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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 8th, 2021

By:
Bob Mason
Updated: Mar 8, 2021, 02:07 UTC

It's a bullish start to the day for the majors after yesterday's late rally. Steering clear of the pivot levels would leave resistance levels in play.

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Ethereum

Ethereum rose by 4.63% on Sunday. Following an 8.05% rally from Saturday, Ethereum ended the week up by 21.55% to $1,728.22.

Relatively range-bound through most of the day, Ethereum fell to an early afternoon intraday low $1,631.07 before making a move.

Steering clear of the first major support level at $1,559, Ethereum rallied to a final hour intraday high $1,735.00.

Ethereum broke through the first major resistance level at $1,698 to end the week at $1,700 levels.

At the time of writing, Ethereum was up by 1.10% to $1,747.17 A bullish start to the day saw Ethereum rise from an early morning low $1,727.95 to a high $1,751.94.

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

ETHUSD 080321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,698 to support another run at the first major resistance level at $1,765.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $1,751.94.

Barring an extended crypto rally, the first major resistance level and resistance at $1,800 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,850 before any pullback. The second major resistance level sits at $1,802.

Failure to avoid a fall through the $1,698 pivot would bring the first major support level at $1,661 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,600 levels. The second major support level sits at $1,594.

Looking at the Technical Indicators

First Major Support Level: $1,661

Pivot Level: $1,698

First Major Resistance Level: $1,765

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rallied by 4.30% on Sunday. Following on from a 1.38% gain on Saturday, Litecoin ended the week up by 15.20% to $190.74

A mixed start to the day saw Litecoin fall to a mid-morning intraday low $182.33 before making a move.

Steering clear of the first major support level at $177, Litecoin rallied to a final hour intraday high $192.14.

Litecoin broke through the first major resistance level at $187 and the second major resistance level at $190 to end the week at $190 levels.

At the time of writing, Litecoin was up by 1.73% to $194.04. A bullish start to the day saw Litecoin rise from an early morning low $190.70 to a high $194.84.

Litecoin tested the first major resistance level at $195 and the 23.6% FIB of $195 early on.

LTCUSD 080321 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $188 pivot level to support another run at the first major resistance level at $195 and the 23.6% FIB.

Support from the broader market would be needed, however, for Litecoin to hold onto $194 levels early on.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $198.

Failure to avoid a fall through the $188 pivot level would bring the first major support level at $185 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $179.

Looking at the Technical Indicators

First Major Support Level: $185

Pivot Level: $188

First Major Resistance Level: $195

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 a modest 0.33% on Sunday. Following on from a 1.79% gain on Saturday, Ripple’s XRP ended the week up by 11.88% to $0.46613.

It was a choppy start to the day. Ripple’s XRP rose to a late morning intraday high $0.46885 before hitting reverse.

Falling short of the first major resistance level at $0.4729, Ripple’s XRP slid to a late intraday low $0.45712.

Steering clear of the first major support level at $0.4516, Ripple’s XRP moved back through to $0.465 levels to end the day in the green.

At the time of writing, Ripple’s XRP was up by 0.44% to $0.46782. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.46595 before rising to a high $0.46897.

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

XRPUSD 080321 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.4639 pivot level and the 38.2% FIB of $0.4632 to bring the first major resistance level at $0.4707 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 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.48 before any pullback. The second major resistance level sits at $0.4756.

Failure to avoid a fall through the $0.4639 pivot and the 38.2% FIB would bring the first major support level at $0.4590 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level at $0.4522 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4590

Pivot Level: $0.4639

First Major resistance Level: $0.4707

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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