Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 6th, 2021

Ethereum

Ethereum rallied by 8.96% on Wednesday. Reversing a 5.65% loss from Tuesday, Ethereum ended the day at $3,529.97.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $3,207.00 before making a move.

Steering clear of the first major support level at $3,093, Ethereum rallied to a late intraday high and a new swing hi $3,550.00.

Ethereum broke through the first major resistance level at $3,461 to end the day at $3,500 levels.

At the time of writing, Ethereum was up by 0.39% to $3,543.68. A mixed start to the day saw Ethereum fall to an early morning low $3,524.56 before rising to a high $3,547.91.

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

For the day ahead

Ethereum would need to avoid a fall through the $3,429 pivot to bring the first major resistance level at $3,651 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s new swing hi $3,550.00.

Barring an extended crypto rally, the first major resistance level and resistance at $3,700 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,772.

Failure to avoid a fall through the $3,429 pivot would bring the first major support level at $3,308 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,086 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,308

Pivot Level: $3,429

First Major Resistance Level: $3,651

23.6% FIB Retracement Level: $2,731

38.2% FIB Retracement Level: $2,225

62% FIB Retracement Level: $1,406

Litecoin

Litecoin jumped by 16.70% on Wednesday. Following on from a 3.59% gain on Tuesday, Litecoin ended the day at $356.43.

A mixed start to the day saw Litecoin fall to an early morning intraday low $300.98 before making a move.

Steering clear of the first major support level at $277, Litecoin rallied to a late intraday high $360.00.

Litecoin broke through the first major resistance level at $329 and the second major resistance level at $353 before easing back.

The pullback saw Litecoin briefly fall back through the second major resistance level at $353 before ending the day at $356 levels.

At the time of writing, Litecoin was up by 0.52% to $358.28. A mixed start to the day saw Litecoin fall to an early morning low $355.76 before rising to a high $358.90.

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

For the day ahead

Litecoin would need to avoid a fall through the $339 pivot to support a run at the first major resistance level at $377.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $360.00.

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 $400. The second major resistance level sits at $398.

Failure to avoid a fall through the $339 pivot would bring the first major support level at $318 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$300. The Second major support level sits at $280.

Looking at the Technical Indicators

First Major Support Level: $318

Pivot Level: $339

First Major Resistance Level: $377

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP rallied by 16.17% on Wednesday. Reversing a 10.85% slide from Tuesday, Ripple’s XRP ended the day at $1.61348.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $1.36874 before making a move.

Steering clear of the first major support level at $1.2899, Ripple’s XRP rallied to a late intraday high $1.62749.

Ripple’s XRP broke through the first major resistance level at $1.5228 and the 23.6% FIB of $1.5426 before easing back.

The pullback saw Ripple’s XRP fall back sub-$1.60 levels before briefly revisiting $1.62 levels.

At the time of writing, Ripple’s XRP was up by 1.42% to $1.63637. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.61515 to a high $1.64553.

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 through the 23.6% FIB of $0.5426 and the $1.5366 pivot to bring the first major resistance level at $1.7044 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $1.70 levels.

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

In the event of another extended rally, Ripple’s XRP could test resistance at $2.00. The second major resistance level sits at $1.7953.

Failure to avoid a fall through the 23.6% FIB and the $1.5366 pivot would bring the first major support level at $1.4457 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels and the 38.2% FIB of $1.2807. The second major support level sits at $1.2778.

Looking at the Technical Indicators

First Major Support Level: $1.4457

Pivot Level: $1.5366

First Major resistance Level: $1.7044

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