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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 1st, 2021

Bob Mason
·6-min read

Ethereum

Ethereum fell by 2.63% on Sunday. Reversing a 1.07% gain from Saturday, Ethereum ended the week down by 26.54% to $1,422.02.

A mixed start to the day saw Ethereum rise to an early morning high $1,469.96 before hitting reverse.

Falling well short of the first major resistance level at $1,518, Ethereum fell to a mid-afternoon intraday low $1,292.76.

The extended sell-off saw Ethereum fall through the first major support level at $1,411 and the second major support level at $1,256.

Finding support at the 38.2% FIB of $1,292, Ethereum revisited $1,440 levels before easing back.

The first major support level limited the downside late in the day.

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At the time of writing, Ethereum was down by 0.62% to $1,413.22. A mixed start to the day saw Ethereum rise to an early morning high $1,430.74 before falling to a low $1,413.22.

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 $1,395 to support a run at the first major resistance level at $1,497.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1,469.96.

Barring an extended crypto rally, the first major resistance level and resistance at $1,500 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $1,572. The 23.6% FIB of $1,579 and resistance at $1,600 would likely cap any upside, however.

Failure to avoid a fall through the $1,395 pivot would bring the first major support level at $1,320 and the 38.2% FIB of $1,292 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level at $1,218 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,320

Pivot Level: $1,395

First Major Resistance Level: $1,497

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin fell by 3.63% on Sunday. Reversing a 1.02% gain from Saturday, Litecoin ended the week down by 27.18% to $165.72.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $173.17 before hitting reverse.

Falling short of the first major resistance level at $179.25 Litecoin fell to a late afternoon intraday low $153.07.

The sell-off saw Litecoin fall through the first major support level at $166.00 and the second major support level at $160.00.

Litecoin also fell through the 38.2% FIB of $163.

Finding late support, however, Litecoin broke back through the support levels and the 38.2% FIB before ending the day at $165 levels.

At the time of writing, Litecoin was down by 0.88% to $164.26. A mixed start to the day saw Litecoin rise to an early morning high $166.38 before falling to a low $164.04.

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

For the day ahead

Litecoin would need to avoid a fall through the $164 pivot level to support a run at the first major resistance level at $175.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $173.17.

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 the second major resistance level at $184.

Failure to avoid a fall through the $164 pivot level would bring the 38.2% FIB of $163 and the first major support level at $155 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $144.

Looking at the Technical Indicators

First Major Support Level: $155

Pivot Level: $164

First Major Resistance Level: $175

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP fell by 4.45% on Sunday. Reversing a 1.82% gain from Saturday, Ripple’s XRP ended the week down by 23.57% to $0.41661.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.43831 before hitting reverse.

Falling short of the first major resistance level at $0.4541, Ripple’s XRP slid to a late afternoon intraday low $0.3934.

Ripple’s XRP fell through the first major support level at $0.4231 and the second major support level at $0.4098.

Finding late support, Ripple’s XRP revisited $0.42 levels before falling back. The first major support level pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.74% to $0.41351. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.41862 before falling to a low $0.41351.

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

For the day ahead

Ripple’s XRP will need to move back through the $0.4161 pivot level to bring the first major resistance level at $0.4388 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.43831.

Barring an extended crypto rally, the first major resistance level and resistance at $0.44 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.4610 and the 38.2% FIB of $0.4632.

Failure to move back through the $0.4161 pivot would bring the first major support level at $0.3939 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.3712.

Looking at the Technical Indicators

First Major Support Level: $0.3939

Pivot Level: $0.4161

First Major resistance Level: $0.4388

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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