Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 13th, 2021
Ethereum
Ethereum fell by 3.56% on Tuesday. Following on from Monday’s 13.25% tumble, Ethereum ended the day at $1,049.79.
It was a choppy day. Ethereum fell to an early morning low $1,040.00 before finding support.
While steering clear of the first major support level at $909.11, Ethereum fell through the 23.6% FIB of $1,051.
Finding early morning support, Ethereum struck a mid-morning intraday high $1,150.00 before hitting reverse.
While falling short of the first major resistance level at $1,264, Ethereum broke back through the 23.6% FIB.
The reversal, however, saw Ethereum slide to an early afternoon intraday low $1,006.83.
Ethereum fell back through the 23.6% FIB of $1,051 before revisiting $1,100 levels.
A bearish end to the day, however, saw Ethereum slide back through the 23.6% FIB to end the day at sub-$1,050 levels.
At the time of writing, Ethereum was down by 1.62% to $1,032.83. A bearish start to the day saw Ethereum fall from an early morning high $1,050.46 to a low $1,027.00.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the 23.6% FIB and the pivot level at $1,069 to support a run at the first major resistance level at $1,131.
Support from the broader market would be needed, however, for Ethereum to break back through to $1,100 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $1,150.00 would likely cap any upside.
In the event of an extended crypto rally, Ethereum could test resistance at $1,250 before any pullback. The second major resistance level sits at $1,212.
Failure to move through the 23.6% FIB and the $1,069 pivot would bring the first major support level at $988 into play.
Barring another extended sell-off, however, Ethereum should steer well clear of sub-$900 levels. The second major support level at $926 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $988
Pivot Level: $1,069
First Major Resistance Level: $1,131
23.6% FIB Retracement Level: $1,051
38.2% FIB Retracement Level: $866
62% FIB Retracement Level: $566
Litecoin
Litecoin fell by 4.28% on Tuesday. Following on from an 18.09% slump on Monday. Litecoin ended the day at $133.39.
A mixed start to the day saw Litecoin rise to a mid-morning intraday high $146.88 before hitting reverse.
While falling short of the first major resistance level at $170.00, Litecoin came within range of the 23.6% FIB of 148.
The reversal saw Litecoin slide to an early afternoon intraday low $128.00.
Steering clear of the 38.2% FIB of $125 and the first major support level at $110, Litecoin revisited $141 levels.
A bearish end to the day, however, saw Litecoin slide back to end the day at $133 levels.
At the time of writing, Litecoin was down by 1.68% to $131.15. A bearish start to the day saw Litecoin fall from an early morning high $133.36 to a low $130.79.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $136 pivot level to support a run at the first major resistance level at $144.
Support from the broader market would be needed, however, for Litecoin to break back through to $140 levels.
Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $148 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at the second major resistance level at $155.
Failure to move through the $136 pivot level would bring the 38.2% FIB of $125 and the first major support level at $125 into play.
Barring another extended sell-off, Litecoin should steer clear of sub-$120 levels and the second major support level at $117. The 38.2% FIB of $125 and first major support level should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $125
Pivot Level: $136
First Major Resistance Level: $144
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 1.66% on Tuesday. Partially reversing an 8.63% slide on Monday, Ripple’s XRP ended the day at $0.29251.
It was a bearish start to the day. Ripple’s XRP fell to an early morning low $0.27945 before making a move.
Steering clear of the first major support level at $0.2555, Ripple’s XRP struck an early morning intraday high $0.3100.
Falling short of the first major resistance level at $0.3180, Ripple’s XRP slid to an early afternoon intraday low $0.2775.
Steering clear of the major support levels once more, Ripple’s XRP revisited $0.30 levels before easing back.
At the time of writing, Ripple’s XRP was down by 1.15% to $0.28916. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.2925 to a low $0.2877.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.2933 pivot level to bring the first major resistance level at $0.3092 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.
Barring another extended crypto rally, the first major resistance and Tuesday’s high $0.3100 would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test resistance at the 23.6% FIB of $0.3172 and resistance at $0.32. The second major resistance sits at $0.3258.
Failure to move through the $0.2933 pivot would bring the first major support level at $0.2767 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.25 levels. The second major support level at $0.2608 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.2767
Pivot Level: $0.2933
First Major Resistance Level: $0.3092
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
This article was originally posted on FX Empire