Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 28th, 2021

Ethereum

Ethereum slid by 4.98% on Thursday. Partially reversing a 6.72% gain from Wednesday, Ethereum ended the day at $2,745.51.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,893.96 before hitting reverse.

Falling short of the first major resistance level at $2,987, Ethereum fell to an early morning intraday low $2,639.32.

Ethereum fell through the 38.2% FIB of $2,740 and the first major support level at $2,720.

Finding late morning support, Ethereum revisited $2,880 levels before another sell-off late in the day.

Ethereum fell back through the 38.2% FIB and the first major support level before ending the day at $2,745 levels.

At the time of writing, Ethereum was down by 0.58% to $2,729.68. A bearish start to the day saw Ethereum fall from an early morning high $2,745.25 to a low $2,709.44.

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

For the day ahead

Ethereum would need to move back through the 38.2% FIB of $2,740 and the $2,760 pivot to bring the first major resistance level at $2,880 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,800 levels.

Barring an extended crypto rally, the first major resistance level and resistance at Thursday’s high $2,893.96 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,000. The second major resistance level sits at $3,014.

Failure to move through the 38.2% FIB and the $2,760 pivot would bring the first major support level at $2,625 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,500 levels. The second major support level at $2,505 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,625

Pivot Level: $2,760

First Major Resistance Level: $2,880

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

Story continues

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.43% on Thursday. Partially reversing an 8.28% rally from Wednesday, Litecoin ended the day at $194.41.

A bearish start to the day saw Litecoin fall to an early morning intraday low $180.61 before finding support.

Litecoin fell through the first major support level at $184 before rising to an early afternoon intraday high $208.98.

Coming up against the first major resistance level at $209, however, Litecoin slid back to end the day at $194 levels.

At the time of writing, Litecoin was down by 1.80% to $190.92. A bearish start to the day saw Litecoin fall from an early morning high $194.57 to a low $190.40.

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

For the day ahead

Litecoin would need to move through the $195 pivot to bring the first major resistance level at $209 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $200 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $208.98 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $230. The second major resistance level sits at $223.

Failure to move through the $195 pivot would bring the first major support level at $180 into play.

Barring an extended sell-off, however, Litecoin should steer clear of the 62% FIB of $174. The second major support level sits at $166.

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: $180

Pivot Level: $195

First Major Resistance Level: $209

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 5.79% on Thursday. Reversing a 5.83% gain from Wednesday, Ripple’s XRP ended the day at $0.97083.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.04420 before hitting reverse.

Falling short of the first major resistance level at $1.0853, Ripple’s XRP fell to an early morning intraday low $0.93482.

Ripple’s XRP fell through the first major support level at $0.9650 before briefly revisiting $1.03 levels.

A bearish end to the day, however, saw Ripple’s XRP fall back to sub-$0.96 levels before ending the day at $0.97 levels.

The first major support level at $0.9650 limited the downside late in the day.

At the time of writing, Ripple’s XRP was down by 1.16% to $0.95955. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.97450 to a low $0.95799.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move through the $0.9833 pivot to bring the first major resistance level at $1.0317 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.00 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.04420 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.15. The second major resistance level sits at $1.0927.

Failure to move through the $0.9833 pivot would bring the first major support level at $0.9224 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level sits at $0.8739.

A sustained fall through the 62% FIB of $0.8573 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: $0.9224

Pivot Level: $0.9833

First Major resistance Level: $1.0317

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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