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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 6th, 2021

By:
Bob Mason
Updated: Feb 6, 2021, 00:39 GMT+00:00

It's a mixed start to the day for the majors. A fall through the pivot levels would bring support levels into play.

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Ethereum

Ethereum rallied by 7.75% on Friday. Reversing a 4.26% slide from Thursday, Ethereum ended the day at $1,721.06.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $1,589.17 before making a move.

Steering clear of the first major support level at $1,536, Ethereum rallied to a late afternoon intraday high and a new swing hi $1,763.93.

Ethereum broke through the first major resistance level at $1,679 and the second major resistance level at $1,761.

A late pullback saw Ethereum fall back through the second major resistance level to $1,680 levels before wrapping up the day at $1,721 levels.

At the time of writing, Ethereum was up by 0.53% to $1,730.23.  A mixed start to the day saw Ethereum fall to an early morning low $1,720.01 before rising to a high $1,739.60.

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

ETHUSD 060221 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,691 to support a run at the first major resistance level at $1,794.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s swing high $1,763.93.

Barring an extended crypto rally, the first major resistance level and resistance at $1,800 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,950 before any pullback. The second major resistance level sits at $1,866.

Failure to avoid a fall through the $1,691 pivot would bring the first major support level at $1,619 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,600 levels. The second major support level sits at $1,517.

Looking at the Technical Indicators

First Major Support Level: $1,619

Pivot Level: $1,691

First Major Resistance Level: $1,794

23.6% FIB Retracement Level: $1,367

38.2% FIB Retracement Level: $1,121

62% FIB Retracement Level: $724

Litecoin

Litecoin rallied by 6.82% on Friday. Partially reversing a 7.06% slide from Thursday, Litecoin ended the day at $155.15.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $143.63 before making a move.

Steering clear of the first major support level at $137.96, Litecoin rallied to an early afternoon intraday high $156.99.

Litecoin broke through the 23.6% FIB of $148 and the first major resistance level at $155.79 before hitting reverse.

The reversal saw Litecoin fall back to sub-$150 levels before closing out the day at $155 levels.

While failing to break back through the first major resistance level, the 23.6% FIB limited the downside late on.

At the time of writing, Litecoin was up by 0.29% to $155.60. A mixed start to the day saw Litecoin fall to an early morning low $154.91 before striking a high $156.00.

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

LTCUSD 060221 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $151.92 pivot level to support a run at the first major resistance level at $160.22.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $156.99.

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

In the event of an extended breakout, Litecoin could test resistance at $170 before any pullback. The second major resistance level sits at $165.28.

Failure to avoid a fall through the $151.92 pivot level would bring the 23.6% FIB of $148 and the first major support level at $146.86 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $138.56.

Looking at the Technical Indicators

First Major Support Level: $146.86

Pivot Level: $151.92

First Major Resistance Level: $160.22

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rose by 1.49% on Friday. Following a 12.12% jump on Thursday, Ripple’s XRP ended the day at $0.45276.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.47230 before hitting reverse.

Falling short of the first major resistance level at $0.4917, Ripple’s XRP slid to a late morning intraday low $0.42657.

Steering well clear of the 38.2% FIB of $0.4070 and the first major support level at $0.3905, Ripple’s XRP revisited $0.46 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.01% to $0.45273. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.45688 before falling to a low $0.44863.

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

XRPUSD 060221 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.4505 pivot level to bring the first major resistance level at $0.4745 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.47 levels.

Barring another extended crypto rally, the first major resistance level and Friday’s high $0.4723 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could the second major resistance level at $0.4963 and resistance at $0.50.

Failure to avoid a fall back through the $0.4505 pivot would bring the first major resistance level at $0.4288 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of sub-$0.40 levels. The 38.2% FIB of $0.4070 and the second major support level at $0.4048 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4288

Pivot Level: $0.4505

First Major Resistance Level: $0.4745

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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