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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 4th, 2021

By:
Bob Mason
Updated: Mar 4, 2021, 00:51 UTC

It's a mixed start to the day for the majors. Failure to revisit early highs would bring support levels into play.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

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.

ETHUSD 040321 Hourly Chart

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.

LTCUSD 040321 Hourly Chart

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.

XRPUSD 040321 Hourly Chart

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

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.

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