Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 20th, 2021
Ethereum
Ethereum tumbled by 27.63% on Wednesday. Reversing a 2.82% gain from Tuesday, Ethereum ended the day at $2,443.91.
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A mixed start to the day saw Ethereum rise to an early morning intraday high $3,444.96 before hitting reverse.
Falling short of the first major resistance level at $3,549, Ethereum tumbled to an early afternoon intraday low $1,900.00.
Ethereum fell through the day’s major support levels.
More significantly, Ethereum also fell through the 23.6% FIB of $3,369 and the 38.2% FIB of $2,740.
Steering clear of the 62% FIB of $1,725, however, Ethereum revisited $2,900 levels before ending the day at sub-$2,500 levels.
The 38.2% FIB and the third major support at $2,742 pinned Ethereum back late in the day.
At the time of writing, Ethereum was up by 2.03% to $2,493.55. A mixed start to the day saw Ethereum fall to an early morning low $2,442.68 before rising to a high $2,531.95.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $2,596 pivot and the 38.2% FIB of $2,740 to bring the first major resistance level at $3,293 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,000 levels.
Barring an extended crypto rally, the first major resistance level at $3,293 would likely cap any upside.
In the event of a broad-based crypto rebound, Ethereum could test resistance at $3,500. The second major resistance level sits at $4,141.
Failure to move through the $2,596 pivot would bring the first major support level at $1,748 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,051. The 62% FIB of $1,725 should limit the downside.
A sustained fall through the 62% FIB would form a near-term bearish trend from 12th May’s swing hi $4,384.30.
Looking at the Technical Indicators
First Major Support Level: $1,748
Pivot Level: $2,596
First Major Resistance Level: $3,293
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin slumped by 36.54% on Wednesday. Reversing a 4.49% gain from Tuesday, Litecoin ended the day at $186.65.
A mixed start to the day saw Litecoin rise to an early morning intraday high $300.49 before hitting reverse.
Falling short of the first major resistance level at $315, Litecoin tumbled to an early afternoon intraday low $146.19.
Litecoin fell through the day’s major support levels. More significantly, Litecoin also fell through the 38.2% FIB of $265 and the 62% FIB of 174.
Finding afternoon support, however, Litecoin broke back through the 62% FIB and the third major support level at $220 before falling back.
At the time of writing, Litecoin was up by 2.60% to $191.51. A bullish start to the day saw Litecoin rise from an early morning low $186.55 to a high $192.59.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $211 pivot to bring the 38.2% FIB of $265 and the first major resistance level at $276 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $250 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $300. The second major resistance level sits at $365.
Failure to move through the $211 pivot would bring the 62% FIB of $174 and the first major support level at $122 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $56.81.
A sustained fall through the 62% FIB would form a near-term bearish trend from 10th May’s swing hi $413.91.
Looking at the Technical Indicators
First Major Support Level: $122
Pivot Level: $211
First Major Resistance Level: $276
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP
Ripple’s XRP slumped by 33.23% on Wednesday. Reversing a 6.46% gain from Tuesday, Ripple’s XRP ended the day $1.06226.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.64397 before hitting reverse.
Falling short of the first major resistance level at $1.7067, Ripple’s XRP slumped to an early afternoon intraday low $1.05989.
The extended sell-off saw Ripple’s XRP fall through the day’s major support levels.
Significantly, Ripple’s XRP also fell through the 23.6% FIB of $1.5426 and the 38.2% FIB of $1.2807.
Steering clear of the 62% FIB of $0.8573, however, Ripple’s XRP found support to revisit $1.28 levels before sliding back.
The 38.2% FIB had pinned Ripple’s XRP back late in the day.
At the time of writing, Ripple’s XRP was up by 0.38% to $1.06626. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.09524 before falling to a low $1.05989
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $1.2554 pivot and the 38.2% FIB of $1.2807 to bring the first major resistance level at $1.4509 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.40 levels.
Barring an extended crypto rally, the 38.2% FIB would likely leave Ripple’s XRP short of the first major resistance level.
In the event of an extended rally, Ripple’s XRP could test resistance at $1.50 levels. The second major resistance level sits at $1.8395.
Failure to move through the $1.2554 pivot would bring the first major support level at $0.8668 and the 62% FIB of $0.8573 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels.
A sustained fall through the 62% FIB would form a near-term bearish trend from 14th April’s swing hi $1.96598.
Looking at the Technical Indicators
First Major Support Level: $0.8668
Pivot Level: $1.2554
First Major resistance Level: $1.4509
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