2021-03-11 05:47:52

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 11th, 2021

Ethereum

Ethereum slid by 4.09% on Wednesday. Reversing a 2.02% gain from Tuesday, Ethereum ended the day at $1,795.37.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,879.00 before hitting reverse.

Falling short of the first major resistance level at $1,896, Ethereum fell to an early morning intraday low $1,756.29.

The sell-off saw Ethereum fall through the first major support level at $1,824 and the second major support level at $1,776.

Finding late morning support, Ethereum broke back through the support levels to briefly revisit $1,860 levels.

A bearish end to the day, however, saw Ethereum fall back through the first major support level to end the day at sub-$1,800.

At the time of writing, Ethereum was down by 0.84% to $1,780.20. A mixed start to the day saw Ethereum rise to an early morning high $1,798.23 before falling to a low $1,770.00

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 $1,810 to support a run at the first major resistance level at $1,864.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,850 levels.

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 $1,950 before any pullback. The second major resistance level sits at $1,933.

Failure to move through the $1,810 pivot would bring the first major support level at $1,741 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $1,688.

Looking at the Technical Indicators

First Major Support Level: $1,741

Pivot Level: $1,810

First Major Resistance Level: $1,864

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin fell by 1.86% on Wednesday. Partially reversing a 6.29% rally from Tuesday, Litecoin ended the day at $200.23.

A mixed start to the day saw Litecoin fall from an early morning high $207.79 to an early morning intraday low $191.23.

Litecoin fell through the 23.6% FIB of $195 and the first major support level at $194 before striking a late intraday high $208.00.

Falling short of the first major resistance level at $210, Litecoin slid back to $196 levels before ending the day at $200 levels.

At the time of writing, Litecoin was down by 0.81% to $198.60. A mixed start to the day saw Litecoin rise to an early morning high $201.69 before falling to a low $197.68.

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

https://finance.yahoo.com/

For the day ahead

Litecoin would need to move back through the $200 pivot level to support a run at the first major resistance level at $208.

Support from the broader market would be needed, however, for Litecoin to break out from $205 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $210 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $220 before any pullback. The second major resistance level sits at $217.

Failure to move back through the $200 pivot level would bring 23.6% FIB of $195 and the first major support level at $192 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $183.

Looking at the Technical Indicators

First Major Support Level: $192

Pivot Level: $200

First Major Resistance Level: $208

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 4.77% on Wednesday. Reversing a 2.38% gain from Tuesday, Ripple’s XRP ended the day at $0.46237.

It was another choppy day. Ripple’s XRP rose to an early morning intraday high $0.48865 before hitting reverse.

Falling short of the first major resistance level at $0.4917, Ripple’s XRP tumbled to an early morning intraday low $0.45521.

Ripple’s XRP fell through the first major support level at $0.4754 and the second major support level at $0.4653.

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

Steering clear of sub-$0.45 levels, Ripple’s XRP revisited $0.472 levels before falling back into the deep red.

Ripple’s XRP had briefly broken back through the 38.2% FIB and the second major support level before revisiting sub-$0.46 levels.

A late move back through to $0.46 levels reduced the deficit on the day. The 38.2% FIB pinned Ripple’s XRP back late on, however.

At the time of writing, Ripple’s XRP was down by 0.58% to $0.45971. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.46161 to a low $0.45703.

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

https://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to move through the 38.2% FIB and the $0.4687 pivot level to bring the first major resistance level at $0.4823 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.48 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.49 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 $0.5022.

Failure to move through the 38.2% FIB and the $0.4687 pivot would bring the first major support level at $0.4488 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.43 levels. The second major support level at $0.4353 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4488

Pivot Level: $0.4687

First Major resistance Level: $0.4823

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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