Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 29th, 2021

Ethereum

Ethereum tumbled by 12.07% on Friday. Following a 4.98% decline on Thursday, Ethereum ended the day at $2,413.81.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,762.91 before hitting reverse.

Falling short of the first major resistance level at $2,880, Ethereum slid to a late intraday low $2,329.2.

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

The extended sell-off also saw Ethereum fall through the second major support level at $2,505 to end the day at $2,400 levels.

At the time of writing, Ethereum was down by 0.25% to $2,407.84. A mixed start to the day saw Ethereum fall to an early morning low $2,396.20 before rising to a high $2,434.53.

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

For the day ahead

Ethereum would need to move through the $2,502 pivot to bring the first major resistance level at $2,675 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $2,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at the 38.2% FIB of $2,740 would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $3,000. The second major resistance level sits at $2,936.

Failure to move through the $2,502 pivot would bring the first major support level at $2,241 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,068 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,241

Pivot Level: $2,502

First Major Resistance Level: $2,675

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 8.75% on Friday. Following on from a 2.43% decline on Thursday, Litecoin ended the day at $177.41.

A mixed start to the day saw Litecoin rise to an early morning intraday high $198.92 before hitting reverse.

Story continues

Falling short of the first major resistance level at $209, Litecoin slid to a late intraday low $165.50.

The extended sell-off saw Litecoin fall through the first major support level at $180 and the 62% FIB of $175.

Finding support at the second major support level at $166, Litecoin broke back through the 62% FIB to end the day at $177 levels.

At the time of writing, Litecoin was down by 0.23% to $177.01. A mixed start to the day saw Litecoin rise to an early morning high $179.91 before falling to a low $176.53.

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

For the day ahead

Litecoin would need to move through the $181 pivot to bring the first major resistance level at $196 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from $190 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $198.92 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $210. The second major resistance level sits at $214.

Failure to move through the $181 pivot would bring the 62% FIB of $174 and the first major support level at $162 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$160. The second major support level sits at $147.

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: $162

Pivot Level: $181

First Major Resistance Level: $196

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 7.71% on Friday. Following a 5.79% fall on Thursday, Ripple’s XRP ended the day at $0.89936.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.98495 before hitting reverse.

Falling short of the first major resistance level at $1.0317, Ripple’s XRP tumbled to a late morning intraday low $0.84603.

Ripple’s XRP fell through the first major support level at $0.9224 and the second major support level at $0.8739.

The extended sell-off also saw Ripple’s XRP fall through the 62% FIB of $0.8573 before briefly revisiting $0.91 levels.

A bearish end to the day, however, saw Ripple’s XRP fall back to end the day at sub-$0.90 levels.

Support at the second major support level at $0.8739 and the 62% FIB of $0.8573 were both tested late in the day.

At the time of writing, Ripple’s XRP was down by 0.21% to $0.89744. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.90727 before falling to a low $0.89653.

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 $0.9101 pivot to bring the first major resistance level at $0.9742 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.95 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.98495 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 $1.0490.

Failure to move through the $0.9101 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8353 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 $0.7712.

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: $0.8353

Pivot Level: $0.9101

First Major resistance Level: $0.9742

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

More From FXEMPIRE: