Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 17th, 2021

Bob Mason
5 min read
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Ethereum

Ethereum fell by 1.71% on Sunday. Following a 10.56% slide from Saturday, Ethereum ended the week down by 8.73% to $3,585.62.

A mixed start to the day saw Ethereum rise to a late morning intraday high $3,878.23.

Falling short of the first major resistance level at $3,981, Ethereum slid to a late intraday low $3,343.57.

The sell-off saw Ethereum fall through the first major support level at $3,475 before a partial recovery to $3,580 levels.

At the time of writing, Ethereum was down by 0.45% to $3,569.33. A mixed start to the day saw Ethereum rise to an early morning high $3,590.00 before falling to a low $3,553.26.

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

For the day ahead

Ethereum would need to move through the $3,603 pivot to bring the first major resistance level at $3,861 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,800 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $3,878.23 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $4,000 before any pullback. The second major resistance level sits at $4,137.

Failure to move through the $3,603 pivot would bring the 23.6% FIB of $3,369 and the first major support level at $3,327 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,068 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,327

Pivot Level: $3,603

First Major Resistance Level: $3,861

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 1.33% on Sunday. Following an 8.07% slide from Saturday, Litecoin ended the week down by 23.74% to $296.11.

A mixed start to the day saw Litecoin rallied to a late morning intraday high $324.19.

The rally saw Litecoin break through the 23.6% FIB and first major resistance level both at $322 before hitting reverse.

Litecoin slid back through the 23.6% FIB and first major resistance level to a late intraday low $279.38.

The extended sell-off also saw Litecoin fall through the first major support level at $287 before ending the day at $296 levels.

At the time of writing, Litecoin was down by 0.64% to $294.21. A mixed start to the day saw Litecoin rise to an early morning high $296.76 before falling to a low $293.29.

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

For the day ahead

Litecoin would need to move through the $300 pivot to bring the first major resistance level at $320 and the 23.6% FIB of $322 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $310 levels.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $350. The second major resistance level sits at $345.

Failure to move through the $300 pivot would bring the first major support level at $276 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the 38.2% FIB of $265. The Second major support level sits at $255.

Looking at the Technical Indicators

First Major Support Level: $276

Pivot Level: $300

First Major Resistance Level: $320

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 2.69% on Sunday. Partially reversing a 6.22% rally on Saturday, Ripple’s XRP ended the week down by 5.63% to $1.45004.

A mixed start to the day saw Ripple’s XRP rose a late morning intraday high $1.61324.

Ripple’s XRP broke through the 23.6% FIB of $1.5426 and the first major resistance level at $1.6077 before a hitting reverse.

The reversal saw Ripple’s XRP slide to a late intraday low $1.34207.

Falling back through the first major resistance level and 23.6% FIB, Ripple’s XRP also fell through the first major support level at $1.3467.

Finding late support, Ripple’s XRP broke back through the first major support level to end the day at $1.45 levels.

At the time of writing, Ripple’s XRP was down by 0.72% to $1.43695. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.45016 to a low $1.43964.

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 $1.4685 pivot to bring the 23.6% FIB of $1.5426 and the first major resistance level at $1.5948 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB.

Barring an extended crypto rally, the first major resistance level and resistance at $1.60 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.70 levels. The second major resistance level sits at $1.7396.

Failure to move through the $1.4685 pivot would bring the first major support level at $1.3237 and the 38.2% FIB of $1.2807 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.1973.

Looking at the Technical Indicators

First Major Support Level: $1.3237

Pivot Level: $1.4685

First Major resistance Level: $1.5948

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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