Ethereum – Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 29th, 2021
Ethereum rallied by 7.46% on Thursday. Partially reversing a 9.28% slide from Wednesday, Ethereum ended the day at $1,333.61.
A mixed start to the day saw Ethereum fall to an early morning intraday low $1,220.08 before making a move.
Steering clear of the first major support level at $1,173, Ethereum rallied to a late intraday high $1,363.27.
Ethereum broke through the first major resistance level at $1,343, before easing back to end the day at sub-$1,340 levels.
At the time of writing, Ethereum was up by 0.81% to $1,344.00. A mixed start to the day saw Ethereum slip to an early morning low $1,331.35 before rising to a high $1,345.29.
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 $1,306 to support a run at the first major resistance level at $1,391.
Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $1,363.27.
Barring an extended crypto rally, the first major resistance level and resistance at $1,400 would likely cap any upside.
In the event of another extended crypto rally, Ethereum could test the second major resistance level at $1,449 and resistance at $1,500.
Failure to avoid a fall through the $1,306 pivot would bring the first major support level at $1,248 into play.
Barring an extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,148. The second major support level at $1,162 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1,248
Pivot Level: $1,306
First Major Resistance Level: $1,391
23.6% FIB Retracement Level: $1,148
38.2% FIB Retracement Level: $944
62% FIB Retracement Level: $614
Litecoin
Litecoin rallied by 8.89% on Thursday. Partially reversing a 9.08% slide from Wednesday, Litecoin ended the day at $133.61.
A mixed start to the day saw Litecoin fall to an early morning intraday low $120.91 before making a move.
Steering clear of the first major support level at $115.38, Litecoin rallied to a late intraday high $136.29.
Litecoin broke through the 38.2% FIB of $125 and the first major resistance level at $132.51.
In spite of a late pullback to end the day at $133 levels, Litecoin avoided a fall back through the first major resistance level.
At the time of writing, Litecoin was up by 1.55% to $135.68. A bullish start to the day saw Litecoin rise from an early morning low $133.58 to a high $136.06.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $130.27 pivot level to support a run at the first major resistance level at $139.63.
Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $136.29.
Barring an extended crypto rally, the first major resistance level and resistance at $140 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $150 before any pullback. The second major resistance level sits at $145.65.
Failure to avoid a fall through the $130.27 pivot level would bring the 38.2% FIB of $125 and the first major support level at $124.25 into play.
Barring another extended sell-off, Litecoin should steer clear of the second major support level at $114.89.
Looking at the Technical Indicators
First Major Support Level: $124.25
Pivot Level: $130.27
First Major Resistance Level: $139.63
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 5.63% on Thursday. Partially reversing a 6.51% decline from Wednesday, Ripple’s XRP ended the day at $0.26476.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.24749 before making a move.
Steering clear of the first major support level at $0.2402, Ripple’s XRP jumped to a late intraday high $0.27076.
Ripple’s XRP broke through the first major resistance level at $0.2653 before pullback back to end the day at sub-$0.2650 levels.
At the time of writing, Ripple’s XRP was up by 1.39% to $0.26844. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.26487 to a high $0.27000.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $0.2610 pivot level to bring the first major resistance level at $0.2745 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from this morning’s high $0.2700.
Barring an extended crypto rally, the first major resistance and resistance at $0.2750 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.2850 before any pullback. The second major resistance sits at $0.2843.
Failure to avoid a fall through the $0.2610 pivot would bring the first major support level at $0.2512 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.25 levels. The second major support level sits at $0.2377.
Looking at the Technical Indicators
First Major Support Level: $0.2512
Pivot Level: $0.2610
First Major Resistance Level: $0.2745
23.6% FIB Retracement Level: $0.6274
38.2% FIB Retracement Level: $0.5285
62% FIB Retracement Level: $0.3687
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Thanks, Bob
This article was originally posted on FX Empire
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