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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 15th, 2021

By:
Bob Mason
Updated: Feb 15, 2021, 01:08 GMT+00:00

It's a mixed start to the day for the majors. A move back through the early morning highs should support a run at the resistance levels.

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Ethereum

Ethereum fell by 0.77% on Sunday. Following a 1.45% fall from Saturday, Ethereum ended the week up by 11.65% to $1,803.75.

A bullish start to the day saw Ethereum rise to a mid-morning intraday high $1,852.47 before hitting reverse.

Coming up short of the first major resistance level at $1,875, Ethereum fell to a mid-afternoon intraday low $1,785.07.

Steering clear of the first major support level at $1,764, Ethereum revisited $1,830 levels before easing back.

At the time of writing, Ethereum was up by 0.32% to $1,809.50. A bullish start to the day saw Ethereum rise from an early morning low $1,803.25 to a high $1,814.00.

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

ETHUSD 150221 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $1,814 to support a run at the first major resistance level at $1,843.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,840 levels.

Barring an extended crypto rally, the first major resistance level and resistance at Saturday’s swing hi $1,877.88 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 $1,881.

Failure to move through the $1,814 pivot would bring the first major support level at $1,775 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,700 levels. The second major support level at $1,746 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,775

Pivot Level: $1,814

First Major Resistance Level: 1,843

23.6% FIB Retracement Level: $1,447

38.2% FIB Retracement Level: $1,186

62% FIB Retracement Level: $764

Litecoin

Litecoin slid by 5.54% on Sunday. Partially reversing a 14.92% jump from Saturday, Litecoin ended the week up by 41.05% to $213.93.

A mixed start to the day saw Litecoin slip to a mid-morning low $213.57 before making a move.

Finding mid-morning support, Litecoin struck a late morning intraday high and a new swing hi $230.81 before hitting reverse.

Falling well short of the first major resistance level at $240.09, Litecoin fell to a mid-afternoon intraday low $208.57.

Steering clear of the first major support level at $202.57, Litecoin revisited $220 levels before falling back into the deep red.

At the time of writing, Litecoin was down by 0.08% to $213.75. A mixed start to the day saw Litecoin rise to an early morning high $215.83 before falling to a low $213.15.

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

LTCUSD 150221 Hourly Chart

For the day ahead

Litecoin would need to move through the $217.77 pivot level to support a run at the first major resistance level at $226.97.

Support from the broader market would be needed, however, for Litecoin to breakout from $225 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s new swing hi $230.81 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $240 before any pullback. The second major resistance level sits at $240.01.

Failure to move through the $217.77 pivot level would bring the first major support level at $204.73 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$200 levels. The second major support level sits at $195.53.

Looking at the Technical Indicators

First Major Support Level: $204.73

Pivot Level: $217.77

First Major Resistance Level: $226.97

23.6% FIB Retracement Level: $182

38.2% FIB Retracement Level: $152

62% FIB Retracement Level: $104

Ripple’s XRP

Ripple’s XRP slid by 6.74% on Sunday. Reversing a 3.91% gain from Saturday, Ripple’s XRP ended the week up by 41.34% to $0.59259.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.64031 before hitting reverse.

Falling short of the first major resistance level at $0.6706, Ripple’s XRP slid to an early afternoon intraday low $0.56213.

Ripple’s XRP fell through the first major support level at $0.5710 before briefly revisiting $0.61 levels.

A bearish end to the day, however, saw Ripple’s XRP fall back to end the day at sub-$0.60 levels.

At the time of writing, Ripple’s XRP was up by 1.36% to $0.60067. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.59312 to a high $0.60304.

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

XRPUSD 150221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.5983 pivot level to bring the first major resistance level at $0.6346 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.63 levels.

Barring another extended crypto rally, the first major resistance level and Sunday’s high $0.64031 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.6765.

Failure to avoid a fall back through the $0.5983 pivot would bring the first major support level at $0.5564 and the 23.6% FIB of $0.5320 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.5202.

Looking at the Technical Indicators

First Major Support Level: $0.5564

Pivot Level: $0.5983

First Major Resistance Level: $0.6346

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

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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