Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 20th, 2021

Ethereum

Ethereum rose by 0.93% on Friday. Following on from a 4.74% rally on Thursday, Ethereum ended the day at $1,957.68.

A mixed start to the day saw Ethereum fall to an early morning intraday low $1,890.00 before making a move.

Steering well clear of the first major support level at $1,877, Ethereum rallied to a late intraday high and a new swing hi $1,974.98.

Coming within range of the first major resistance level at $1,976, Ethereum eased back to end the day at sub-$1,960 levels.

At the time of writing, Ethereum was down by 0.52% to $1,947.53. A mixed start to the day saw Ethereum rise to an early morning high $1,962.31 before falling to a low $1,943.65.

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 $1,941 to support a run at the first major resistance level at $1,992.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s new swing hi $1,974.98.

Barring an extended crypto rally, the first major resistance level resistance at $2,000 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $2,100 before any pullback. The second major resistance level sits at $2,026.

Failure to avoid a fall through the $1,941 pivot would bring the first major support level at $1,907 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,900 levels. The second major support level sits at $1,856.

Looking at the Technical Indicators

First Major Support Level: $1,907

Pivot Level: $1,941

First Major Resistance Level: $1,992

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin rallied by 4.41% on Friday. Revering a 4.58% slide from Thursday, Litecoin ended the day at $236.60.

A bearish start to the day saw Litecoin fall to an early morning intraday low $220.10 before making a move.

Steering clear of the first major support level at $218.53, Litecoin rallied to a late intraday high and a new swing hi $241.99.

Litecoin broke through the first major resistance level at $236.94 before falling back to end the day at $236.6 levels.

At the time of writing, Litecoin was down by 0.63% to $235.20. A mixed start to the day saw Litecoin rise to an early morning high $237.87 before falling to a low $235.20.

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

For the day ahead

Litecoin would need to avoid a fall through the $232.93 pivot level to support a run at the first major resistance level at $245.75.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s swing hi $241.99.

Barring an extended crypto rally, the first major resistance level and resistance at $250 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $260 before any pullback. The second major resistance level sits at $254.82.

Failure to avoid a fall through the $232.93 pivot level would bring the first major support level at $223.86 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$220 levels. The second major support level sits at $211.04.

Looking at the Technical Indicators

First Major Support Level: $223.86

Pivot Level: $232.93

First Major Resistance Level: $245.75

23.6% FIB Retracement Level: $191

38.2% FIB Retracement Level: $159

62% FIB Retracement Level: $108

Ripple’s XRP

Ripple’s XRP rallied by 6.00% on Friday. Reversing a 0.54% fall from Thursday, Ripple’s XRP ended the day at $0.56451.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.51469 before finding support.

Falling through the 23.6% FIB of $0.5320, Ripple’s XRP came within range of the first major support level at $0.5144.

A late morning rally, however, saw Ripple’s XRP strike a mid-day intraday high $0.58151.

Ripple’s XRP broke through the first major resistance level at $0.5547 and the second major resistance level at $0.5775.

More significantly, Ripple’s XRP broke back through the 23.6% FIB.

An afternoon pullback saw Ripple’s XRP fall back through the major resistance levels before a late rally to $0.57 levels.

Ripple’s XRP broke back through the first major resistance level to end the day at $0.56 levels. The second major resistance level at $0.5775 capped the upside late in the day.

At the time of writing, Ripple’s XRP was down by 0.23% to $0.56320. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.56835 before falling to a low $0.56320.

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 $0.5536 pivot level to bring the first major resistance level at $0.5925 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.58151.

Barring an extended crypto rally, the first major resistance level and resistance at $0.60 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 before any pullback. The second major resistance level sits at $0.6204.

Failure to avoid a fall through the $0.5536 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5256 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4868.

Looking at the Technical Indicators

First Major Support Level: $0.5256

Pivot Level: $0.5536

First Major Resistance Level: $0.5925

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