Yahoo Finanza Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 4th, 2021
Ethereum
Ethereum rallied by 5.34% on Wednesday. Reversing a 5.31% slide from Tuesday, Ethereum ended the day at $1,567.86.
A mixed start to the day saw Ethereum fall to an early morning intraday low $1,476.72 before making a move.
Steering clear of the first major support level at $1,428, Ethereum rallied to a mid-day intraday high $1,657.91.
Ethereum broke through the first major resistance level at $1,578 to come within range of the second major resistance level at $1,668.
The morning rally also saw Ethereum break through the 23.6% FIB of $1,579.
Falling short of $1,700, Ethereum fell back through the first major resistance level and the 23.6% FIB to sub-$1,570 levels.
A late rally, however, saw Ethereum briefly break back through the first major resistance level and the 23.6% FIB before ending the day at sub-$1,570 levels.
At the time of writing, Ethereum was up by 0.58% to $1,576.88. A mixed start to the day saw Ethereum fall to an early morning low $1,555.00 before rising to a high $1,577.40.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall back through the Ethereum pivot level at $1,568 to support a run at the first major resistance level at $1,658.
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 resistance at $1,700 would likely cap any upside.
In the event of another breakout, Ethereum could test resistance at $1,800 before any pullback. The second major resistance level sits at $1,749.
Failure to avoid a fall through 23.6% FIB and the $1,568 pivot would bring the first major support level at $1,477 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,400 levels. The second major support level sits at $1,386.
Looking at the Technical Indicators
First Major Support Level: $1,477
Pivot Level: $1,568
First Major Resistance Level: $1.659
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin rallied by 4.65% on Wednesday. Following on from a 1.80% gain on Tuesday, Litecoin ended the day at $187.61.
A mixed start to the day saw Litecoin fall to an early morning intraday low $177.15 before making a move.
Steering clear of the first major support level at $172, Litecoin rallied to an early afternoon intraday high $196.71.
Litecoin broke through the first major resistance level at $186 and the second major resistance level at $193.
The morning rally also saw Litecoin break through the 23.6% FIB of $195 before falling back to $186 levels.
Finding support at the first major resistance level, Litecoin wrapped up the day at $187 levels.
At the time of writing, Litecoin was up by 0.76% to $189.04. A mixed start to the day saw Litecoin fall to an early morning low $186.20 before rising to a high $189.25.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall back through the $187 pivot level to support a run at the first major resistance level at $197.
Support from the broader market would be needed, however, for Litecoin to break back through the 23.6% FIB of $195.
Barring an extended crypto rally, the first major resistance level and resistance at $200 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 $207.
Failure to avoid a fall back through the $187 pivot level would bring the first major support level at $178 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $168.
Looking at the Technical Indicators
First Major Support Level: $178
Pivot Level: $187
First Major Resistance Level: $197
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 2.97% on Wednesday. Reversing a 2.24% loss from Tuesday, Ripple’s XRP ended the day at $0.44935.
A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.43154 before making a move.
Steering clear of the first major support level at $0.4204, Ripple’s XRP rallied to a late morning intraday high $0.46884.
Ripple’s XRP broke through the first major resistance level at $0.4539 and the 38.2% FIB of $0.4632.
An afternoon pullback saw Ripple’s XRP fall back to sub-$0.45 levels before steadying.
Ripple’s XRP broke back through to $0.45 levels to test the first major resistance level at $0.4539 before easing back.
At the time of writing, Ripple’s XRP was down by 0.54% to $0.44694. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.44818 to a low $0.44694.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.4499 pivot level to bring the first major resistance level at $0.4683 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 38.2% FIB of $0.4632.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.46884 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 $0.4872.
Failure to move through the $0.4499 pivot would bring the first major support level at $0.4310 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.4126.
Looking at the Technical Indicators
First Major Support Level: $0.4310
Pivot Level: $0.4499
First Major resistance Level: $0.4683
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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