Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 11th, 2021

Ethereum

Ethereum fell by 1.64% on Wednesday. Reversing a 1.09% gain from Tuesday, Ethereum ended the day at 1,742.93.

A bullish start to the day saw Ethereum rise to a late morning intraday high and a new swing hi $1,839.00 before hitting reverse.

Coming up against the first major resistance level at $1,828, Ethereum slid to an early afternoon intraday low $1,680.00.

Ethereum fell through the first major support level at $1,713 before revisiting $1,750 levels.

A bearish end to the day, however, left Ethereum at sub-$1,750 for the day.

At the time of writing, Ethereum was down by 0.34% to $1,737.02. A mixed start to the day saw Ethereum rise to an early morning high $1,750 before falling to a low $1,730.18.

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 $1,754 to support a run at the first major resistance level at $1,828.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,800 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1,839.00 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,913.

Failure to move through the $1,754 pivot would bring the first major support level at $1,669 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,600 levels. The second major support level sits at $1,595.

Looking at the Technical Indicators

First Major Support Level: $1,669

Pivot Level: $1,754

First Major Resistance Level: 1,828

23.6% FIB Retracement Level: $1,424

38.2% FIB Retracement Level: $1,167

62% FIB Retracement Level: $752

Litecoin

Litecoin slipped by 0.02% on Wednesday. Following an 8.54% rally on Tuesday, Litecoin ended the day at $181.76.

It was also a bullish start to the day. Litecoin rose to a late morning intraday high and a new swing hi $195.15 before hitting reverse.

The early rally saw Litecoin break through the first major resistance level before sliding to a mid-day intraday low $170.14.

Steering clear of the first major support level, however, Litecoin bounced back to $183 levels before easing back into the red.

At the time of writing, Litecoin was down by 0.14% to $181.50. A mixed start to the day saw Litecoin rise to an early morning high $183.49 before falling to a low $180.43.

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

For the day ahead

Litecoin would need to move back through the $182.35 pivot level to support a run at the first major resistance level at $194.56.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s swing hi $195.15 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $207.36.

Failure to move back through the $182.35 pivot level would bring the first major support level at $169.55 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $157.34.

Looking at the Technical Indicators

First Major Support Level: $169.55

Pivot Level: $182.35

First Major Resistance Level: $194.56

23.6% FIB Retracement Level: $155

38.2% FIB Retracement Level: $130

62% FIB Retracement Level: $90

Ripple’s XRP

Ripple’s XRP rose by 6.00% on Wednesday. Following on from a 5.54% gain on Tuesday, Ripple’s XRP ended the day at $0.50568.

Tracking the broader market, Ripple’s XRP rallied to a late morning intraday high $0.5429 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.4954 and the second major resistance level at $0.5139.

Coming up short of the 62% FIB of $0.5522 and the third major resistance level at $0.5554, Ripple’s XRP slid to a mid-day intraday low $0.4510.

Finding support at the first major support level at $0.4540, Ripple’s XRP rebounded to end the day at $0.50 levels.

At the time of writing, Ripple’s XRP was down by 0.52% to $0.50307. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.50995 before falling to a low $0.49895.

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

For the day ahead

Ripple’s XRP will avoid a fall back through the $0.4999 pivot level to bring the first major resistance level at $0.5487 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.5429.

Barring another extended crypto rally, the first major resistance level and resistance at the 62% FIB of $0.5522 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could tests resistance at $0.60 before any pullback. The second major resistance level sits at $0.5918.

Failure to avoid a fall back through the $0.4999 pivot would bring the first major support level at $0.4568 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of the second major support level at $0.4080.

Looking at the Technical Indicators

First Major Support Level: $0.4568

Pivot Level: $0.4999

First Major Resistance Level: $0.5487

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