1,219.76 pivot would bring the first major support level at $1,147.58 into play.

Barring an extended sell-off, however, Ethereum should steer clear sub-$1,100 levels. The second major support level sits at $1,067.82.

Looking at the Technical Indicators

First Major Support Level: $1,147.58

Pivot Level: $1,219.76

First Major Resistance Level: $1,299.52

23.6% FIB Retracement Level: $1,006

38.2% FIB Retracement Level: $829

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 0.18% on Thursday. Following on from a 6.54% rally on Wednesday, Litecoin ended the day at $169.75.

A mixed start to the day saw Litecoin fall to a late morning low $162.42 before making a move.

Steering clear of the first major support level at $159.89, Litecoin rallied to a late afternoon intraday high and a new swing hi $181.25.

Litecoin broke through the first major resistance level at $174.42 and the second major resistance level at $179.42 before hitting reverse.

The reversal saw Litecoin fall to a late afternoon intraday low $162.00.

Steering clear of the major support levels, Litecoin revisited $175 levels before falling back into the red. Finding late support, however, Litecoin moved back through to $169.7 levels to end the day in the green.

At the time of writing, Litecoin was up by 1.01% to $171.46. A bullish start to the day saw Litecoin rise from an early morning low $169.63 to a high $172.17.

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

LTCUSD 080121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $171.00 pivot level to support a run at the first major resistance level at $180.00.

Support from the broader market would be needed, however, for Litecoin to break out $175 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $181.25 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $190.25.

Failure to avoid a fall back through the $171.00 pivot level would bring the first major support level at $160.75 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $151.75.

Looking at the Technical Indicators

First Major Support Level: $160.75

Pivot Level: $171.00

First Major Resistance Level: $180.00

23.6% FIB Retracement Level: $144

38.2% FIB Retracement Level: $122

62% FIB Retracement Level: $85

Ripple’s XRP

Ripple’s XRP surged by 29.93% on Thursday. Following on from a 9.97% rally on Wednesday, Ripple’s XRP ended the day at $0.32407.

A bullish day saw Ripple’s XRP rally from an early morning intraday low $0.24613 to a late afternoon intraday high $0.37168.

Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $0.3171 before a pullback to sub-$0.30 levels.

The pullback saw Ripple’s XRP fall back through the third major resistance level at $0.3577 and the second major resistance level at $0.3034

Ripple’s XRP also fell back through the 23.6% FIB before revisiting $0.34 levels.

A 2nd pullback saw Ripple’s XRP fall back through the second major resistance level and the 23.6% FIB to $0.29 levels.

Finding late support, however, Ripple’s XRP broke back through the second major resistance level at $0.3034.

Ripple’s XRP also broke back through 23.6% FIB to wrap up the day at $0.32 levels.

At the time of writing, Ripple’s XRP was up by 5.97% to $0.34342. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.32245 to a high $0.34626.

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

XRPUSD 080121 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the 23.6% FIB of $0.3172 and the $0.3140 pivot level to bring the first major resistance level at $0.3818 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.37168.

Barring another extended crypto rally, the first major resistance and resistance at $0.40 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.45 before any pullback. The second major resistance sits at $0.4395.

Failure to avoid a fall through the 23.6% FIB and the $0.3140 pivot would bring the first major support level at $0.2562 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.25 levels. The second major support level sits at $0.1884.

Looking at the Technical Indicators

First Major Support Level: $0.2562

Pivot Level: $0.3140

First Major Resistance Level: $0.3818

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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