Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 23rd, 2021
Ethereum
Ethereum slid by 5.78% on Monday. Following on from a 1.22% loss on Sunday, Ethereum ended the day at $1,681.02.
A bearish start to the day saw Ethereum slide to an early morning low $1,754.25 before finding support.
Steering clear of the first major support level at $1,749, Ethereum struck a late morning intraday high $1,806.39.
Falling short of the first major resistance level at $1,819, Ethereum tumbled to a late intraday low $1,657.17.
Ethereum fell through the first major support level at $1,749 and the second major support level at $1,713.
Steering clear of the third major support level at $1,643, Ethereum revisited $1,700 levels before ending the day at sub-$1,700.
At the time of writing, Ethereum was down by 0.18% to $1,678.04. A mixed start to the day saw Ethereum rise to an early morning high $1,686.26 before falling to a low $1,668.54.
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 $1,715 to support a run at the first major resistance level at $1,773.
Support from the broader market would be needed, however, for Ethereum to break out from $1,750 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $1,806.39 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 $1,864.
Failure to move through the $1,715 pivot would bring the first major support level at $1,623 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,579 and the second major support level at $1,566.
Looking at the Technical Indicators
First Major Support Level: $1,623
Pivot Level: $1,715
First Major Resistance Level: $1,773
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin slid by 5.07% on Monday. Following a 2.31% decline on Sunday, Litecoin ended the day at $185.70.
Story continues
A bearish start to the day saw Litecoin slide to an early morning low $190.12 before finding support.
The sell-off saw Litecoin fall through the 23.6% FIB of $195 and the first major support level at $191.
Steering clear of sub-$190 levels, Litecoin struck an early afternoon intraday high $199.17 before hitting reverse.
Litecoin broke back through the 23.6% FIB and first major support level.
Falling short of the first major resistance level at $201, Litecoin tumbled to a late intraday low $185.00.
Litecoin fell back through the 23.6% FIB and the first major support level at $191. The extended sell-off also saw Litecoin fall through the second major support level at $187.
Steering clear of sub-$185, Litecoin briefly broke back through the second major support level before ending the day at $185 levels.
At the time of writing, Litecoin was up by 0.61% to $186.83. A mixed start to the day saw Litecoin fall to an early morning low $184.82 before rising to a high $186.83.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $190 pivot level to support a run at the 23.6% FIB and the first major resistance level at $195.
Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.
Barring an extended crypto rally, the 23.6% FIB and the first major resistance level would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $205 before any pullback. The second major resistance level sits at $204.
Failure to move through the $190 pivot level would bring the first major support level at $181 into play.
Barring another extended sell-off, Litecoin should steer clear of the second major support level at $176.
Looking at the Technical Indicators
First Major Support Level: $181
Pivot Level: $190
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 rallied by 5.26% on Monday. Reversing a 1.73% loss from Sunday, Ripple’s XRP ended the day at $0.54441.
A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.50250 before making a move.
Steering clear of the first major support level at $0.4935, Ripple’s XRP rallied to a late afternoon intraday high $0.60000.
Ripple’s XRP broke through the first major resistance level at $0.5433 and the second major resistance level at $0.5694.
More significantly, Ripple’s XRP also broke back through the 23.6% FIB of $0.5320.
Coming up short of the third major resistance level at $0.6192, Ripple’s XRP slipped back to sub-$0.56 levels.
The late pullback saw Ripple’s XRP fall back through the second major resistance level at $0.5694 to end the day at sub-$0.55 levels.
Late in the day, the first major resistance level at $0.5433 delivered support to prevent a return to sub-$0.54 levels.
At the time of writing, Ripple’s XRP was up by 1.53% to $0.55273. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54240 before striking a high $0.55273.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall back through the $0.5452 pivot level to bring the first major resistance level at $0.5880 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.58 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $0.60000 would cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 levels before any pullback. The second major resistance level sits at $0.6315.
Failure to avoid a fall back through the $0.5452 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5017 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4589.
Looking at the Technical Indicators
First Major Support Level: $0.5017
Pivot Level: $0.5452
First Major resistance Level: $0.5880
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
This article was originally posted on FX Empire
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Ethereum reserve in all exchanges hit the two-year low.
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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC sideways trading indicates big move ahead
Bitcoin has been trading relatively sideways this past weekend, holding above a key support level.
Ethereum price has also defended a critical moving average and aims for a breakout soon.
Ripple has outperformed the market as concerns over the SEC’s lawsuit have dissipated slightly.
The cryptocurrency market remained quite flat during the past weekend, but most indicators show top cryptos are on the verge of significant breakouts. Bitcoin is looking to take the lead again despite a drop in dominance toward 60%.
Bitcoin price faces no strong resistance ahead of all-time highs
Bitcoin is trading at $58,130 at the time of writing and is holding above the 26 EMA support level on the daily chart. This moving average is a crucial support point for the bulls.
BTC/USD daily chart
A breakout above the previous all-time high of $61,844 should swiftly drive the Bitcoin price toward $76,199 at the 127.2% Fibonacci level. The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance ahead.
BTC IOMAP chart
The strongest barrier is located between $58,578 and $59,000, with a total volume of 124,000 BTC. On the other hand, losing the 26 EMA support level, currently located at $54,300, would push the Bitcoin price down to the psychological level of $50,000, which coincides with the 78.6% Fibonacci retracement level.
Ethereum price trades between two key levels
On the 4-hour chart, the Ethereum price has established a descending triangle pattern with its resistance trend line formed at $1,830 and support at $1,740.
ETH/USD 4-hour chart
For a breakout, Ethereum also has to conquer the 50 SMA resistance level at $1,808 and then beat $1,830, which should drive the Ethereum price up to $2,000 in the short term.
On the other hand, losing the 100 SMA at $1,780 would quickly push ETH down to the lower trend line at $1,740. A breakdown below this point has a price target of $1,567, which is a 10% move calculated using the height of the pattern as a reference point.
Ripple price sees another 7% breakout after SEC lawsuit concerns fade
The SEC sued Ripple for allegedly selling illegal securities in the form of XRP tokens. However, the SEC’s lawyer, Jeremy Hogan, stated that although Ripple might have sold XRP illegally, investors did not, which means that exchanges should be safe to list XRP again.
XRP/USD 4-hour chart
Finally, XRP managed to climb above a critical resistance level at $0.495 with a price target of $0.57, which was almost hit as the digital asset trades at $0.55 at the time of writing. The next target is located at the psychological level of $0.60.