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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 3rd, 2021

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 3rd, 2021
Written by publisher team

Ethereum

Ethereum fell 5.31% on Tuesday. A partial reversal of the 10.55% rally from Monday, Ethereum ended the day at $1,488.34.

A mixed start to the day saw Ethereum climb to an early morning intraday high 1,605.89 before bouncing back in the opposite direction.

While it did not reach the first major resistance level at $1,627, Ethereum broke the 23.6% FIB level of $1,579.

The reversal saw Ethereum drop to an intraday low of $1,455.86 late in the day.

The sell-off saw Ethereum drop through a 23.6% FIB and the first major support level at $1,465.

Finding late support, Ethereum is back across the first major support level to reduce the deficit of the day.

At the time of writing, Ethereum is down 0.44% to $1,481.85. A mixed start to the day saw Ethereum rise to an early morning high of $1,489.04 before dropping to $1,480.27.

Ethereum left key support and resistance levels untested early on.

for the next day

Ethereum will need to move through the pivot level at $1,517 to support triggering the first major resistance level at $1,578 and the 23.6% Fib of $1,579.

Support from the broader market will be needed, however, to break Ethereum back to $1,570 levels.

Barring an extended rally for the cryptocurrency, the first major resistance level and the 23.6% Fibonacci level is likely to cap any upside.

In the event of another breakout, Ethereum could test the second major resistance at $1,667 and the resistance at $1,700.

A failure to move across the pivot at $1,517 will trigger the first major support level at $1,428.

However, barring an extended sell-off, Ethereum should move away from levels below $1,400. The second major support level is located at $1,367.

Looking at technical indicators

First Major Support Level: $1,428

Pivot level: $1,517

First major resistance level: $1,578

23.6% Fib Retracement Level: $1,579

38.2% Fib Retracement Level: $1,292

62% Fib Retracement Level: $830

Litecoin

Litecoin is up 1.80% on Tuesday. After rising 6.30% on Monday, Litecoin ended the day at $179.25.

It was a mixed start to the day. Litecoin dropped to a mid-morning low of $171.13 before making a move.

Moving away from the first major support level at $167, Litecoin price climbed to an afternoon high at $185.48.

Litecoin broke the first major resistance level at $180.71 before bouncing back in the opposite direction.

Against the second major resistance level at $185.40, Litecoin slipped to an intraday low of $170.70.

Continuing to move away from the first major support level at $167, Litecoin returned to $179 to end the day in the green.

At the time of writing, Litecoin is down 0.79% to $177.84. A bearish start to the day saw Litecoin drop from its early morning high $179.29 to $177.62.

Litecoin left key support and resistance levels untested early on.

for the next day

Litecoin will need to come back through the $179 pivot level to support a run at the first major resistance level at $186.

Support from the broader market will be needed, though, for Litecoin to get back to the $180 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday high are likely to cap $185.48 for any upside move.

In the event of an extended breakout, Litecoin could test the resistance at 23.6% FIB from $195. The second major resistance level is located at $193.

A failure to return through the $179 pivot level will trigger the first major support level at $172.

Barring an extended sell off, Litecoin should move away from levels below $160. The second major support level at $164 and the 38.2% FIB level at $163 should limit the downside.

Looking at technical indicators

First Major Support Level: $172

Pivot level: $179

First major resistance level: $186

23.6% Fib Retracement Level: $195

38.2% Fib Retracement Level: $163

62% Fib Retracement Level: $110

Ripple XRP

XRP is down 2.24% on Tuesday. In partial reversal of the 7.04% rally from Monday, XRP finished the day at $0.43624.

A bullish start to the day saw Ripple’s XRP surge to an early morning intraday high at $0.45574 before bouncing back in the opposite direction.

After dropping below the first major resistance at $0.4624, Ripple’s XRP slipped to an afternoon low at $0.42228.

Moving away from the first major support level at $0.4213, Ripple’s XRP moved back to $0.436 levels to reduce the deficit.

At the time of writing, XRP is down 0.80% to $0.43277. A bearish start to the day saw Ripple XRP drop from the early morning high of $0.43638 to $0.43277.

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

for the next day

Ripple’s XRP will need to move through the $0.4381 pivot level to bring the first major resistance level at $0.4539.

Support from the broader market will be needed, however, for Ripple’s XRP to break back into the $0.45 levels.

With the exception of the cryptocurrency’s extended rally, the first major resistance level and Tuesday’s high at $0.45574 would cap any upside move.

In the event of an extended rally, Ripple’s XRP could test the 38.2% FIB resistance at $0.4632 and the $0.47 resistance. The second major resistance level is located at $0.4715.

Failure to move across the $0.4381 pivot will trigger the first major support level at $0.4204.

Barring another extended sell off, XRP should move away from levels below $0.40. The second major support level at $0.4046 should limit the downside move.

Looking at technical indicators

First major support level: $0.4204

Pivot Level: 0.4381 USD

First major resistance level: $0.4539

23.6% Fib Retracement Level: $0.5320

38.2% Fib Retracement Level: $0.4632

62% Fib Retracement Level: $0.3521

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Thanks bob

This article was originally published on FX Empire

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