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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 2nd, 2021

By:
Bob Mason
Updated: Jan 2, 2021, 00:37 GMT+00:00

It's a bearish start to the day for the majors. A move through the pivot levels would support a run at the resistance levels.

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Ethereum

Ethereum fell by 0.94% on Friday. Following on from a 2.02% decline on Thursday, Ethereum ended the day at $730.99.

Another mixed start to the day saw Ethereum rise to an early morning high $750.00 before hitting reverse.

Falling short of the first major resistance level at $754.38, Ethereum slid to an early evening intraday low $717.10.

Ethereum fell through the first major support level at $722.48 before briefly revisiting $732 levels.

A bearish end to the day, however, saw Ethereum ease back to end the day at sub-$731 levels.

At the time of writing, Ethereum was down by 0.58% to $726.73. A mixed start to the day saw Ethereum rise to an early morning high $732.00 before falling to a low $726.33.

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

ETHUSD 020121 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $732.70 to support a run at the first major resistance level at $748.29.

Support from the broader market would be needed, however, for Ethereum to break out from $745 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $750.00 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $770 before any pullback. The second major resistance level sits at $765.6.

Failure to move through the $732.70 pivot would bring the first major support level at $715.39 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of sub-$700 levels. The second major support level sits at $699.80.

Looking at the Technical Indicators

First Major Support Level: $715.39

Pivot Level: $732.70

First Major Resistance Level: $748.29

23.6% FIB Retracement Level: $599

38.2% FIB Retracement Level: $500

62% FIB Retracement Level: $340

Litecoin

Litecoin rose by 1.70% on Friday. Partially reversing a 4.37% slide from Thursday, Litecoin ended the day at $126.53.

It was a mixed start to the day. Litecoin fell to an early morning intraday low $123.19 before making a move.

Steering clear of the first major support level at $120.82, Litecoin surged to an early morning intraday high $134.22 before hitting reverse.

Litecoin broke through the first major resistance level at $129.17 and the second major resistance level at $133.94.

The reversal saw Litecoin slide back to sub-$124 levels and into the red.

Finding late support, however, Litecoin recovered to wrap up the day at $126 levels.

At the time of writing, Litecoin was down by 0.90% to $125.39. A bearish start to the day saw Litecoin fall from an early morning high $126.59 to a low $125.15.

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

LTCUSD 020121 Hourly Chart

For the day ahead

Litecoin would need to move through the $127.98 pivot level to support a run at the first major resistance level at $132.77.

Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $134.22 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $140 before any pullback. The second major resistance level sits at $139.01.

Failure to move through the $127.98 pivot level would bring the first major support level at $121.74 into play before any recovery.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $116.95.

Looking at the Technical Indicators

First Major Support Level: $121.74

Pivot Level: $127.98

First Major Resistance Level: $132.77

23.6% FIB Retracement Level: $112

38.2% FIB Retracement Level: $96

62% FIB Retracement Level: $69

Ripple’s XRP

Ripple’s XRP rallied by 8.23% on Friday. Following on from a 3.82% gain on Thursday, Ripple’s XRP ended the day at $0.23804. It was just the 2nd daily gain in 8-days.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.21601 before finding support.

Steering clear of the first major support level at $0.2067, Ripple’s XRP rallied to a late afternoon intraday high $0.25092.

Ripple’s XRP broke through the first major resistance level at $0.2308 and the second major resistance level at $0.2421.

Coming up against resistance at $0.25, Ripple’s XRP fell back through the major resistance levels to sub-$0.23 levels.

Finding late support, however, Ripple’s XRP broke back through the first major resistance level to wrap up the day at $0.238 levels.

At the time of writing, Ripple’s XRP was down by 0.51% to $0.23682. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23814 to a low $0.23486.

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

XRPUSD 020121 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.2350 pivot level to bring the first major resistance level at $0.2540 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.25 levels.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.28 before any pullback. The second major resistance sits at $0.2699.

Failure to avoid a fall back through the $0.2350 pivot would bring the first major support level at $0.2191 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.21 levels. The second major support level sits at $0.2001.

Looking at the Technical Indicators

First Major Support Level: $0.2191

Pivot Level: $0.2350

First Major Resistance Level: $0.2540

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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