Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 23rd, 2021

Ethereum

Ethereum slid by 8.11% on Monday. Reversing a 1.07% gain from Sunday, Ethereum ended the day at $1,778.66.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,938.95 before hitting reverse.

Falling short of the first major resistance level at $1,980, Ethereum slid to an early afternoon intraday low $1,508.35.

The sell-off saw Ethereum fall through the through the day’s major support levels and the 23.6% FIB of $1,579.

Finding late support, however, Ethereum broke back through the 23.6% FIB and the third major support level at $1,749 to end the day at $1,770 levels.

At the time of writing, Ethereum was down by 1.22% to $1,756.95 A mixed start to the day saw Ethereum rise to an early morning high $1,783.22 before falling to a low $1,755.30.

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 $1,742 to support a run at the first major resistance level at $1,976.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,900 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1,938.95 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test the second major resistance level at $2,173.

Failure to avoid a fall through the $1,742 pivot would bring the 23.6% FIB of $1,579 and the first major support level at $1,545 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,311.

Looking at the Technical Indicators

First Major Support Level: $1,545

Pivot Level: $1,742

First Major Resistance Level: $1,976

23.6% FIB Retracement Level: $1,528

38.2% FIB Retracement Level: $1,251

62% FIB Retracement Level: $804

Litecoin

Litecoin slid by 8.50% on Monday. Reversing a 0.22% gain from Sunday, Litecoin ended the day at $208.23.

It was a bearish start to the day. Litecoin slid from an early morning intraday high $227.72 to an early afternoon intraday low $179.02.

Story continues

The sell-off saw Litecoin fall through the day’s major support levels and the 23.6% FIB of $195.

Finding late support, however, Litecoin broke back through the third major support level at $199.85.

More significantly, Litecoin also broke back through the 23.6% FIB of $195 to wrap up the day at $208 levels.

At the time of writing, Litecoin was down by 1.92% to $204.24. A mixed start to the day saw Litecoin rise to an early morning high $208.94 before falling to a low $204.12.

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

For the day ahead

Litecoin would need to move back through the $204.99 pivot level to support a run at the first major resistance level at $230.96.

Support from the broader market would be needed, however, for Litecoin to break back through to $220 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $227.72 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $240 before any pullback. The second major resistance level sits at $253.69.

Failure to move back through the $204.99 pivot level would bring the 23.6% FIB of $195 and the first major support level at $182.26 into play.

Barring another extended sell-off, Litecoin should steer well clear of the second major support level at $156.26. The 38.2% FIB of $163 should limit the downside in the event of a sell-off.

Looking at the Technical Indicators

First Major Support Level: $182.26

Pivot Level: $204.99

First Major Resistance Level: $230.96

23.6% FIB Retracement Level: $191

38.2% FIB Retracement Level: $159

62% FIB Retracement Level: $108

Ripple’s XRP

Ripple’s XRP rose by 3.87% on Monday. Following on from a 6.47% rally from Sunday, Ripple’s XRP ended the day at $0.56619.

A mixed start to the day saw jump to a mid-morning intraday high $0.64919.

Ripple’s XRP broke through the day’s major resistance levels before hitting reverse.

Going into the 2^nd half of the day, Ripple’s XRP slid to an early afternoon intraday low $0.47000.

Ripple’s XRP fell through the first major support level at $0.5132 and the second major support level at $0.4813.

More significantly, Ripple’s XRP fell back through the 23.6% FIB of $0.5320 before revisiting $0.63 levels late in the day.

Ripple’s XRP broke back through the first major resistance level at $0.5677 and the second major resistance level at $0.5903.

A bearish end to the day, however, saw Ripple’s XRP fall back through the major resistance levels to end the day at $0.566 levels.

At the time of writing, Ripple’s XRP was down by 1.53% to 0.55755. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.56869 before falling to a low $0.55602.

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

For the day ahead

Ripple’s XRP will need to move back through the $0.5618 pivot level to bring the first major resistance level at $0.6536 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.64919.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.70 before any pullback. The second major resistance level sits at $0.7410.

Failure to move back through the $0.5618 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.4744 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer well clear of the second major support level at $0.3826. The 38.2% FIB of $0.4632 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4744

Pivot Level: $0.5618

First Major Resistance Level: $0.6536

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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