Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 2nd, 2021

Ethereum

Ethereum rallied by 10.55% on Monday. Reversing a 2.63% loss from Sunday, Ethereum ended the day at $1,571.82.

A bearish start to the day saw Ethereum fall to an early morning intraday low $1,412.61 before making a move.

Steering clear of the first major support level at $1,320, Ethereum rallied to a late intraday high $1,574.28.

Ethereum broke through the first major resistance level at $1,497 and the second major resistance level at $1,572 before ending the day at $1,571 levels.

The day long rally saw Ethereum come within range of the 23.6% FIB of $1,579.

At the time of writing, Ethereum was up by 0.43% to $1,578.64. A mixed start to the day saw Ethereum fall to an early morning low $1,570.01 before rising to a high $1,578.99.

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 $1,520 to support a run at the 23.6% FIB of $1,579 and the first major resistance level at $1,627.

Support from the broader market would be needed, however, for Ethereum to break through to $1,600 levels.

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

In the event of another breakout, Ethereum could test the second major resistance level at $1,681 and resistance at $1,700.

Failure to avoid a fall through the $1,520 pivot would bring the first major support level at $1,465 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,400 levels. The second major support level sits at $1,358.

Looking at the Technical Indicators

First Major Support Level: $1,465

Pivot Level: $1,520

First Major Resistance Level: $1,627

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 6.30% on Monday. Reversing a 3.63% fall from Sunday, Litecoin ended the day at $176.01.

It was a mixed start to the day. Litecoin fell to an early morning intraday low $163.54 before making a move.

Finding support at the 38.2% FIB of $163, Litecoin rallied to a late afternoon intraday high $176.82.

Litecoin broke through the first major resistance level at $175 before a pullback to sub-$170.

Finding late support, however, Litecoin broke back through the first major resistance level to end the day at $176 levels.

At the time of writing, Litecoin was up by 0.83% to $177.47. A mixed start to the day saw Litecoin fall to an early morning low $175.88 before rising to a high $177.80.

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

For the day ahead

Litecoin would need to avoid a fall through the $172 pivot level to support a run at the first major resistance level at $181.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $177.80.

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

In the event of an extended breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level sits at $185.

Failure to avoid a fall through the $172 pivot level would bring the first major support level at $167 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $159. The 38.2% FIB of $163 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $167

Pivot Level: $172

First Major Resistance Level: $181

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 7.04% on Monday. Reversing a 4.45% fall from Sunday, Ripple’s XRP ended the day at $0.44593.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.41314 before making a move.

Steering clear of the first major support level at $0.3939, Ripple’s XRP rallied to a late afternoon intraday high $0.45422.

Ripple’s XRP broke through the first major resistance level at $0.4388 to revisit $0.45 levels for the first time since Saturday.

Falling short of the second major resistance level at $0.4610, however, Ripple’s XRP eased back to end the day at $0.445 levels.

At the time of writing, Ripple’s XRP was up by 0.47% to $0.44802. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.44625 to a high $0.44802.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.4378 pivot level to bring the first major resistance level at $0.4624 and the 38.2% FIB of $0.4632 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.45422.

Barring an extended crypto rally, the first major resistance level and the 38.2% FIB of $0.4632 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.4788 before any pullback.

Failure to avoid a fall through the $0.4378 pivot would bring the first major support level at $0.4213 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 $0.3967.

Looking at the Technical Indicators

First Major Support Level: $0.4213

Pivot Level: $0.4378

First Major resistance Level: $0.4624

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