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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 20th, 2021

By:
Bob Mason
Updated: Mar 20, 2021, 00:47 UTC

It's a mixed start to the day for the majors. A return to early highs would bring resistance levels into play.

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Ethereum

Ethereum rose by 1.86% on Friday. Partially reversing a 2.63% loss from Thursday, Ethereum ended the day at $1,809.38.

A bearish start to the day saw Ethereum slide to an early morning intraday low $1,734.29.

Ethereum fell through the first major support level at $1,740 before rallying to a late intraday high $1,840.69.

The rally saw Ethereum break through the first major resistance level at $1,832 before falling back to sub-$1,810 levels.

At the time of writing, Ethereum was down by 0.41% to $1,802.01. A mixed start to the day saw Bitcoin rise to an early morning high $1,812.58 before falling to a low $1,801.29.

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

ETHUSD 200321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,795 to support a run at the first major resistance level at $1,855.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $1,840.69.

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 $1,901.

Failure to avoid a fall through the $1,795 pivot would bring the first major support level at $1,749 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level sits at $1,688.

Looking at the Technical Indicators

First Major Support Level: $1,749

Pivot Level: $1,795

First Major Resistance Level: $1,855

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 0.09% on Friday. Following a 3.13% slide on Thursday, Litecoin ended the day at $199.91.

A choppy start to the day saw Litecoin saw Litecoin slide to an early morning intraday low $195.80 before making a move.

The reversal saw Litecoin fall through the first major support level at $196.

Coming within range of the 23.6% FIB of $195, Litecoin rallied to a late morning intraday high $204.95.

Falling short of the first major resistance level at $206, however, Litecoin eased back to end the day at sub-$200 levels.

At the time of writing, Litecoin was down by 0.39% to $199.14. A mixed start to the day saw Litecoin rise to an early morning high $200.17 before falling to a low $198.73.

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

LTCUSD 200321 Hourly Chart

For the day ahead

Litecoin would need to move back through the $200 pivot level to support a run at the first major resistance level at $205.

Support from the broader market would be needed, however, for Litecoin to break out from $200 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $204.95 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $215 before any pullback. The second major resistance level sits at $209.

Failure to move back through the $200 pivot level would bring the first major support level at $196 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 $191 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $196

Pivot Level: $200

First Major Resistance Level: $205

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 0.37% on Friday. Following a 0.25% decline on Thursday, Ripple’s XRP ended the day at $0.46727.

A bearish start saw Ripple’s XRP fall to an early morning intraday low $0.45902 before making a move.

Ripple’s XRP fell through the 38.2% FIB of $0.4632 and the first major support level at $0.4602.

Finding morning support, Ripple’s XRP struck a mid-day intraday high $0.47499.

Falling short of the first major resistance level at $0.4839, however, Ripple’s XRP fell back to sub-$0.47 levels and into the red.

At the time of writing, Ripple’s XRP was down by 0.34% to $0.4657. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.46672 before falling to a low $0.46557.

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

XRPUSD 200321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.4671 pivot level to bring the first major resistance level at $0.4752 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.47499.

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 $0.4850 before any pullback. The second major resistance level sits at $0.4831.

Failure to move through the $0.4671 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4592 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level at $0.4511 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4592

Pivot Level: $0.4671

First Major resistance Level: $0.4752

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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