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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 18th, 2021

By:
Bob Mason
Updated: Mar 18, 2021, 00:36 UTC

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

Shiny Ripple crypto-currency background

Ethereum

Ethereum rose by 1.05% on Wednesday. Following on from a 0.67% gain on Tuesday, Ethereum ended the day at $1,824.74.

A bearish start to the day saw Ethereum slide to a mid-day intraday low $1,742.0 before making a move.

Steering clear of the first major support level at $1,735, Ethereum rose to a late intraday high $1,841.13.

Falling short of the first major resistance level at $1,848, Ethereum eased back to end the day at $1,820 levels.

At the time of writing, Ethereum was up by 0.40% to $1,832.07. A mixed start to the day saw Ethereum fall to an early morning low $1,823.48 before rising to a high $1,838.89.

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

ETHUSD 180321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,803 to support a run at the first major resistance level at $1,863.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $1,841.13.

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

In the event of a breakout, Ethereum could test resistance at $1,950 before any pullback. The second major resistance level sits at $1,902.

Failure to avoid a fall through the $1,803 pivot would bring the first major support level at $1,764 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,704 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,764

Pivot Level: $1,803

First Major Resistance Level: $1,863

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 2.17% on Wednesday. Following on from a 0.49% gain on Tuesday, Litecoin ended the day at $206.04.

A choppy start to the day saw Litecoin saw Litecoin rise to a late morning intraday high $206.88 before hitting reverse.

Coming up short of the first major resistance level at $208, Litecoin fell to a mid-day intraday low $194.25.

The reversal saw Litecoin fall through the 23.6% FIB of $195 before recovering.

Finding support at the first major support level at $194, Litecoin bounced back to end the day at $206.

At the time of writing, Litecoin was up by 0.17% to $206.38. A bullish start to the day saw Litecoin rise from an early morning low $206.08 to a high $207.73.

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

LTCUSD 180321 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $202 pivot level to support a run at the first major resistance level at $211.

Support from the broader market would be needed, however, for Litecoin to break out from this morning’s high $207.73.

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

In the event of an extended rally, Litecoin could test resistance at $220 before any pullback. The second major resistance level sits at $215.

Failure to avoid a fall through the $202 pivot level would bring the first major support level at $198 and the 23.6% FIB of $195 into play.

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

Looking at the Technical Indicators

First Major Support Level: $198

Pivot Level: $202

First Major Resistance Level: $211

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 2.04% on Wednesday. Following on from a 5.48% rally on Tuesday, Ripple’s XRP ended the day at $0.47013.

A bullish start saw Ripple’s XRP break through the 38.2% FIB of $0.4632 to an early morning intraday high $0.48200 before hitting reverse.

Coming up well short of the first major resistance level at $0.5182, Ripple’s XRP slid to a late morning intraday low $0.45400.

While steering clear of the first major support level at $0.4144, Ripple’s XRP fell back through the 38.2% FIB.

Finding late morning support, however, Ripple’s XRP broke back through the 38.2% FIB to $0.472 levels.

In spite of a late pullback, Ripple’s XRP wrapped up the day at $0.47 levels.

At the time of writing, Ripple’s XRP was up by 0.56% to $0.47276. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.47014 to a high $0.47276.

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

XRPUSD 180321 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.4687 pivot level to bring the first major resistance level at $0.4834 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.48 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.4820 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.50 before any pullback. The second major resistance level sits at $0.4967.

Failure to avoid a fall through the $0.4687 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4554 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level sits at $0.4407.

Looking at the Technical Indicators

First Major Support Level: $0.4554

Pivot Level: $0.4687

First Major resistance Level: $0.4834

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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