Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 5th, 2021

Ethereum

Ethereum fell by 1.83% on Thursday. Partially reversing a 5.34% decline from Wednesday, Ethereum ended the day at $1,539.69.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,625.00 before hitting reverse.

While falling short of the first major resistance level at $1,658, Ethereum broke through the 23.6% FIB of $1,579.

The reversal saw Ethereum slide to a late intraday low $1,504.06.

While falling back through the 23.6% FIB, Ethereum avoided the first major support level at $1,477.

Finding late support, Ethereum wrapped up the day at $1,539 levels.

At the time of writing, Ethereum was down by 1.21% to $1,521.03. A mixed start to the day saw Ethereum rise to an early morning high $1,541.00 before falling to a low $1,518.18.

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

For the day ahead

Ethereum would need to move through the the pivot level at $1,556 to support a run at the 23.6% FIB and the first major resistance level at $1,608.

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 Thursday’s high $1,625.00 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $1,700 before any pullback. The second major resistance level sits at $1,677.

Failure to move through the $1,556 pivot would bring the first major support level at $1,488 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,400 levels. The second major support level at $1,435 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,488

Pivot Level: $1,556

First Major Resistance Level: $1,608

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin slid by 3.75% on Thursday. Partially reversing a 4.65% gain from Wednesday, Litecoin ended the day at $180.59.

Tracking the broader market, Litecoin rose to an early morning intraday high $194.50 before hitting reverse.

While falling short of the first major resistance level at $197, Litecoin came up against the 23.6% FIB of $195.

The reversal saw Litecoin slide to a late intraday low $177.00. Litecoin fell through the first major support level at $178 before a partial recovery to $180 levels.

At the time of writing, Litecoin was down by 1.17% to $178.48. A bearish start to the day saw Litecoin fall from an early morning high $180.72 to a low $178.00.

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

For the day ahead

Litecoin would need to move through the $184 pivot level to support a run at the first major resistance level at $191.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $195 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 $202.

Failure to move through the $184 pivot level would bring the first major support level at $174 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $167.

Looking at the Technical Indicators

First Major Support Level: $174

Pivot Level: $184

First Major Resistance Level: $191

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rallied by 7.33% on Thursday. Following on from a 2.97% gain on Wednesday, Ripple’s XRP ended the day at $0.48101.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.43562 before making a move.

Steering clear of the first major support level at $0.4310, Ripple’s XRP rallied to a late intraday high $0.49431.

Ripple’s XRP broke through the first major resistance level at $0.4683 and the second major resistance level at $0.4872.

More significantly, Ripple’s XRP also broke through the 38.2% FIB of $0.4632.

A late pullback, however, saw Ripple’s XRP fall back to a low $0.45027 levels before finding support.

Steering clear of sub-$0.45 levels, Ripple’s XRP broke back through first major resistance level and the 38.2% FIB to end the day at $0.48 levels.

At the time of writing, Ripple’s XRP was down by 1.23% to $0.47508. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.48418 before falling to a low $0.47225.

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 $0.4703 pivot level to bring the first major resistance level at $0.5050 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.49431.

Barring an extended crypto rally, the first major resistance level and resistance at $0.51 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.5290 and resistance at the 23.6% FIB of $0.5320 pullback.

Failure to avoid a fall through the $0.4703 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4463 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.4116.

Looking at the Technical Indicators

First Major Support Level: $0.4463

Pivot Level: $0.4703

First Major resistance Level: $0.5050

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