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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 3rd, 2021

Bob Mason
·5-min read

Ethereum

Ethereum slid by 5.31% on Tuesday. Partially reversing a 10.55% rally from Monday, Ethereum ended the day at $1,488.34.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,605.89 before hitting reverse.

While falling short of the first major resistance level at $1,627, Ethereum broke through the 23.6% FIB of $1,579.

The reversal saw Ethereum slide to a late intraday low $1,455.86.

The sell-off saw Ethereum fall through the 23.6% FIB and the first major support level at $1,465.

Finding late support, Ethereum moved back through the first major support level to reduce the deficit on the day.

At the time of writing, Ethereum was down by 0.44% to $1,481.85. A mixed start to the day saw Ethereum rise to an early morning high $1,489.04 before falling to a low $1,480.27.

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

For the day ahead

Ethereum would need to move through the pivot level at $1,517 to support a run at the first major resistance level at $1,578 and the 23.6% FIB of $1,579.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,570 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB would likely cap any upside.

In the event of another breakout, Ethereum could test the second major resistance level at $1,667 and resistance at $1,700.

Failure to move through the $1,517 pivot would bring the first major support level at $1,428 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,400 levels. The second major support level sits at $1,367.

Looking at the Technical Indicators

First Major Support Level: $1,428

Pivot Level: $1,517

First Major Resistance Level: $1,578

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 1.80% on Tuesday. Following on from a 6.30% rally on Monday, Litecoin ended the day at $179.25.

It was a mixed start to the day. Litecoin fell to a mid-morning low $171.13 before making a move.

Steering clear of the first major support level at $167, Litecoin rallied to an early afternoon intraday high $185.48.

Litecoin broke through the first major resistance level at $180.71 before hitting reverse.

Coming up against the second major resistance level at $185.40, Litecoin slid to a late intraday low $170.70.

Continuing to steer clear of the first major support level at $167, however, Litecoin moved back through to $179 to end the day in the green.

At the time of writing, Litecoin was down by 0.79% to $177.84. A bearish start to the day saw Litecoin fall from an early morning high $179.29 to a low $177.62.

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

For the day ahead

Litecoin would need to move back through the $179 pivot level to support a run at the first major resistance level at $186.

Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $185.48 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at the 23.6% FIB of $195. The second major resistance level sits at $193.

Failure to move back through the $179 pivot level would bring the first major support level at $172 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$160 levels. The second major support level at $164 and the 38.2% FIB of $163 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $172

Pivot Level: $179

First Major Resistance Level: $186

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 2.24% on Tuesday. Partially reversing a 7.04% rally from Monday, Ripple’s XRP ended the day at $0.43624.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.45574 before hitting reverse.

Falling short of the first major resistance level at $0.4624, Ripple’s XRP slid to a late afternoon intraday low $0.42228.

Steering clear of the first major support level at $0.4213, Ripple’s XRP moved back through to $0.436 levels to reduce the deficit.

At the time of writing, Ripple’s XRP was down by 0.80% to $0.43277. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.43638 to a low $0.43277.

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 $0.4381 pivot level to bring the first major resistance level at $0.4539 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.45 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.45574 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at the 38.2% FIB of $0.4632 and resistance at $0.47. The second major resistance level sits at $0.4715.

Failure to move through the $0.4381 pivot would bring the first major support level at $0.4204 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.40 levels. The second major support level at $0.4046 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4204

Pivot Level: $0.4381

First Major resistance Level: $0.4539

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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