Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 24th, 2021
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.
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.
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.
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
This article was originally posted on FX Empire
