Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 19th, 2021
Ethereum
Ethereum rose by 2.82% on Tuesday. Partially reversing an 8.41% slide from Monday, Ethereum ended the day at $3,375.96.
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A mixed start to the day saw Ethereum fall to an early morning intraday low $3,241.06 before making a move.
Steering clear of the first major support level at $3,064, Ethereum rallied to a late morning intraday high $3,567.40.
Ethereum broke through the 23.6% FIB of $3,369 and the first major resistance level at $3,546 before hitting reverse.
The reversal saw Ethereum fall back through the first major resistance level and the 23.6% FIB of $3,369 before wrapping up the day at $3,375 levels.
At the time of writing, Ethereum was up by 1.29% to $3,419.41. A mixed start to the day saw Ethereum fall to an early morning low $3,356.80 before rising to a high $3,419.76
While leaving the major support and resistance levels untested early on, Ethereum tested support at the 23.6% FIB of $3,369.
For the day ahead
Ethereum would need to avoid the $3,395 pivot to bring the first major resistance level at $3,549 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $3,600 would likely cap any upside.
In the event of a breakout, Ethereum could test the second major resistance level at $3,721.
Failure to avoid a fall back through the $3,395 pivot would bring the 23.6% FIB of $3,369 and the first major support level at $3,222 into play.
Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $3,069.
Looking at the Technical Indicators
First Major Support Level: $3,222
Pivot Level: $3,395
First Major Resistance Level: $3,549
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin rose by 4.49% on Tuesday. Reversing a 4.94% loss from Monday, Litecoin ended the day at $294.13.
A mixed start to the day saw Litecoin fall to an early morning intraday low $278.49 before making a move.
Steering clear of the 38.2% FIB of $265 and the first major support level at $263, Litecoin rallied to a late morning intraday high $318.43.
Litecoin broke through the first major resistance level at $298 and the second major resistance level at $315.
An early afternoon pullback, however, saw Litecoin slide back to sub-$290 levels before finding support.
Litecoin broke back through the first major resistance level at $298 to revisit $312 levels before ending the day at $294 levels.
At the time of writing, Litecoin was up by 0.78% to $296.43. A mixed start to the day saw Litecoin fall to an early morning low $290.79 before rising to a high $296.91.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $297 pivot to bring the first major resistance level at $315 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $315 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $318.43 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $340. Litecoin would need plenty of support, however, to break through the 23.6% FIB of $322. The second major resistance level sits at $336.
Failure to move through the $297 pivot would bring the first major support level at $276 into play.
Barring another extended sell-off, however, Litecoin should steer clear of the Second major support level at $258. the 38.2% FIB of $265 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $276
Pivot Level: $297
First Major Resistance Level: $315
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP
Ripple’s XRP rallied by 6.46% on Tuesday. Following on from a 3.12% gain on Monday, Ripple’s XRP ended the day at $1.59238.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $1.47311 before making a move.
Steering clear of the first major support level at $1.3606, Ripple’s XRP rallied to a late morning intraday high $1.70425.
Ripple’s XRP broke through the 23.6% FIB of $1.5426 and the first major resistance level at $1.5966.
Coming up against the second major resistance level at $1.6979, however, Ripple’s XRP fell back to $1.52 levels.
Finding late support, Ripple’s XRP broke back through the 23.6% FIB of $1.5426 to end the day at $1.59 levels. The first major resistance level at $1.5966 pinned Ripple’s XRP back late in the day.
At the time of writing, Ripple’s XRP was up by 0.24% to $1.59621. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.57889 before rising to a high $1.59835.
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 $1.5900 pivot to bring the first major resistance level at $1.7067 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.70 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $1.70425 would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test resistance at $1.90 levels. The second major resistance level sits at $1.8209.
Failure to avoid a fall back through the $1.5900 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.4757 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels. The second major support level sits at $1.3590.
Looking at the Technical Indicators
First Major Support Level: $1.4757
Pivot Level: $1.5900
First Major resistance Level: $1.7067
23.6% FIB Retracement Level: $1.5426
38.2% FIB Retracement Level: $1.2807
62% FIB Retracement Level: $0.8573
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Thanks, Bob