Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 2nd, 2021

Ethereum

Ethereum fell by 0.94% on Friday. Following on from a 2.02% decline on Thursday, Ethereum ended the day at $730.99.

Another mixed start to the day saw Ethereum rise to an early morning high $750.00 before hitting reverse.

Falling short of the first major resistance level at $754.38, Ethereum slid to an early evening intraday low $717.10.

Ethereum fell through the first major support level at $722.48 before briefly revisiting $732 levels.

A bearish end to the day, however, saw Ethereum ease back to end the day at sub-$731 levels.

At the time of writing, Ethereum was down by 0.58% to $726.73. A mixed start to the day saw Ethereum rise to an early morning high $732.00 before falling to a low $726.33.

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

For the day ahead

Ethereum would need to move through the pivot level at $732.70 to support a run at the first major resistance level at $748.29.

Support from the broader market would be needed, however, for Ethereum to break out from $745 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $750.00 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $770 before any pullback. The second major resistance level sits at $765.6.

Failure to move through the $732.70 pivot would bring the first major support level at $715.39 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of sub-$700 levels. The second major support level sits at $699.80.

Looking at the Technical Indicators

First Major Support Level: $715.39

Pivot Level: $732.70

First Major Resistance Level: $748.29

23.6% FIB Retracement Level: $599

38.2% FIB Retracement Level: $500

62% FIB Retracement Level: $340

Litecoin

Litecoin rose by 1.70% on Friday. Partially reversing a 4.37% slide from Thursday, Litecoin ended the day at $126.53.

It was a mixed start to the day. Litecoin fell to an early morning intraday low $123.19 before making a move.

Steering clear of the first major support level at $120.82, Litecoin surged to an early morning intraday high $134.22 before hitting reverse.

Litecoin broke through the first major resistance level at $129.17 and the second major resistance level at $133.94.

The reversal saw Litecoin slide back to sub-$124 levels and into the red.

Finding late support, however, Litecoin recovered to wrap up the day at $126 levels.

At the time of writing, Litecoin was down by 0.90% to $125.39. A bearish start to the day saw Litecoin fall from an early morning high $126.59 to a low $125.15.

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

For the day ahead

Litecoin would need to move through the $127.98 pivot level to support a run at the first major resistance level at $132.77.

Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $134.22 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $140 before any pullback. The second major resistance level sits at $139.01.

Failure to move through the $127.98 pivot level would bring the first major support level at $121.74 into play before any recovery.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $116.95.

Looking at the Technical Indicators

First Major Support Level: $121.74

Pivot Level: $127.98

First Major Resistance Level: $132.77

23.6% FIB Retracement Level: $112

38.2% FIB Retracement Level: $96

62% FIB Retracement Level: $69

Ripple’s XRP

Ripple’s XRP rallied by 8.23% on Friday. Following on from a 3.82% gain on Thursday, Ripple’s XRP ended the day at $0.23804. It was just the 2^nd daily gain in 8-days.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.21601 before finding support.

Steering clear of the first major support level at $0.2067, Ripple’s XRP rallied to a late afternoon intraday high $0.25092.

Ripple’s XRP broke through the first major resistance level at $0.2308 and the second major resistance level at $0.2421.

Coming up against resistance at $0.25, Ripple’s XRP fell back through the major resistance levels to sub-$0.23 levels.

Finding late support, however, Ripple’s XRP broke back through the first major resistance level to wrap up the day at $0.238 levels.

At the time of writing, Ripple’s XRP was down by 0.51% to $0.23682. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23814 to a low $0.23486.

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 back through the $0.2350 pivot level to bring the first major resistance level at $0.2540 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.25 levels.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.28 before any pullback. The second major resistance sits at $0.2699.

Failure to avoid a fall back through the $0.2350 pivot would bring the first major support level at $0.2191 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.21 levels. The second major support level sits at $0.2001.

Looking at the Technical Indicators

First Major Support Level: $0.2191

Pivot Level: $0.2350

First Major Resistance Level: $0.2540

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