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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 6th, 2021

By:
Bob Mason
Updated: Mar 6, 2021, 00:39 UTC

It's a relatively bullish start to the day for the majors. Steering clear of early lows should bring resistance levels into play.

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Ethereum

Ethereum fell by 0.70% on Friday. Following a 1.83% decline on Thursday, Ethereum ended the day at $1,528.82.

A bearish start to the day saw Ethereum slide to a late morning intraday low $1,442.32 before finding support.

Ethereum fell through the first major support level at $1,488 and the second major support level at $1,435.

Steering clear of sub-$1,400 levels, however, Ethereum bounced back to strike a late intraday $1,551.19.

While breaking back through the major support levels, Ethereum failed to break through the day’s pivot level at $1,556.

At the time of writing, Ethereum was up by 0.73% to $1,540.01 A bullish start to the day saw Ethereum rise from an early morning low $1,528.46 to a high $1,546.27.

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

ETHUSD 060321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,507 to support a run at the first major resistance level at $1,573 and the 23.6% FIB of $1,579.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $1,551.19.

Barring an extended crypto rally, the first major resistance level and resistance at $1,600 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,650 before any pullback. The second major resistance level sits at $1,616.

Failure to avoid a fall through the $1,507 pivot would bring the first major support level at $1,464 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,400 levels. The second major support level sits at $1,399.

Looking at the Technical Indicators

First Major Support Level: $1,464

Pivot Level: $1,507

First Major Resistance Level: $1,573

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin fell by 0.16% on Friday. Following a 3.75% fall from Thursday, Litecoin ended the day at $180.30.

Tracking the broader market, Litecoin slid to an early morning intraday low $168.58 before making a move.

Litecoin fell through the first major support level at $174 before rallying to a late intraday high $183.53.

Coming up short of the day’s pivot level and first major resistance level at $191, Litecoin slipped back into the red.

At the time of writing, Litecoin was up by 0.93% to $181.98. A bullish start to the day saw Litecoin rise from an early morning low $180.32 to a high $181.98.

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

LTCUSD 060321 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $178 pivot level to support a run at the first major resistance level at $186.

Support from the broader market would be needed, however, for Litecoin to break out from $185 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $190 would likely cap any upside.

In the event of an extended rally, Litecoin could test the second major resistance level at $192 and the 23.6% FIB of $195.

Failure to avoid a fall through the $178 pivot level would bring the first major support level at $171 into play.

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

Looking at the Technical Indicators

First Major Support Level: $171

Pivot Level: $178

First Major Resistance Level: $186

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP slid by 5.27% on Friday. Partially reversing a 7.33% rally from Thursday, Ripple’s XRP ended the day at $0.45649.

It was a choppy start to the day. Ripple’s XRP rose to an early morning intraday high $0.48418 before hitting reverse.

Falling short of the first major resistance level at $0.5050, Ripple’s XRP slid to an early morning intraday low $0.44629.

The sell-off saw Ripple’s XRP fall through the 38.2% FIB of $0.4632 before steadying.

Finding support at the first major support level at $0.4463, Ripple’s XRP revisited $0.46 levels before easing back. The 38.2% FIB of $0.4632 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 0.19% to $0.45736. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.45388 before rising to a high $0.45799.

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

XRPUSD 060321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.4623 pivot level and the 38.2% FIB of $0.4632 to bring the first major resistance level at $0.4784 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 and Friday’s high $0.48418 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.5002 before any pullback.

Failure to move through the $0.4623 pivot would bring the first major support level at $0.4405 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.4244.

Looking at the Technical Indicators

First Major Support Level: $0.4405

Pivot Level: $0.4623

First Major resistance Level: $0.4784

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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