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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 18th, 2021

By:
Bob Mason
Updated: Jan 18, 2021, 01:46 UTC

It's a relatively bullish start to the day for the majors. Avoiding a fall through the day's pivot levels would bring resistance levels into play.

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Ethereum

Ethereum rose by 0.43% on Sunday. Following on from a 4.97% rally on Saturday, Ethereum ended the week down by 1.76% to $1.232.99.

A mixed start to the day saw Ethereum rise to an early morning high $1,256.74 before hitting reverse.

Falling short of the first major resistance level at $1,297, Ethereum slid to a late morning intraday low $1,165.78.

Steering clear of the first major support level at $1,155, Ethereum rallied to a late intraday high $1,268.83.

Continuing to fall short of the major resistance levels, Ethereum eased back to end the week at $1,230 levels.

At the time of writing, Ethereum was up by 0.69% to $1,241.47. A mixed start to the day saw Ethereum fall to an early morning low $1,226.38 before striking a high $1,241.88.

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

ETHUSD 180121 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,223 to support a run at the first major resistance level at $1,279.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1,268.83.

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

In the event of an extended crypto rally, Ethereum could test resistance at $1,400 before any pullback. The second major resistance level sits at $1,326.

Failure to avoid a fall through the $1,223 pivot would bring the first major support level at $1,176 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,051. The second major support level at $1,120 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,176

Pivot Level: $1,223

First Major Resistance Level: $1,279

23.6% FIB Retracement Level: $1,051

38.2% FIB Retracement Level: $866

62% FIB Retracement Level: $566

Litecoin

Litecoin fell by 0.54% on Sunday. Following on from a 0.36% decline from Saturday, Litecoin ended the week down by 16.11% to $142.80.

A mixed start to the day saw Litecoin rise to an early morning intraday high $147.00 before hitting reverse.

Falling short of the 23.6% FIB of $148 and the first major resistance level at $151.03, Litecoin slid to a late morning intraday low $136.29.

Litecoin fell through the first major support level at $137.61 before a brief revisit to $145 levels.

A bearish end to the day, however, saw Litecoin fall back to sub-$143 levels and into the red.

At the time of writing, Litecoin was up by 0.23% to $143.13. A mixed start to the day saw Litecoin fall to an early morning low $142.04 before rising to a high $143.35.

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

LTCUSD 180121 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $142.0 pivot level to support a run at the first major resistance level at $147.8 and the 23.6% FIB of $148.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $147.00.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $160. The second major resistance level at $152.74.

Failure to avoid a fall through the $142.0 pivot level would bring the first major support level at $137.1 into play.

Barring another extended sell-off, Litecoin should avoid the 38.2% FIB of $125. The second major support level at $131.3 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $137.1

Pivot Level: $142.0

First Major Resistance Level: $147.8

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP fell by 0.68% on Sunday. Following on from a 0.36 % decline on Saturday, Ripple’s XRP ended the week down by 11.96% to $0.27732.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.28552 before hitting reverse.

Falling short of the first major resistance level at $0.2921, Ripple’s XRP slid to a late morning intraday low $0.26854.

Ripple’s XRP fell through the first major support level at $0.2706 before finding support.

Late in the day, Ripple’s XRP broke back through the first major support level to revisit $0.28 levels before easing back.

At the time of writing, Ripple’s XRP was up by 0.20% to $0.27788. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.27603 before rising to a high $0.27864.

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

XRPUSD 180121 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.2771 pivot level to bring the first major resistance level at $0.2857 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2850 levels.

Barring another extended crypto rally, the first major resistance and Sunday’s high $0.28552 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.30 levels. The second major resistance sits at $0.2941.

Failure to avoid a fall back through the $0.2771 pivot would bring the first major support level at $0.2687 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level at $0.2601 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2687

Pivot Level: $0.2771

First Major Resistance Level: $0.2857

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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