Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 9th, 2021
Ethereum
Ethereum rallied by 6.17% on Monday. Following on from a 4.63% gain on Sunday, Ethereum ended the day at $1,834.58.
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A mixed start to the day saw Ethereum fall to a late morning intraday low $1,664.08 before making a move.
Steering clear of the first major support level at $1,661, Ethereum rallied to a final hour intraday high $1,843.99.
Ethereum broke through the first major resistance level at $1,765 and the second major resistance level at $1,802 to end the day at $1,830 levels.
At the time of writing, Ethereum was down by 0.30% to $1,829.00. A mixed start to the day saw Ethereum rise to an early morning high $1,845.00 before falling to a low $1,824.35.
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 $1,781 to support a run at the first major resistance level at $1,898.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $1,845.00.
Barring an extended crypto rally, the first major resistance level and resistance at $1,900 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $2,000 before any pullback. The second major resistance level sits at $1,961.
Failure to avoid a fall through the $1,781 pivot would bring the first major support level at $1,718 into play.
Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,700 levels. The second major support level sits at $1,601.
Looking at the Technical Indicators
First Major Support Level: $1,718
Pivot Level: $1,781
First Major Resistance Level: $1,898
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin rose by 0.56% on Monday. Following on from a 4.30% gain on Sunday, Litecoin ended the day at $191.90.
A bullish start to the day saw Litecoin rise to an early morning intraday high $195.22 before hitting reverse.
Coming up against the first major resistance level at $195 and the 23.6% FIB, Litecoin fell to a late morning intraday low $189.00.
Steering clear of the first major support level at $185, Litecoin moved back through to $191 levels to end the day in the green.
At the time of writing, Litecoin was down by 0.39% to $191.16. A mixed start to the day saw Litecoin rise to an early morning high $193.49 before falling to a low $191.08.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move back through the $192 pivot level to support a run at the first major resistance level at $195 and the 23.6% FIB.
Support from the broader market would be needed, however, for Litecoin to break back through to $194 levels.
Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $198.
Failure to move back through the $192 pivot level would bring the first major support level at $189 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$180 levels. The second major support level at $186 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $189
Pivot Level: $192
First Major Resistance Level: $195
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 a 1.78% on Monday. Following a 0.33% gain on Sunday, Ripple’s XRP ended the day at $0.47441.
It was another choppy start to the day. Ripple’s XRP fell to a late morning intraday low $0.45557 before making a move.
The sell-off saw Ripple’s XRP fall through the first major support level at $0.4590.
Finding late morning support, Ripple’s XRP rallied to a late morning intraday high $0.48957.
Ripple’s XRP broke through the day’s major resistance levels before falling back to sub-$0.47 levels.
The pullback saw Ripple’s XRP fall back through the day’s major resistance levels before revisiting $0.483 levels.
Ripple’s XRP broke back through the first major resistance level at $0.4707 and the second major resistance level at $0.4756.
Easing back late in the day, however, Ripple’s XRP fell back through the second major resistance level to end the day at $0.474 levels.
At the time of writing, Ripple’s XRP was up by 0.04% to $0.47462. A mixed start to the day saw Ripple’s XRP rise to an early high $0.47578 before falling to a low $0.47403.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $0.4732 pivot level to bring the first major resistance level at $0.4908 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.48957.
Barring an extended crypto rally, the first major resistance level and resistance at $0.50 would cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.51 before any pullback. The second major resistance level sits at $0.5072.
Failure to avoid a fall through the $0.4732 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4568 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level sits at $0.4392.
Looking at the Technical Indicators
First Major Support Level: $0.4568
Pivot Level: $0.4732
First Major resistance Level: $0.4908
23.6% FIB Retracement Level: $0.5320
38.2% FIB Retracement Level: $0.4632
62% FIB Retracement Level: $0.3521
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Thanks, Bob