2021-03-08 06:26:22

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 8th, 2021

Ethereum

Ethereum rose by 4.63% on Sunday. Following an 8.05% rally from Saturday, Ethereum ended the week up by 21.55% to $1,728.22.

Relatively range-bound through most of the day, Ethereum fell to an early afternoon intraday low $1,631.07 before making a move.

Steering clear of the first major support level at $1,559, Ethereum rallied to a final hour intraday high $1,735.00.

Ethereum broke through the first major resistance level at $1,698 to end the week at $1,700 levels.

At the time of writing, Ethereum was up by 1.10% to $1,747.17 A bullish start to the day saw Ethereum rise from an early morning low $1,727.95 to a high $1,751.94.

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 $1,698 to support another run at the first major resistance level at $1,765.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $1,751.94.

Barring an extended crypto rally, the first major resistance level and resistance at $1,800 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,850 before any pullback. The second major resistance level sits at $1,802.

Failure to avoid a fall through the $1,698 pivot would bring the first major support level at $1,661 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,600 levels. The second major support level sits at $1,594.

Looking at the Technical Indicators

First Major Support Level: $1,661

Pivot Level: $1,698

First Major Resistance Level: $1,765

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rallied by 4.30% on Sunday. Following on from a 1.38% gain on Saturday, Litecoin ended the week up by 15.20% to $190.74

A mixed start to the day saw Litecoin fall to a mid-morning intraday low $182.33 before making a move.

Steering clear of the first major support level at $177, Litecoin rallied to a final hour intraday high $192.14.

Litecoin broke through the first major resistance level at $187 and the second major resistance level at $190 to end the week at $190 levels.

At the time of writing, Litecoin was up by 1.73% to $194.04. A bullish start to the day saw Litecoin rise from an early morning low $190.70 to a high $194.84.

Litecoin tested the first major resistance level at $195 and the 23.6% FIB of $195 early on.

https://finance.yahoo.com/

For the day ahead

Litecoin would need to avoid a fall through the $188 pivot level to support another 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 hold onto $194 levels early on.

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 avoid a fall through the $188 pivot level would bring the first major support level at $185 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $179.

Looking at the Technical Indicators

First Major Support Level: $185

Pivot Level: $188

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 modest 0.33% on Sunday. Following on from a 1.79% gain on Saturday, Ripple’s XRP ended the week up by 11.88% to $0.46613.

It was a choppy start to the day. Ripple’s XRP rose to a late morning intraday high $0.46885 before hitting reverse.

Falling short of the first major resistance level at $0.4729, Ripple’s XRP slid to a late intraday low $0.45712.

Steering clear of the first major support level at $0.4516, Ripple’s XRP moved back through to $0.465 levels to end the day in the green.

At the time of writing, Ripple’s XRP was up by 0.44% to $0.46782. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.46595 before rising to a high $0.46897.

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 through the $0.4639 pivot level and the 38.2% FIB of $0.4632 to bring the first major resistance level at $0.4707 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.47 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 $0.48 before any pullback. The second major resistance level sits at $0.4756.

Failure to avoid a fall through the $0.4639 pivot and the 38.2% FIB would bring the first major support level at $0.4590 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level at $0.4522 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4590

Pivot Level: $0.4639

First Major resistance Level: $0.4707

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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