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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 5th, 2021

By:
Bob Mason
Updated: Mar 5, 2021, 00:36 UTC

It's a bearish start to the day for the majors. Failure to move through the day's pivot levels would leave support levels in play...

Silver and golden coins with bitcoin, ripple and ethereum symbol

Ethereum

Ethereum fell by 1.83% on Thursday. Partially reversing a 5.34% decline from Wednesday, Ethereum ended the day at $1,539.69.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,625.00 before hitting reverse.

While falling short of the first major resistance level at $1,658, Ethereum broke through the 23.6% FIB of $1,579.

The reversal saw Ethereum slide to a late intraday low $1,504.06.

While falling back through the 23.6% FIB, Ethereum avoided the first major support level at $1,477.

Finding late support, Ethereum wrapped up the day at $1,539 levels.

At the time of writing, Ethereum was down by 1.21% to $1,521.03. A mixed start to the day saw Ethereum rise to an early morning high $1,541.00 before falling to a low $1,518.18.

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

ETHUSD 050321 Hourly Chart

For the day ahead

Ethereum would need to move through the the pivot level at $1,556 to support a run at the 23.6% FIB and the first major resistance level at $1,608.

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 Thursday’s high $1,625.00 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $1,700 before any pullback. The second major resistance level sits at $1,677.

Failure to move through the $1,556 pivot would bring the first major support level at $1,488 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,400 levels. The second major support level at $1,435 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,488

Pivot Level: $1,556

First Major Resistance Level: $1,608

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin slid by 3.75% on Thursday. Partially reversing a 4.65% gain from Wednesday, Litecoin ended the day at $180.59.

Tracking the broader market, Litecoin rose to an early morning intraday high $194.50 before hitting reverse.

While falling short of the first major resistance level at $197, Litecoin came up against the 23.6% FIB of $195.

The reversal saw Litecoin slide to a late intraday low $177.00. Litecoin fell through the first major support level at $178 before a partial recovery to $180 levels.

At the time of writing, Litecoin was down by 1.17% to $178.48. A bearish start to the day saw Litecoin fall from an early morning high $180.72 to a low $178.00.

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

LTCUSD 050321 Hourly Chart

For the day ahead

Litecoin would need to move through the $184 pivot level to support a run at the first major resistance level at $191.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $195 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 $202.

Failure to move through the $184 pivot level would bring the first major support level at $174 into play.

Barring an extended sell-off, Litecoin should steer clear of the second major support level at $167.

Looking at the Technical Indicators

First Major Support Level: $174

Pivot Level: $184

First Major Resistance Level: $191

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rallied by 7.33% on Thursday. Following on from a 2.97% gain on Wednesday, Ripple’s XRP ended the day at $0.48101.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.43562 before making a move.

Steering clear of the first major support level at $0.4310, Ripple’s XRP rallied to a late intraday high $0.49431.

Ripple’s XRP broke through the first major resistance level at $0.4683 and the second major resistance level at $0.4872.

More significantly, Ripple’s XRP also broke through the 38.2% FIB of $0.4632.

A late pullback, however, saw Ripple’s XRP fall back to a low $0.45027 levels before finding support.

Steering clear of sub-$0.45 levels, Ripple’s XRP broke back through first major resistance level and the 38.2% FIB to end the day at $0.48 levels.

At the time of writing, Ripple’s XRP was down by 1.23% to $0.47508. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.48418 before falling to a low $0.47225.

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

XRPUSD 050321 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.4703 pivot level to bring the first major resistance level at $0.5050 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.49431.

Barring an extended crypto rally, the first major resistance level and resistance at $0.51 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.5290 and resistance at the 23.6% FIB of $0.5320 pullback.

Failure to avoid a fall through the $0.4703 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4463 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.4116.

Looking at the Technical Indicators

First Major Support Level: $0.4463

Pivot Level: $0.4703

First Major resistance Level: $0.5050

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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