Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 3rd, 2021
Ethereum
Ethereum rose by 0.11% on Sunday. Following a 6.20% rally on Saturday, Ethereum ended the week up by 27.13% to $2,952.09.
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A mixed start to the day saw Ethereum fall to a late morning intraday low $2,855.29 before making a move.
Steering clear of the first major support level at $2,819, Ethereum rallied to a late intraday high and a new swing hi $2,986.00.
Falling short of the first major resistance level at $3,017, Ethereum eased back to end the day at $2,950 levels.
At the time of writing, Ethereum was up 3.60% to $3,058.50. A bullish start to the day saw Ethereum rise from an early morning low $2,952.08 to a new swing hi $3,060.91.
Ethereum broke through the first major resistance level at $3,007 early on.
For the day ahead
Ethereum would need to avoid a fall back through the first major resistance level at $3,007 to support another run at the second major resistance level at $3,062.
Support from the broader market would be needed, however, for Ethereum to break out from this morning’s new swing hi $3,060.91.
Barring an extended crypto rally, the second major resistance level would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $3,100. The third major resistance level sits at $3,193.
Failure to avoid a fall back through firsts major resistance level would bring the $2,931 pivot and the first major support level at $2,876 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,800 levels. The second major support level at $2,800 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,876
Pivot Level: $2,931
First Major Resistance Level: $3,007
23.6% FIB Retracement Level: $2,300
38.2% FIB Retracement Level: $1,876
62% FIB Retracement Level: $1,191
Litecoin
Litecoin fell by 2.86% on Sunday. Partially reversing a 1.99% gain from Saturday, Litecoin ended the week up by 20.04% to $269.10.
A mixed start to the day saw Litecoin rise to an early morning intraday high $277.64 before hitting reverse.
Falling short of the first major resistance level at $282, Litecoin slid to a late morning intraday low $265.00.
Litecoin fell through the first major support level at $269 before finding support.
Steering clear of the 23.6% FIB of $262, Litecoin broke back through the first major support level to revisit $272 levels before easing back.
At the time of writing, Litecoin was up by 1.67% to $273.59. A bullish start to the day saw Litecoin rise from an early morning low $268.64 to a high $274.77
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall back through the $271 pivot level to support a run at the first major resistance level at $276.
Support from the broader market would be needed, however, for Litecoin to break out $275 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $280 would likely cap any upside.
In the event of another breakout, Litecoin could test resistance at $290. The second major resistance level sits at $283.
Failure to avoid a fall back through the $271 pivot level would bring the first majors support level at $264 and the 23.6% FIB of $262 into play.
Barring another extended sell-off, Litecoin should steer clear of sub-$260 levels. The second major support level sits at $258.
Looking at the Technical Indicators
First Major Support Level: $264
Pivot Level: $271
First Major Resistance Level: $276
23.6% FIB Retracement Level: $250
38.2% FIB Retracement Level: $207
62% FIB Retracement Level: $138
Ripple’s XRP
Ripple’s XRP slid by 5.72% on Sunday. Reversing a 3.31% gain from Saturday, Ripple’s XRP ended the week up by 51.33% to $1.56244.
A bearish start to the day saw Ripple’s XRP fall from an early morning intraday high $1.65732 to an early morning intraday low $1.52578.
Ripple’s XRP fell through the first major support level at $1.5645 and the 23.6% FIB of $1.5426 before finding support.
Steering clear of sub-$1.50 support levels, Ripple’s XRP revisited $1.60 levels before easing back.
The late pullback saw Ripple’s XRP fall back through the first major support level to end the day at $1.562 levels.
At the time of writing, Ripple’s XRP was up by 2.77% to $1.60576. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.5550 before rising to a high $1.62204.
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 $1.5818 pivot level to bring the first major resistance level at $1.6379 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from this morning’s high $1.62204.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $1.65732 would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test the second major resistance level at $1.7134.
Failure to avoid a fall back through the $1.5818 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.5064 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.50 levels. The second major support level sits at $1.4503.
Looking at the Technical Indicators
First Major Support Level: $1.5064
Pivot Level: $1.5818
First Major resistance Level: $1.6379
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