2021-03-17 05:31:57

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 17th, 2021

Ethereum

Ethereum rose by 0.67% on Tuesday. Following a 2.89% decline on Monday, Ethereum ended the day at $1,806.03.

A bearish start to the day saw Ethereum slide to an early morning intraday low $1,706.25 before making a move.

Ethereum fell through the first major support level at $1,722.04 before striking a late morning intraday high $1,819.20.

Falling short of the first major resistance level at $1,881, Ethereum fell back to $1,760 levels before funding support.

A late move back through to $1,800 delivered the upside for the day.

At the time of writing, Ethereum was down by 0.37% to $1,799.27. A mixed start to the day saw Ethereum rise to an early morning high $1,812.76 before falling to a low $1,798.32.

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 $1,777 to support a run at the first major resistance level at $1,848.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,819.2.

Barring an extended crypto rally, the first major resistance level and resistance at $1,850 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 $1,890.

Failure to avoid a fall through the $1,777 pivot would bring the first major support level at $1,735 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,650 levels. The second major support level at $1,664 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,735

Pivot Level: $1,777

First Major Resistance Level: $1,848

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 0.49% on Tuesday. Following a 6.17% slide from Monday, Litecoin ended the day at $201.64.

A bearish start to the day saw Litecoin saw Litecoin fall to an early morning intraday low $191.18.

The sell-off saw Litecoin fall through the 23.6% FIB of $195 and the first major support level at $192.

Steering clear of sub-$190, Litecoin struck a late morning intraday high $205.27 before falling back to $195 levels.

Finding support at the 23.6% FIB, Litecoin moved back through to $201 levels to end the day in the green.

At the time of writing, Litecoin was down by 0.29% to $201.05. A mixed start to the day saw Litecoin rise to an early morning high $202.83 before falling to a low $201.00.

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

https://finance.yahoo.com/

For the day ahead

Litecoin would need to avoid a fall through the $199 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 Tuesday’s high $205.27.

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

In the event of an extended rally, Litecoin could test resistance at $215 before any pullback. The second major resistance level sits at $214.

Failure to avoid a fall through the $199 pivot level would bring the 23.6% FIB of $195 and the first major support level at $194 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$185 support levels. The second major support level at $185 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $194

Pivot Level: $199

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 rallied by 5.48% on Tuesday. Reversing a 0.79% fall from Monday, Ripple’s XRP ended the day at $0.45984.

A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.42736 before making a move.

Steering clear of the first major support level at $0.4232, Ripple’s XRP rallied to a mid-morning intraday high $0.53116.

Ripple’s XRP broke through the day’s major resistance levels and the 38.2% FIB of $0.4632.

Coming up against the 23.6% FIB of $0.5320, Ripple’s XRP slid back to $0.447 levels before wrapping up the day at $0.4598 levels.

Ripple’s XRP fell back through the major resistance levels and the 38.2% FIB.

The late move back through to $0.46 levels, however, saw Ripple’s XRP break back through the first major resistance level at $0.4481 and the second major resistance level at $0.4605 before easing back.

Late in the day, the 38.2% FIB of $0.4632 pinned Ripple’s XRP back.

At the time of writing, Ripple’s XRP was up by 0.37% to $0.46156. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.46061 before rising to a high $0.46357.

While Ripple’s XRP left the major support and resistance levels untested, the 38.2% FIB of $0.4632 pinned Ripple’s XRP back.

https://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to move through the $0.4728 pivot level to bring the first major resistance level at $0.5182 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.50 levels.

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

In the event of an extended rally, Ripple’s XRP could test resistance at the 62% FIB of $0.5320. The second major resistance level sits at $0.5766.

Failure to move through the $0.4728 pivot would bring the first major support level at $0.4144 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.40 levels. The second major support level sits at $0.3690.

Looking at the Technical Indicators

First Major Support Level: $0.4144

Pivot Level: $0.4728

First Major resistance Level: $0.5182

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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