Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 26th, 2021

Ethereum

Ethereum rose by 2.20% on Tuesday. Following a 26.25% rally from Monday, Ethereum ended the day at $2,707.56.

A bullish start to the day saw Ethereum rise to an early morning intraday high $2,768.00 before hitting reverse.

While falling short of the first major resistance level at $2,862, Ethereum briefly broke through the 38.2% FIB of S2,740.

The reversal saw Ethereum fall back through the 38.2% FIB to a mid-day intraday low $2,383.39.

Steering clear of the first major support level at $2,256, Ethereum bounced back to end the day at $2,700 levels.

The 38.2% FIB of $2,740 pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 0.44% to $2,719.60. A bullish start to the day saw Ethereum rise from an early morning low $2,707.72 to a high $2,720.00.

While leaving the major support and resistance levels untested early on, Ethereum tested resistance at the 38.2% FIB of $2,740.

For the day ahead

Ethereum would need to avoid the $2,620 pivot to bring the first major resistance level at $2,856 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the 38.2% FIB of $2,740.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369. The second major resistance level sits at $3,004.

Failure to avoid the $2,620 pivot would bring the first major support level at $2,471 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,300 levels. The second major support level sits at $2,235.

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: $2,471

Pivot Level: $2,620

First Major Resistance Level: $2,856

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Story continues

Litecoin

Litecoin fell by 0.75% on Tuesday. Following a 29.89% jump from Monday, Litecoin ended the day at $184.09.

A mixed start to the day saw Litecoin rise to an early morning intraday high $194.89 before hitting reverse.

Falling short of the first major resistance level at $205, Litecoin slid to a late morning intraday low $167.41.

While steering clear of the first major support level at $155, Litecoin fell back through the 62% FIB of $174.

Finding late support, however, Litecoin broke back through the 62% FIB to end the day at $184 levels.

At the time of writing, Litecoin was down by 0.15% to $183.82. A mixed start to the day saw Litecoin rise to an early morning high $184.99 before falling to a low $183.65.

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

For the day ahead

Litecoin would need to avoid a fall through the $182 pivot to bring the first major resistance level at $197 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $194.89.

Barring an extended crypto rally, the first major resistance level and resistance at $200 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $220. The second major resistance level sits at $210.

Failure to avoid a fall through the $182 pivot would bring the 62% FIB of $174 and the first major support level at $169 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $155.

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: $169

Pivot Level: $182

First Major Resistance Level: $197

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP fell by 1.60% on Tuesday. Partially reversing a 25.42% rally from Monday, Ripple’s XRP ended the day at $0.97696.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $1.05906 before hitting reverse.

Falling short of the first major resistance level at $1.0768, Ripple’s XRP slid to a mid-day intraday low $0.88200.

Steering clear of the 62% FIB of $0.8573 and the first major support level at $0.8343, Ripple’s XRP revisited $0.98 levels before easing back.

At the time of writing, Ripple’s XRP was up by 0.37% to $0.98055. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.96942 before rising to a high $0.98055.

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 $0.9727 pivot to bring the first major resistance level at $1.0633 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $1.05906.

Barring an extended crypto rally, the first major resistance level and resistance at $1.10 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.20. The second major resistance level sits at $1.1497.

Failure to avoid a fall back through the $0.9727 pivot would bring the first major support level at $0.8863 and the 62% FIB of $0.8573 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level sits at $0.7956.

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: $0.8863

Pivot Level: $0.9727

First Major resistance Level: $1.0633

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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