Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 24th, 2021

Ethereum

Ethereum fell by 8.58% on Sunday. Following on from a 5.65% decline on Saturday, Ethereum ended the week down by 41.44% to $2,099.58.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,382.00 before hitting reverse.

Falling short of the first major resistance level at $2,470, Ethereum slid to a late afternoon intraday low $1,728.00.

Ethereum fell through the first major support level at $2,140 and the second major support level at $1,983.

Finding support at the 62% FIB of $1,725, Ethereum broke back through the first major support levels to end the day at $2,099 levels.

At the time of writing, Ethereum was up by 3.01% to $2,162.87. A bullish start to the day saw Ethereum rise from an early morning low $2,100.07 to a high $2,165.96.

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

For the day ahead

Ethereum would need to avoid the $2,070 pivot to bring the first major resistance level at $2,412 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,400 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $2,382.00 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740. The second major resistance level sits at $2,724.

Failure to avoid the $2,070 pivot would bring the first major support level at $1,758 and the 62% FIB of $1,725 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,416.

A sustained fall through the 62% FIB of $1,725 would form a near-term bearish trend from 12^th May’s swing hi $4,384.30.

Looking at the Technical Indicators

First Major Support Level: $1,758

Pivot Level: $2,070

First Major Resistance Level: $2,412

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Story continues

Litecoin slid by 15.78% on Sunday. Following on from a 6.02% loss on Saturday, Litecoin ended the week down by 51.80% to $142.72.

A mixed start to the day saw Litecoin rise to an early morning intraday high $176.51 before hitting reverse.

While falling short of the first major resistance level at $182, Litecoin broke back through the 62% FIB of $174.

The reversal, however, saw Litecoin slide to a late afternoon intraday low $117.58.

Litecoin fell back through the 62% FIB and also fell through the day’s major support levels.

Finding late support, however, Litecoin broke back through the third major support level at $126 to end the day at $142 levels.

At the time of writing, Litecoin was up by 2.76% to $146.66. A bullish start to the day saw Litecoin rise from an early morning low $142.73 to a high $147.14.

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 $146 pivot to bring the first major resistance level at $174 and the 62% FIB of $174 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $150 levels.

Barring an extended crypto rally, the first major resistance level and the 62% FIB would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $190. The second major resistance level sits at $205.

Failure to avoid a fall back through the $146 pivot would bring the first major support level at $115 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $87.

A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10^th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $115

Pivot Level: $146

First Major Resistance Level: $174

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP slid by 12.48% on Sunday. Following on from a 10.11% reversal on Saturday, Ripple’s XRP ended the week down by 45.30% to $0.79310.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.96753 before hitting reverse.

Falling short of the first major resistance level at $1.0075, Ripple’s XRP slid to a late afternoon intraday low $0.65085.

The extended sell-off saw Ripple’s XRP fall through the 62% FIB of $0.8573 and the first major support level at $0.8132.

Ripple’s XRP also fell through the second major support level at $0.7209.

Through the 2^nd half of the day, Ripple’s XRP moved back through the second major support level to end the day at $0.79 levels.

At the time of writing, Ripple’s XRP was up by 2.33% to $0.81154. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.79310 to a high $0.82282.

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 $0.8038 pivot to bring the 62% FIB of $0.8573 and the first major resistance level at $0.9568 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.90 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.96753 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.10. The second major resistance level sits at $1.1205.

Failure to avoid a fall back through the $0.8038 pivot would bring the first major support level at $0.6401 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.60 levels. The second major support level sits at $0.4871.

A sustained fall through the 62% FIB would form a near-term bearish trend from 14^th April’s swing hi $1.96598.

Looking at the Technical Indicators

First Major Support Level: $0.6401

Pivot Level: $0.8038

First Major resistance Level: $0.9568

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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