Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 6th, 2021

Ethereum

Ethereum fell by 0.70% on Friday. Following a 1.83% decline on Thursday, Ethereum ended the day at $1,528.82.

A bearish start to the day saw Ethereum slide to a late morning intraday low $1,442.32 before finding support.

Ethereum fell through the first major support level at $1,488 and the second major support level at $1,435.

Steering clear of sub-$1,400 levels, however, Ethereum bounced back to strike a late intraday $1,551.19.

While breaking back through the major support levels, Ethereum failed to break through the day’s pivot level at $1,556.

At the time of writing, Ethereum was up by 0.73% to $1,540.01 A bullish start to the day saw Ethereum rise from an early morning low $1,528.46 to a high $1,546.27.

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 $1,507 to support a run at the first major resistance level at $1,573 and the 23.6% FIB of $1,579.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $1,551.19.

Barring an extended crypto rally, the first major resistance level and resistance at $1,600 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,650 before any pullback. The second major resistance level sits at $1,616.

Failure to avoid a fall through the $1,507 pivot would bring the first major support level at $1,464 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,400 levels. The second major support level sits at $1,399.

Looking at the Technical Indicators

First Major Support Level: $1,464

Pivot Level: $1,507

First Major Resistance Level: $1,573

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin fell by 0.16% on Friday. Following a 3.75% fall from Thursday, Litecoin ended the day at $180.30.

Tracking the broader market, Litecoin slid to an early morning intraday low $168.58 before making a move.

Litecoin fell through the first major support level at $174 before rallying to a late intraday high $183.53.

Coming up short of the day’s pivot level and first major resistance level at $191, Litecoin slipped back into the red.

At the time of writing, Litecoin was up by 0.93% to $181.98. A bullish start to the day saw Litecoin rise from an early morning low $180.32 to a high $181.98.

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

For the day ahead

Litecoin would need to avoid a fall through the $178 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 out from $185 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $190 would likely cap any upside.

In the event of an extended rally, Litecoin could test the second major resistance level at $192 and the 23.6% FIB of $195.

Failure to avoid a fall through the $178 pivot level would bring the first major support level at $171 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $163 and the 38.2% FIB of $163.

Looking at the Technical Indicators

First Major Support Level: $171

Pivot Level: $178

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 slid by 5.27% on Friday. Partially reversing a 7.33% rally from Thursday, Ripple’s XRP ended the day at $0.45649.

It was a choppy start to the day. Ripple’s XRP rose to an early morning intraday high $0.48418 before hitting reverse.

Falling short of the first major resistance level at $0.5050, Ripple’s XRP slid to an early morning intraday low $0.44629.

The sell-off saw Ripple’s XRP fall through the 38.2% FIB of $0.4632 before steadying.

Finding support at the first major support level at $0.4463, Ripple’s XRP revisited $0.46 levels before easing back. The 38.2% FIB of $0.4632 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 0.19% to $0.45736. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.45388 before rising to a high $0.45799.

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 $0.4623 pivot level and the 38.2% FIB of $0.4632 to bring the first major resistance level at $0.4784 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.47 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.48418 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.5002 before any pullback.

Failure to move through the $0.4623 pivot would bring the first major support level at $0.4405 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.4244.

Looking at the Technical Indicators

First Major Support Level: $0.4405

Pivot Level: $0.4623

First Major resistance Level: $0.4784

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