Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 21st, 2021

Ethereum

Ethereum rallied by 11.55% on Thursday. Partially reversing a 27.63% tumble from Wednesday, Ethereum ended the day at $2,775.07.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,156.00 before making a move.

Steering clear of the first major support level at $1,748, Ethereum rallied to an early afternoon intraday high $2,999.99.

While falling short of the first major resistance level at $3,293, Ethereum broke back through the 38.2% FIB of $2,740.

A late afternoon pullback saw Ethereum briefly fall back through the 38.2% FIB before ending the day at $2,770 levels.

At the time of writing, Ethereum was up by 0.81% to $2,797.54. A mixed start to the day saw Ethereum fall to an early morning low $2,768.57 before rising to a high $2,833.60.

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

For the day ahead

Ethereum would need to avoid the 38.2% FIB of $2,740 and the $2,644 pivot to bring the first major resistance level at $3,131 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 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369 and resistance at $3,500. The second major resistance level sits at $3,488.

Failure to avoid a fall through the 38.2% FIB and the $2,644 pivot would bring the first major support level at $2,287 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level sits at $1,800.

Looking at the Technical Indicators

First Major Support Level: $2,287

Pivot Level: $2,644

First Major Resistance Level: $3,131

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 13.10% on Thursday. Partially reversing a 36.54% slump from Wednesday, Litecoin ended the day at $211.11.

A mixed start to the day saw Litecoin fall to an early morning intraday low $166.95 before making a move.

While steering clear of the first major support level at $122, Litecoin briefly fell through the 62% FIB of $165.

Finding early morning support, however, Litecoin rallied to an early afternoon intraday high $232.99.

Falling short of the 38.2% FIB of $265 and the first major resistance level at $276, Litecoin fell back to sub-$200 levels before ending the day at $211 levels.

At the time of writing, Litecoin was up by 0.83% to $212.87. A mixed start to the day saw Litecoin fall to an early morning low $210.72 before rising to a high $215.34.

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

For the day ahead

Litecoin would need to avoid the $204 pivot to bring the first major resistance level at $240 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $232.99.

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 the 38.2% FIB of $265. The second major resistance level sits at $270.

Failure to avoid the $204 pivot would bring the 62% FIB of $174 and the first major support level at $174 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $138.

Looking at the Technical Indicators

First Major Support Level: $174

Pivot Level: $204

First Major Resistance Level: $240

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 11.42% on Thursday. Partially reversing Wednesday’s 33.23% tumble, Ripple’s XRP ended the day $1.18153.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.93300 before making a move.

Steering clear of the first major support level at $0.8668, Ripple’s XRP rallied to an early afternoon intraday high $1.26853.

Falling short of the 38.2% FIB of $1.2807 and the first major resistance level at $1.4509, Ripple’s XRP fell back to end the day at sub-$1.20 levels.

At the time of writing, Ripple’s XRP was up by 1.44% to $1.19850. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.18164 to a high $1.20799.

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

For the day ahead

Ripple’s XRP will need to avoid the $1.1277 pivot to bring the 38.2% FIB of $1.2807 and the first major resistance level at $1.3224 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.30 levels.

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 $1.50 levels. The second major resistance level sits at $1.4632.

Failure to avoid the $1.1277 pivot would bring the first major support level at $0.9868 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 62% FIB of $0.8573. The second major support level sits at $0.7922.

Looking at the Technical Indicators

First Major Support Level: $0.9868

Pivot Level: $1.1277

First Major resistance Level: $1.3224

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

Please let us know what you think in the comments below.

Thanks, Bob