Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 27th, 2021
Ethereum
Ethereum fell by 2.49% on Friday. Following on from an 8.78% slide on Thursday, Ethereum ended the day at $1,445.18.
A mixed start to the day saw Ethereum rise to an early morning high $1,530.00 before hitting reverse.
Falling well short of the major resistance levels and 23.6% FIB of $1,579, Ethereum fell to a mid-morning intraday low $1,400.01.
Finding support at the first major support level at $1,403, Ethereum struck a late afternoon intraday high $1,564.11.
Falling short of the 23.6% FIB and the first major resistance level at $1,617, Ethereum slid back to $1,411 levels before steadying.
At the time of writing, Ethereum was up by 0.82% to $1,457.03. A mixed start to the day saw Ethereum fall to an early morning low $1,439.59 before rising to a high $1,466.67
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 $1,470 to support a run at the first major resistance level at $1,540.
Support from the broader market would be needed, however, for Ethereum to break back through to $1,500 levels.
Barring an extended crypto rally, the first major resistance level and 23.6% FIB of $1,579 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $1,700 before any pullback. The second major resistance level sits at $1,634.
Failure to move through the $1,470 pivot would bring the first major support level at $1,375 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $1,292. The second major support level at $1,306 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1,375
Pivot Level: $1,470
First Major Resistance Level: $1,540
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 Friday. Following on from a 1.17% decline on Thursday, Litecoin ended the day at $170.30.
Story continues
It was a mixed start to the day. Litecoin rose to an early morning intraday high $182.90 before hitting reverse.
Falling short of the 23.6% FIB of $195 and the first major resistance level at $198.04 Litecoin fell to a late morning intraday low $162.23.
The sell-off saw Litecoin fall through the first major support level at $168.05 and the 38.2% FIB of $163.
Finding late morning support, Litecoin revisited $181 levels before falling back to end the day at $170 levels.
At the time of writing, Litecoin was up by 1.65% to $173.11. A mixed start to the day saw Litecoin fall to an early morning low $169.50 before rising to a high $174.24.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $171.81 pivot level to support a run at the first major resistance level at $181.39.
Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $182.90 would likely cap any upside.
In the event of an extended breakout, Litecoin could test the second major resistance level at $192.48 and 23.6% FIB of $195.
Failure to avoid a fall through the $171.81 pivot level would bring the 38.2% FIB of $163 and the first major support level at $160.72 into play.
Barring another extended sell-off, Litecoin should steer clear of the second major support level at $151.14.
Looking at the Technical Indicators
First Major Support Level: $160.72
Pivot Level: $171.81
First Major Resistance Level: $181.39
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP fell by 1.54% on Friday. Following on from a 6.93% slide on Thursday, Ripple’s XRP ended the day at $0.42821.
A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.41137.
Finding support at the first major support level at $0.4133, Ripple’s XRP rose to a late afternoon intraday high $0.45030.
Falling well short of the first major resistance level at $0.4700, however, Ripple’s XRP fell back to sub-$0.42 levels before finding support.
A late move back through to $0.42 levels reduced the deficit on the day.
At the time of writing, Ripple’s XRP was up by 1.45% to $0.43443. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.42843 before rising to a high $0.43699.
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 $0.4300 pivot level to bring the first major resistance level at $0.4486 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.4500 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $0.4503 should cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at the 38.2% FIB of $0.4632 and the second major resistance level at $0.4689.
Failure to avoid a fall through the $0.4300 pivot would bring the first major support level at $0.4096 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.40 levels. The second major support level sits at $0.3910.
Looking at the Technical Indicators
First Major Support Level: $0.4096
Pivot Level: $0.4300
First Major resistance Level: $0.4486
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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Latest Ethereum price and analysis (ETH to USD)
Ethereum is currently trading at $1,629 following a rollercoaster week of price action that has seen it fluctuate within a $400 range.
The week began with a dramatic 30% move to the downside after failing to establish a level of support above its all-time high of $2,000.
In the immediate future $1,695 remains a key level of resistance to the upside, as this was a prior point of rejection earlier this month.
The slump in price coincided with a crash in the price of Bitcoin, which fell from $58,500 to as low as $45,000 before finding some bullish support.
ETHUSD chart by TradingView
The trajectory over the coming weeks and months is delicately poised, with the industry currently being subject to a period of increased institutional adoption.
Ethereum futures was listed on CME earlier this month, with trade volume over the past 24 hours exceeding $100 million.
There has also been a rising trend of interest in DeFi lending products, most of which are based on Ethereum’s blockchain.
However, it’s worth noting that cryptocurrencies are extremely volatile by nature, and if Ethereum’s $1,350 level of support breaks, it will likely go on to test $1,000 before the end of the month.
For more news, guides and cryptocurrency analysis, click here.
About Ethereum
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
More Ethereum news and information
If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:
https://coinrivet.com/ethereum-adopts-erc-1155-as-an-official-standard/
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.
Disclaimer: This is not financial advice.
Ethereum Update: ‘Berlin’ Hard Fork, EIP-1559, ETH 2.0 Beacon Chain, First ETH ETF
This article provides an update (as of 08:45 UTC on February 27) on some of the currently most popular topics in the Ethereum community.
‘Berlin’ Hard Fork Has Been Scheduled
According to a report by Coindesk, on February 19, at a meeting of Ethereum core developers, it was decided to provisionally schedule the Berlin network upgrade for block height 12,244,000, which means April 14.
According to the specifications for the Berlin Network Upgrade, this hard fork will bring to the current ETH 1.0 blockchain the following Ethereum Improvement Proposals (EIPs):
EIP-1559
Ethereum consultant Ryan Berckmans said yesterday (February 26) that EIP-1559, which most people in the Ethereum community believe cannot arrive soon enough, should launch on the ETH 1.0 mainnet in July.
2/
– EIP-1559 is most likely to launch in July in the “London” hard fork
– Today, there was an EIP-1559 community call with miners. Great to see many different stakeholders on the call, including miners that are pro EIP-1559 https://t.co/DewRgAMZje — Ryan Berckmans (@RyanBerckmans) February 26, 2021
EIP-1559 is a fee market change for the current ETH 1.0 blockchain. More specifically, it introduces a transaction pricing mechanism that “includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.”
ETH 2.0 Beacon Chain Validators
Bitfly’s ETH 2.0 Beacon Chain explorer tool tell us that as of 08:00 UTC on February 27, there are nearly 100,000 active validators, with around 3.19 million ETH (worth roughly $4.74 billion) staked.
First Ethereum ETF
On Thursday (February 25), CI Global Asset Management (“CI GAM”) announced that it has “filed and obtained a receipt for a preliminary prospectus” in Canada for CI Galaxy Ethereum ETF (“ETHX”). Once it has been launched, it should be the first Ether (ETH) ETF in the world.
Kurt MacAlpine, CEO of CI Financial, the parent company of CI GAM, had this to say:
“Cryptocurrencies are transforming the financial world, and we are excited to launch the world’s first ETF investing directly in Ether, one of the most highly valued cryptocurrencies…
“CI is quickly establishing a leadership position in this space, having launched CI Galaxy Bitcoin Fund and recently filing a preliminary prospectus for CI Galaxy Bitcoin ETF, in partnership with blockchain and cryptocurrency experts Galaxy Digital. With these funds, we are reducing the friction points that investors have traditionally faced in buying and holding cryptocurrencies. CI Galaxy Ethereum ETF is an important addition to that lineup as this emerging asset class gains increasing interest and validation.“
CI Galaxy Ethereum ETF will trade on the Toronto Stock Exchange (STX) under the ETHX ticker. It will “invest directly in Ether with its holdings priced using the Bloomberg Galaxy Ethereum Index (‘ETH Index’), which is designed to measure the performance of a single Ether traded in U.S. dollars.” The ETH Index is owned and managed by Bloomberg Index Services Ltd.
NFT Mania Continues
Two days ago, NFT art marketplace Nifty Gateway, which was acquired by the Winklevoss twins’ crypto exchange Gemini in late 2019, announced that a “#1/1” (meaning that there is only in existence) artwork by digital artist Mike Winkelmann (aka “BEEPLE“), a graphic designer from Charleston, SC, USA, had just resold on the secondary market for $6.6 million.
We can confirm that this is a legitimate sale – this was brokered by Nifty Gateway’s art buying services.
We have been in directly contact with buyer and have confirmed their identity. They are choosing to remain anonymous at this time. — Nifty Gateway (@niftygateway) February 25, 2021
Featured Image by “elifxlite” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.