Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 8th, 2021
In This Article:
Ethereum
Ethereum rose by 4.63% on Sunday. Following an 8.05% rally from Saturday, Ethereum ended the week up by 21.55% to $1,728.22.
Relatively range-bound through most of the day, Ethereum fell to an early afternoon intraday low $1,631.07 before making a move.
Steering clear of the first major support level at $1,559, Ethereum rallied to a final hour intraday high $1,735.00.
Ethereum broke through the first major resistance level at $1,698 to end the week at $1,700 levels.
At the time of writing, Ethereum was up by 1.10% to $1,747.17 A bullish start to the day saw Ethereum rise from an early morning low $1,727.95 to a high $1,751.94.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the pivot level at $1,698 to support another run at the first major resistance level at $1,765.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $1,751.94.
Barring an extended crypto rally, the first major resistance level and resistance at $1,800 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $1,850 before any pullback. The second major resistance level sits at $1,802.
Failure to avoid a fall through the $1,698 pivot would bring the first major support level at $1,661 into play.
Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$1,600 levels. The second major support level sits at $1,594.
Looking at the Technical Indicators
First Major Support Level: $1,661
Pivot Level: $1,698
First Major Resistance Level: $1,765
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin rallied by 4.30% on Sunday. Following on from a 1.38% gain on Saturday, Litecoin ended the week up by 15.20% to $190.74
A mixed start to the day saw Litecoin fall to a mid-morning intraday low $182.33 before making a move.
Steering clear of the first major support level at $177, Litecoin rallied to a final hour intraday high $192.14.
Litecoin broke through the first major resistance level at $187 and the second major resistance level at $190 to end the week at $190 levels.
At the time of writing, Litecoin was up by 1.73% to $194.04. A bullish start to the day saw Litecoin rise from an early morning low $190.70 to a high $194.84.
Litecoin tested the first major resistance level at $195 and the 23.6% FIB of $195 early on.
For the day ahead
Litecoin would need to avoid a fall through the $188 pivot level to support another run at the first major resistance level at $195 and the 23.6% FIB.