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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 4th, 2021

Bob Mason
·6-min read

Ethereum

Ethereum rallied by 5.34% on Wednesday. Reversing a 5.31% slide from Tuesday, Ethereum ended the day at $1,567.86.

A mixed start to the day saw Ethereum fall to an early morning intraday low $1,476.72 before making a move.

Steering clear of the first major support level at $1,428, Ethereum rallied to a mid-day intraday high $1,657.91.

Ethereum broke through the first major resistance level at $1,578 to come within range of the second major resistance level at $1,668.

The morning rally also saw Ethereum break through the 23.6% FIB of $1,579.

Falling short of $1,700, Ethereum fell back through the first major resistance level and the 23.6% FIB to sub-$1,570 levels.

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A late rally, however, saw Ethereum briefly break back through the first major resistance level and the 23.6% FIB before ending the day at sub-$1,570 levels.

At the time of writing, Ethereum was up by 0.58% to $1,576.88. A mixed start to the day saw Ethereum fall to an early morning low $1,555.00 before rising to a high $1,577.40.

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

For the day ahead

Ethereum would need to avoid a fall back through the Ethereum pivot level at $1,568 to support a run at the first major resistance level at $1,658.

Support from the broader market would be needed, however, for Ethereum to break out from the 23.6% FIB of $1,579.

Barring an extended crypto rally, the first major resistance level and resistance at $1,700 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $1,800 before any pullback. The second major resistance level sits at $1,749.

Failure to avoid a fall through 23.6% FIB and the $1,568 pivot would bring the first major support level at $1,477 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,400 levels. The second major support level sits at $1,386.

Looking at the Technical Indicators

First Major Support Level: $1,477

Pivot Level: $1,568

First Major Resistance Level: $1.659

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rallied by 4.65% on Wednesday. Following on from a 1.80% gain on Tuesday, Litecoin ended the day at $187.61.

A mixed start to the day saw Litecoin fall to an early morning intraday low $177.15 before making a move.

Steering clear of the first major support level at $172, Litecoin rallied to an early afternoon intraday high $196.71.

Litecoin broke through the first major resistance level at $186 and the second major resistance level at $193.

The morning rally also saw Litecoin break through the 23.6% FIB of $195 before falling back to $186 levels.

Finding support at the first major resistance level, Litecoin wrapped up the day at $187 levels.

At the time of writing, Litecoin was up by 0.76% to $189.04. A mixed start to the day saw Litecoin fall to an early morning low $186.20 before rising to a high $189.25.

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

For the day ahead

Litecoin would need to avoid a fall back through the $187 pivot level to support a run at the first major resistance level at $197.

Support from the broader market would be needed, however, for Litecoin to break back through the 23.6% FIB of $195.

Barring an extended crypto rally, the first major resistance level and resistance at $200 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $207.

Failure to avoid a fall back through the $187 pivot level would bring the first major support level at $178 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $168.

Looking at the Technical Indicators

First Major Support Level: $178

Pivot Level: $187

First Major Resistance Level: $197

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rose by 2.97% on Wednesday. Reversing a 2.24% loss from Tuesday, Ripple’s XRP ended the day at $0.44935.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.43154 before making a move.

Steering clear of the first major support level at $0.4204, Ripple’s XRP rallied to a late morning intraday high $0.46884.

Ripple’s XRP broke through the first major resistance level at $0.4539 and the 38.2% FIB of $0.4632.

An afternoon pullback saw Ripple’s XRP fall back to sub-$0.45 levels before steadying.

Ripple’s XRP broke back through to $0.45 levels to test the first major resistance level at $0.4539 before easing back.

At the time of writing, Ripple’s XRP was down by 0.54% to $0.44694. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.44818 to a low $0.44694.

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

For the day ahead

Ripple’s XRP will need to move through the $0.4499 pivot level to bring the first major resistance level at $0.4683 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 38.2% FIB of $0.4632.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.46884 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.50 before any pullback. The second major resistance level sits at $0.4872.

Failure to move through the $0.4499 pivot would bring the first major support level at $0.4310 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.4126.

Looking at the Technical Indicators

First Major Support Level: $0.4310

Pivot Level: $0.4499

First Major resistance Level: $0.4683

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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