Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 24th, 2021

By:
Bob Mason
Updated: Feb 24, 2021, 01:10 UTC

It's another bearish start to the day. Failure to move through the day's pivot levels will leave the majors on the back foot once more.

Silver and golden coins with bitcoin, ripple and ethereum symbol

Ethereum

Ethereum tumbled by 11.27% on Tuesday. Following on from an 8.11% slide on Monday, Ethereum ended the day at $1,577.83.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,783.22 before hitting reverse.

Falling short of the first major resistance level at $1,976, Ethereum slumped to a late morning intraday low $1,356.00.

The sell-off saw Ethereum fall through the through the 23.6% FIB of $1,579 and the first major support level at $1,545.

Steering clear of the second major support level at $1,311, Ethereum briefly revisited $1,600 levels.

A choppy 2nd half of the day, however, saw Ethereum slide back to $1,430 levels before finding late support. Ethereum moved back through the first major support level to end the day at $1,570 levels.

At the time of writing, Ethereum was down by 2.85% to $1,532.85. A mixed start to the day saw Ethereum rise to an early morning high $1,585.28 before falling to a low $1,529.65.

While leaving the major support and resistance levels untested early on, Ethereum briefly broke through the 23.6% FIB of $1,579.

ETHUSD 240221 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $1,572 to support a run at the first major resistance level at $1,789.

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 Tuesday’s high $1,783.22 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $1,900. The second major resistance level sits at $2,000.

Failure to move through the $1,572 pivot would bring the through first major support level at $1,362 and the 38.2% FIB of $1,292 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level sits at $1,145.

Looking at the Technical Indicators

First Major Support Level: $1,362

Pivot Level: $1,572

First Major Resistance Level: $1,789

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin tumbled by 14.71% on Tuesday. Following on from an 8.50% slide on Monday, Litecoin ended the day at $177.59.

It was a bearish start to the day. Litecoin slid from an early morning intraday high $208.94 to a late morning intraday low $158.70.

The sell-off saw Litecoin fall through the first major support level at $182.26. Litecoin also fell through the 23.6% FIB of $195 and the 38.2% FIB of $163.

Finding support going into the afternoon, Litecoin briefly revisited $181 levels before falling back into the deep red. Finding support at the 38.2% FIB, Litecoin ended the day at $177 levels.

At the time of writing, Litecoin was down by 3.24% to $171.83. A mixed start to the day saw Litecoin rise to an early morning high $178.00 before falling to a low $171.61.

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

LTCUSD 240221 Hourly Chart

For the day ahead

Litecoin would need to move through the $181.74 pivot level to support a run at 23.6% FIB of $195 and the first major resistance level at $204.79.

Support from the broader market would be needed, however, for Litecoin to break out from the 23.6% FIB.

Barring an extended crypto rally, the 23.6% FIB would likely leave Litecoin short of the first major resistance level.

In the event of an extended breakout, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $231.98.

Failure to move through the $181.74 pivot level would bring the 38.2% FIB of $163 and the first major support level at $154.55 into play.

Barring another extended sell-off, Litecoin should steer well clear of the second major support level at $131.50.

Looking at the Technical Indicators

First Major Support Level: $154.55

Pivot Level: $181.74

First Major Resistance Level: $204.79

23.6% FIB Retracement Level: $191

38.2% FIB Retracement Level: $159

62% FIB Retracement Level: $108

Ripple’s XRP

Ripple’s XRP slumped by 15.90% on Tuesday. Reversing a 3.87% gain from Monday, Ripple’s XRP ended the day at $0.47646.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.57095 before hitting reverse.

Falling short of the first major resistance level at $0.6536, Ripple’s XRP tumbled to a late morning intraday low $0.3670.

The sell-off saw Ripple’s XRP fall through the first major support level at 0.4744 and the second major support level at $0.3826.

More significantly, Ripple’s XRP also fell through the 23.6% FIB of $0.5320 and the 38.2% FIB of $0.4632.

Finding support in the late morning, Ripple’s XRP broke back through the 38.2% FIB to end the day at $0.47 levels.

At the time of writing, Ripple’s XRP was down by 2.06% to $0.46664. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.47437 before falling to a low $0.46623.

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

XRPUSD 240221 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.4715 pivot level to bring the first major resistance level at $0.5759 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB of $0.5320.

Barring an extended crypto rally, the 23.6% FIB of $0.5320 would likely leave Ripple’s XRP short of the first major resistance level.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.6754.

Failure to move back through the $0.4715 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.3720 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer well clear of the second major support level at $0.2675.

The 62% FIB of $0.3521 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.3720

Pivot Level: $0.4715

First Major Resistance Level: $0.5759

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement