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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 9th, 2021

By:
Bob Mason
Updated: Mar 9, 2021, 10:10 UTC

It's a mixed start to the day for the majors. Failure to move back through early highs would leave support levels in play.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 9th, 2021

Ethereum

Ethereum rallied by 6.17% on Monday. Following on from a 4.63% gain on Sunday, Ethereum ended the day at $1,834.58.

A mixed start to the day saw Ethereum fall to a late morning intraday low $1,664.08 before making a move.

Steering clear of the first major support level at $1,661, Ethereum rallied to a final hour intraday high $1,843.99.

Ethereum broke through the first major resistance level at $1,765 and the second major resistance level at $1,802 to end the day at $1,830 levels.

At the time of writing, Ethereum was down by 0.30% to $1,829.00. A mixed start to the day saw Ethereum rise to an early morning high $1,845.00 before falling to a low $1,824.35.

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

ETHUSD 090321 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,781 to support a run at the first major resistance level at $1,898.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $1,845.00.

Barring an extended crypto rally, the first major resistance level and resistance at $1,900 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $2,000 before any pullback. The second major resistance level sits at $1,961.

Failure to avoid a fall through the $1,781 pivot would bring the first major support level at $1,718 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,700 levels. The second major support level sits at $1,601.

Looking at the Technical Indicators

First Major Support Level: $1,718

Pivot Level: $1,781

First Major Resistance Level: $1,898

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 0.56% on Monday. Following on from a 4.30% gain on Sunday, Litecoin ended the day at $191.90.

A bullish start to the day saw Litecoin rise to an early morning intraday high $195.22 before hitting reverse.

Coming up against the first major resistance level at $195 and the 23.6% FIB, Litecoin fell to a late morning intraday low $189.00.

Steering clear of the first major support level at $185, Litecoin moved back through to $191 levels to end the day in the green.

At the time of writing, Litecoin was down by 0.39% to $191.16. A mixed start to the day saw Litecoin rise to an early morning high $193.49 before falling to a low $191.08.

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

LTCUSD 090321 Hourly Chart

For the day ahead

Litecoin would need to move back through the $192 pivot level to support a run at the first major resistance level at $195 and the 23.6% FIB.

Support from the broader market would be needed, however, for Litecoin to break back through to $194 levels.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $198.

Failure to move  back through the $192 pivot level would bring the first major support level at $189 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$180 levels. The second major support level at $186 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $189

Pivot Level: $192

First Major Resistance Level: $195

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 a 1.78% on Monday. Following a 0.33% gain on Sunday, Ripple’s XRP ended the day at $0.47441.

It was another choppy start to the day. Ripple’s XRP fell to a late morning intraday low $0.45557 before making a move.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.4590.

Finding late morning support, Ripple’s XRP rallied to a late morning intraday high $0.48957.

Ripple’s XRP broke through the day’s major resistance levels before falling back to sub-$0.47 levels.

The pullback saw Ripple’s XRP fall back through the day’s major resistance levels before revisiting $0.483 levels.

Ripple’s XRP broke back through the first major resistance level at $0.4707 and the second major resistance level at $0.4756.

Easing back late in the day, however, Ripple’s XRP fell back through the second major resistance level to end the day at $0.474 levels.

At the time of writing, Ripple’s XRP was up by 0.04% to $0.47462. A mixed start to the day saw Ripple’s XRP rise to an early high $0.47578 before falling to a low $0.47403.

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

XRPUSD 090321 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.4732 pivot level to bring the first major resistance level at $0.4908 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.48957.

Barring an extended crypto rally, the first major resistance level and resistance at $0.50 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.51 before any pullback. The second major resistance level sits at $0.5072.

Failure to avoid a fall through the $0.4732 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4568 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level sits at $0.4392.

Looking at the Technical Indicators

First Major Support Level: $0.4568

Pivot Level: $0.4732

First Major resistance Level: $0.4908

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

Buy Ethereum with Binance

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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