2021-03-23 05:28:11

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 23rd, 2021

Ethereum

Ethereum slid by 5.78% on Monday. Following on from a 1.22% loss on Sunday, Ethereum ended the day at $1,681.02.

A bearish start to the day saw Ethereum slide to an early morning low $1,754.25 before finding support.

Steering clear of the first major support level at $1,749, Ethereum struck a late morning intraday high $1,806.39.

Falling short of the first major resistance level at $1,819, Ethereum tumbled to a late intraday low $1,657.17.

Ethereum fell through the first major support level at $1,749 and the second major support level at $1,713.

Steering clear of the third major support level at $1,643, Ethereum revisited $1,700 levels before ending the day at sub-$1,700.

At the time of writing, Ethereum was down by 0.18% to $1,678.04. A mixed start to the day saw Ethereum rise to an early morning high $1,686.26 before falling to a low $1,668.54.

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 $1,715 to support a run at the first major resistance level at $1,773.

Support from the broader market would be needed, however, for Ethereum to break out from $1,750 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1,806.39 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,864.

Failure to move through the $1,715 pivot would bring the first major support level at $1,623 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,579 and the second major support level at $1,566.

Looking at the Technical Indicators

First Major Support Level: $1,623

Pivot Level: $1,715

First Major Resistance Level: $1,773

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin slid by 5.07% on Monday. Following a 2.31% decline on Sunday, Litecoin ended the day at $185.70.

A bearish start to the day saw Litecoin slide to an early morning low $190.12 before finding support.

The sell-off saw Litecoin fall through the 23.6% FIB of $195 and the first major support level at $191.

Steering clear of sub-$190 levels, Litecoin struck an early afternoon intraday high $199.17 before hitting reverse.

Litecoin broke back through the 23.6% FIB and first major support level.

Falling short of the first major resistance level at $201, Litecoin tumbled to a late intraday low $185.00.

Litecoin fell back through the 23.6% FIB and the first major support level at $191. The extended sell-off also saw Litecoin fall through the second major support level at $187.

Steering clear of sub-$185, Litecoin briefly broke back through the second major support level before ending the day at $185 levels.

At the time of writing, Litecoin was up by 0.61% to $186.83. A mixed start to the day saw Litecoin fall to an early morning low $184.82 before rising to a high $186.83.

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

https://finance.yahoo.com/

For the day ahead

Litecoin would need to move through the $190 pivot level to support a run at the 23.6% FIB and the first major resistance level at $195.

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

Barring an extended crypto rally, the 23.6% FIB and the first major resistance level would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $205 before any pullback. The second major resistance level sits at $204.

Failure to move through the $190 pivot level would bring the first major support level at $181 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $176.

Looking at the Technical Indicators

First Major Support Level: $181

Pivot Level: $190

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 rallied by 5.26% on Monday. Reversing a 1.73% loss from Sunday, Ripple’s XRP ended the day at $0.54441.

A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.50250 before making a move.

Steering clear of the first major support level at $0.4935, Ripple’s XRP rallied to a late afternoon intraday high $0.60000.

Ripple’s XRP broke through the first major resistance level at $0.5433 and the second major resistance level at $0.5694.

More significantly, Ripple’s XRP also broke back through the 23.6% FIB of $0.5320.

Coming up short of the third major resistance level at $0.6192, Ripple’s XRP slipped back to sub-$0.56 levels.

The late pullback saw Ripple’s XRP fall back through the second major resistance level at $0.5694 to end the day at sub-$0.55 levels.

Late in the day, the first major resistance level at $0.5433 delivered support to prevent a return to sub-$0.54 levels.

At the time of writing, Ripple’s XRP was up by 1.53% to $0.55273. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54240 before striking a high $0.55273.

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 avoid a fall back through the $0.5452 pivot level to bring the first major resistance level at $0.5880 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.58 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.60000 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 levels before any pullback. The second major resistance level sits at $0.6315.

Failure to avoid a fall back through the $0.5452 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5017 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4589.

Looking at the Technical Indicators

First Major Support Level: $0.5017

Pivot Level: $0.5452

First Major resistance Level: $0.5880

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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