Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 16th, 2021

Ethereum

Ethereum fell by 1.31% on Monday. Following on from a 0.77% decline on Sunday, Ethereum ended the day at $1,780.59.

A mixed start to the day saw Ethereum rise to an early morning high $1,814.74 before hitting reverse.

Coming up short of the first major resistance level at $1,843, Ethereum tumbled to an early morning intraday low $1,659.93.

The sell-off saw Ethereum fall through the major support levels before finding support.

Steering clear of the 23.6% FIB of $1,454, Ethereum broke back through the major support levels to strike a late intraday high $1,836.00.

Continuing to fall short of the major resistance levels, however, Ethereum slid back to end the day at sub-$1,800 levels.

At the time of writing, Ethereum was down by 0.37% to $1,773.02. A mixed start to the day saw Ethereum rise to an early morning high $1,783.80 before falling to a low $1,768.92.

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 $1,759 to support a run at the first major resistance level at $1,857.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $1,836.00.

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 $1,935.

Failure to avoid a fall through the $1,759 pivot would bring the first major support level at $1,681 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 $1,583.

Looking at the Technical Indicators

First Major Support Level: $1,681

Pivot Level: $1,759

First Major Resistance Level: $1,681

23.6% FIB Retracement Level: $1,447

38.2% FIB Retracement Level: $1,186

62% FIB Retracement Level: $764

Litecoin

Litecoin fell by 2.81% on Monday. Following on from a 5.54% slide on Sunday, Litecoin ended the day at $207.90.

A mixed start to the day saw Litecoin rise to an early morning high $215.83 before hitting reverse.

Falling short of the first major resistance level at $226.97, Litecoin slid to an early morning intraday low $186.58.

Litecoin fell through the first major support level at $204.73 and the second major support level at $195.53.

Steering clear of the 23.6% FIB of $182, Litecoin bounced back to strike a late intraday high $220.00.

Continuing to fall short of the major resistance levels, Litecoin slid back to end the day at sub-$210 levels.

At the time of writing, Litecoin was down by 0.41% to $207.05. A mixed start to the day saw Litecoin rise to an early morning high $209.00 before falling to a low $206.65.

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

https://finance.yahoo.com/

For the day ahead

Litecoin would need to avoid a fall through the $204.83 pivot level to support a run at the first major resistance level at $223.07.

Support from the broader market would be needed, however, for Litecoin to breakout from Monday’s high $220.00.

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 the swing hi $230.81 and the second major resistance level at $238.25.

Failure to avoid a fall through the $204.83 pivot level would bring the first major support level at $189.65 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$180 and the second major support level at $171.41. The 23.6% FIB of $182 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $189.65

Pivot Level: $204.83

First Major Resistance Level: $223.07

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 7.42% on Monday. Following a 6.74% fall on Sunday, Ripple’s XRP ended the day at $0.54911.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.60449 before hitting reverse.

Falling short of the first major resistance level at $0.6346, Ripple’s XRP tumbled to an early morning intraday low $.51117.

Ripple’s XRP fell through the first major support level at $0.5564 and the second major support level at $0.5202.

More importantly, Ripple’s XRP fell through the 23.6% FIB of $0.5320 before finding support.

Ripple’s XRP broke back through the 23.6% FIB and the major support levels to revisit $0.58 levels.

A bearish end to the day, however, saw Ripple’s XRP fall back through the first major support level to end the day at sub-$0.55 levels.

At the time of writing, Ripple’s XRP was down by 1.37% to $0.54159. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.55000 before falling to al ow $0.54076.

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

https://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to move through the $0.5549 pivot level to bring the first major resistance level at $0.5987 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.55 levels.

Barring another extended crypto rally, the first major resistance level and Monday’s high $0.60449 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 $0.6482.

Failure to move through the $0.5549 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5054 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels and the 38.2% FIB of $0.4632. The second major support level sits at $0.4616.

Looking at the Technical Indicators

First Major Support Level: $0.5054

Pivot Level: $0.5549

First Major Resistance Level: $0.5987

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

This article was originally posted on FX Empire

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