Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 4th, 2021

Ethereum

Ethereum jumped by 16.32% on Monday. Following on from a 0.11% gain on Sunday, Ethereum ended the day at $3,433.99.

It was a particularly bullish the day. Ethereum rallied from an early morning intraday low $2,952.08 to a final hour intraday high and a new swing hi $3,457.75.

Steering clear of the major support levels, Ethereum broke through the day’s major resistance levels to wrap up the day at $3,400 levels.

At the time of writing, Ethereum was down by 1.81% to $3,371.90. A mixed start to the day saw Ethereum rise to an early morning high $3,454.80 before falling to a low $3,349.42.

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

For the day ahead

Ethereum would need to avoid a fall through the $3,281 pivot to bring the first major resistance level at $3,611 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,600 levels.

Barring an extended crypto rally, the first major resistance level 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 $3,787.

Failure to avoid a back through the $3,281 pivot and the first major support level at $3,105 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,776.

Looking at the Technical Indicators

First Major Support Level: $3,105

Pivot Level: $3,281

First Major Resistance Level: $3,611

23.6% FIB Retracement Level: $2,661

38.2% FIB Retracement Level: $2,168

62% FIB Retracement Level: $1,371

Litecoin

Litecoin rallied by 9.59% on Monday. Reversing a 2.86% fall from Sunday, Litecoin ended the day at $294.91.

A mixed start to the day saw Litecoin fall to an early morning intraday low $268.64 before making a move.

Steering clear of the first major support level at $264, Litecoin rallied to a late intraday high $299.71.

Litecoin broke through the day’s major resistance levels before a late pullback to $287 levels.

Story continues

The pullback saw Litecoin fall back through the third major resistance level at $296.

At the time of writing, Litecoin was down by 0.66% to $292.97. A mixed start to the day saw Litecoin rise to an early morning high $297.98 before falling to a low $292.46.

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

For the day ahead

Litecoin would need to avoid a fall through the $288 pivot level to support a run at the first major resistance level at $307.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $299.71.

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

In the event of another breakout, Litecoin could test resistance at $320. The second major resistance level sits at $319.

Failure to avoid a fall through the $288 pivot level would bring the first majors support level at $276 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$270 levels and the 23.6% FIB of $262. The second major support level sits at $257.

Looking at the Technical Indicators

First Major Support Level: $276

Pivot Level: $307

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 slipped by 0.59% on Monday. Following on from a 5.72% slide on Sunday, Ripple’s XRP ended the day at $1.55255.

A bullish start to the day saw Ripple’s XRP rise an early morning intraday high $1.62204 before hitting reverse.

Falling short of the first major resistance level at $1.6379, Ripple’s XRP slid to an early afternoon intraday low $1.50399.

The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $1.5426

Finding support at the first major support level at $1.5064, Ripple’s XRP broke back through the 23.6% FIB to revisit $1.58 levels before easing back.

At the time of writing, Ripple’s XRP was down by 2.32% to $1.51655. A bearish start to the day saw Ripple’s XRP slide from an early morning high $1.55784 to a low $1.51345.

While steering clear of the major support and resistance levels, Ripple’s XRP fell back through the 23.6% FIB early on.

For the day ahead

Ripple’s XRP will need to move back through the 23.6% FIB of $1.5426 and the $1.5595 pivot level to bring the first major resistance level at $1.6151 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.60 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1.62204 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.70. The second major resistance level sits at $1.6776.

Failure to move back through the 23.6% FIB and the $1.5595 pivot would bring the first major support level at $1.4970 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels. The second major support level at $1.4415 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.4970

Pivot Level: $1.6151

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

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

Thanks, Bob

This article was originally posted on FX Empire

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