Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 24th, 2021
In This Article:
Ethereum
Ethereum fell by 0.79% on Tuesday. Following a 5.78% slide from Monday, Ethereum ended the day at $1,668.09.
A mixed start to the day saw Ethereum rise to an early morning high $1,714.61 before hitting reverse.
Falling short of the major resistance levels, Ethereum slid to a mid-morning intraday low $1,652.06 before finding support.
Steering clear of the first major support level at $1,623, Ethereum struck a late afternoon intraday high $1,723.61.
Falling short of the first major resistance level at $1,773, Ethereum slid back to sub-$1,700 levels and into the red.
At the time of writing, Ethereum was up by 0.59% to $1,677.99. A mixed start to the day saw Ethereum fall to an early morning low $1,665.47 before rising to a high $1,678.58.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the pivot level at $1,681 to support a run at the first major resistance level at $1,711.
Support from the broader market would be needed, however, for Ethereum to break back through to $1,700 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $1,723.61 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $1,800 before any pullback. The second major resistance level sits at $1,753.
Failure to move through the $1,681 pivot would bring the first major support level at $1,639 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,579. The second major support level at $1,610 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1,639
Pivot Level: $1,681
First Major Resistance Level: $1,711
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin rose by 0.06% on Tuesday. Following a 5.07% slide from Monday, Litecoin ended the day at $185.85.
A mixed start to the day saw Litecoin rise to an early morning intraday high $189.51 before hitting reverse.
Falling short of the 23.6% FIB and the first major resistance level at $195, Litecoin slid to a late intraday low $180.71.
Finding support at the first major support level at $181, Litecoin move back through to $187 levels before easing back.
At the time of writing, Litecoin was up by 0.32% to $186.45. A mixed start to the day saw Litecoin fall to an early morning low $185.41 before rising to a high $186.66.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $185.36 pivot level to support a run at the first major resistance level at $190.