Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 13th, 2021

Ethereum

Ethereum fell by 8.45% on Wednesday. Reversing a 5.83% gain from Tuesday, Ethereum ended the day at $3,826.55.

A mixed start to the day saw Ethereum rise to an early afternoon intraday high and a new swing hi $4,384.43 before hitting reverse.

Ethereum broke through the first major resistance level at $4,322 before sliding to a late intraday low $3,700.00.

The extended sell-off saw Ethereum fall through the first major support level at $3,899 to end the day at sub-$4,000 for the first time since Sunday.

At the time of writing, Ethereum was up by 2.68% to $3,929.04. A mixed start to the day saw Ethereum fall to an early morning low $3,539.89 before rising to a high $4,000.00.

Ethereum fell through the first major support level at $3,556 early on.

For the day ahead

Ethereum would need to move back through the $3,970 pivot to bring the first major resistance level at $4,241 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,200 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 Wednesday’s new swing hi $4,384.30 before any pullback. The second major resistance level sits at $4,655.

Failure to move through the $3,970 pivot would bring the first major support level at $3,556 back into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,500 levels and the 23.6% FIB of $3,369. The second major support level sits at $3,286.

Looking at the Technical Indicators

First Major Support Level: $3,556

Pivot Level: $3,970

First Major Resistance Level: $4,241

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 17.81% on Wednesday. Reversing a 5.23% gain from Tuesday, Litecoin ended the day at $310.82.

A bullish start to the day saw Litecoin rise to an early morning intraday high $394.46 before hitting reverse.

Story continues

Litecoin broke through the first major resistance level at $390 before sliding to a late intraday low $302.00.

The reversal saw Litecoin fall through the first major support level at $356 and the second major support level at $333.

Litecoin also fell through the 23.6% FIB of $322 to end the day at $310 levels.

At the time of writing, Litecoin was up by 4.07% to $323.48. A mixed start to the day saw Litecoin fall to an early morning low $296.87 before rising to a high $328.40.

While leaving the major support and resistance levels untested early on, Litecoin broke back through the 23.6% FIB of $322.

For the day ahead

Litecoin would need to move through the $336 pivot to support a run at the first major resistance level at $370.

Support from the broader market would be needed, however, for Litecoin to break out from $365 levels.

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 $410. The second major resistance level sits at $428.

Failure to move through the $336 pivot would bring the 23.6% FIB of $322 and the first major support level at $277 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the Second major support level at $243. The 38.2% FIB of $265 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $277

Pivot Level: $336

First Major Resistance Level: $370

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 15.2% on Wednesday. Reversing a 6.31% gain from Tuesday, Ripple’s XRP ended the day at $1.2550.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $1.54695 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $1.5291.

Coming up against the 23.6% FIB of $1.5426, Ripple’s XRP slid to a late intraday low $1.24092.

Ripple’s XRP fell through the first major support level at $1.3906 and the second major support level at $1.3016.

The extended sell-off also saw Ripple’s XRP fall through the 38.2% FIB of $1.2807 to end the day at $1.25 levels.

At the time of writing, Ripple’s XRP was up by 3.61% to $1.30028. A mixed start to the day saw Ripple’s XRP slide to an early morning low $1.20000 before rising to a high $1.38500.

While leaving the major support and resistance levels untested early on, Ripple’s XRP broke back through the 38.2% FIB of $1.2807.

For the day ahead

Ripple’s XRP will need to move back through the $1.3476 pivot to bring the first major resistance level at $1.4543 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.40 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 the 23.6% FIB of $1.5426 and $1.60 levels. The second major resistance level sits at $1.6536.

Failure to move through the $1.3476 pivot would bring the 38.2% FIB of $1.2807 and the first major support level at $1.1483 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 at $1.0416 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.1483

Pivot Level: $1.3476

First Major resistance Level: $1.4543

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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