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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 31st, 2021

By:
Bob Mason
Updated: Mar 31, 2021, 00:47 UTC

It's a mixed start to the day for the majors. A move through yesterday's highs would support a breakout day ahead.

Coins of crypto currency are presented on a dark background. Virtual money concept.

Ethereum

Ethereum rose by 1.40% on Tuesday. Following on from a 7.64% rally on Monday, Ethereum ended the day at $1,841.16.

A mixed start to the day saw Ethereum fall to an early morning intraday low $1,785.77 before making a move.

Steering clear of the first major support level at $1,713, Ethereum rallied to a late intraday high $1,860.00.

Falling short of the first major resistance level at $1,880, Ethereum eased back to end the day at sub-$1,850 levels.

At the time of writing, Ethereum was up by 0.19% to $1,844.68. A bullish start to the day saw Ethereum rise from an early morning low $1,841.00 to a high $1,845.38.

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

ETHUSD 310321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,829 to support a run at the first major resistance level at $1,872.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,860.00.

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 $1,900 before any pullback. The second major resistance level sits at $1,903.

Failure to avoid a fall through the $1,829 pivot would bring the first major support level at $1,798 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,755 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,798

Pivot Level: $1,829

First Major Resistance Level: $1,872

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 1.06% on Tuesday. Following on from a 5.11% rally on Monday, Litecoin ended the day at $195.73.

A mixed start to the day saw Litecoin fall to an early morning intraday low $190.18 before making a move.

Steering clear of the first major support level at $185, Litecoin rallied to a mid-day intraday high $200.08.

Litecoin broke through 23.6% FIB of $195 before hitting reverse.

Coming up against the first major resistance level at $200, Litecoin fell back through the 23.6% FIB of $195 before ending the day at $195 levels.

At the time of writing, Litecoin was down by 0.07% to $195.60. A range-bound start to the day saw Litecoin rise to an early morning high $195.81 before falling to a low $195.47.

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

LTCUSD 310321 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $195 pivot level and the 23.6% FIB to support a run at the first major resistance level at $201.

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

Barring an extended crypto rally, Tuesday’s high $200.08 and the first major resistance level would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $205.

Failure to avoid a fall through the 23.6% FIB of $195 and the $195 pivot level would bring the first major support level at $191 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$180 levels. The second major support level at $185 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $191

Pivot Level: $195

First Major Resistance Level: $201

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 0.46% on Tuesday. Following a 3.41% gain on Monday, Ripple’s XRP ended the day at $0.56336.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.55938 before making a move.

Steering clear of the first major support level at $0.5488, Ripple’s XRP rallied to a late morning intraday high $0.58603.

Ripple’s XRP broke through the first major resistance level at $0.5763 before hitting reverse.

Coming within range of the second major resistance level at $0.5873, Ripple’s XRP slid back to sub-$0.56 levels before finding support.

Through the latter part of the day, Ripple’s XRP revisited $0.568 levels before falling back into the red.

At the time of writing, Ripple’s XRP was up by 0.07% to $0.56377.  A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.56314 to a high $0.56418.

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

XRPUSD 310321 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.5696 pivot level to bring the first major resistance level at $0.5798 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.5750 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.58603 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60 levels before any pullback. The second major resistance level sits at $0.5962.

Failure to move through the $0.5696 pivot would bring the first major support level at $0.5532 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.54 levels. The second major support level at $0.5429 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5532

Pivot Level: $0.5696

First Major resistance Level: $0.5798

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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