Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 16th, 2021

Bob Mason
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Ethereum

Ethereum fell by 2.89% on Monday. Following on from a 3.79% slide on Sunday, Ethereum ended the day at $1,795.07.

A mixed start to the day saw Ethereum rise to an early morning high $1,893.75 before hitting reverse.

Falling short of the first major resistance level at $1,908, Ethereum slid to a late morning intraday low $1,734,87.

Ethereum fell through the first major support level at $1,813 and the second major support level at $1,777.

Finding late morning support, Ethereum revisited $1,809 levels before easing back. While breaking back through the second major support level, the first major support level pinned Ethereum back.

At the time of writing, Ethereum was up by 0.37% to $1,801.75. A mixed start to the day saw Ethereum fall to an early morning low $1,783.20 before rising to a high $1,804.12.

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

For the day ahead

Ethereum would need to move through the pivot level at $1,808 to support a run at the first major resistance level at $1,881.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,850 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1,893.75 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $2,000 before any pullback. The second major resistance level sits at $1,967.

Failure to move through the $1,808 pivot would bring the first major support level at $1,722 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,650 levels. The second major support level sits at $1,649.

Looking at the Technical Indicators

First Major Support Level: $1,722

Pivot Level: $1,808

First Major Resistance Level: $1,881

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin slid by 6.17% on Monday. Following on from a 5.30% fall on Sunday, Litecoin ended the day at $200.82.

A mixed start to the day saw Litecoin rise to an early morning intraday high $222.44 before hitting reverse.

Falling short of the first major resistance level at $223, Litecoin slid to a late afternoon intraday low $197.65.

The reversal saw Litecoin fall through the first major support level at $209 and the second major support level at $205.

Steering clear of 23.6% FIB of $195, Litecoin moved back through to $200 levels to limit the downside.

The second major support level at $205 pinned Litecoin back late in the day.

At the time of writing, Litecoin was up by 0.95% to $202.72. A mixed start to the day saw Litecoin fall to an early morning low $199.55 before rising to a high $203.00.

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

For the day ahead

Litecoin would need to move through the $207 pivot level to support a run at the first major resistance level at $216.

Support from the broader market would be needed, however, for Litecoin to break back through to $215 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $222.44 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $230 before any pullback. The second major resistance level sits at $232.

Failure to move through the $207 pivot level would bring the 23.6% FIB of $195 and the first major support level at $192 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$190 support levels. The second major support level sits at $182.

Looking at the Technical Indicators

First Major Support Level: $192

Pivot Level: $207

First Major Resistance Level: $216

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP fell by 0.79% on Monday. Following on from a 4.09% slide on Sunday, Ripple’s XRP ended the day at $0.43562.

A mixed start saw Ripple’s XRP rise to an early morning intraday high $0.44807 before hitting reverse.

Ripple’s XRP fell short of the first major resistance level at $0.4544, Ripple’s XRP slid to a late morning intraday low $0.42320.

The reversal saw Ripple’s XRP fall through the first major support level at $0.4323 and the second major support level at $0.4246.

Steering clear of sub-$0.42 levels, Ripple’s XRP broke back through the major support levels to end the day at $0.435 levels.

At the time of writing, Ripple’s XRP was up by 0.65% to $0.43847. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.43422 before rising to a high $0.43847.

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 back through the $0.4356 pivot level to bring the first major resistance level at $0.4481 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.4450 levels.

Barring an extended crypto rally, Monday’s high $0.44807 and the first major resistance level would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at the second major resistance level at $0.4605 and the 38.2% FIB of $0.4632.

Failure to avoid a fall back through the $0.4356 pivot would bring the first major support level at $0.4232 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.41 levels. The second major support level at $0.4108 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4232

Pivot Level: $0.4356

First Major resistance Level: $0.4481

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

This article was originally posted on FX Empire

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