Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 12th, 2021
Ethereum
Ethereum rose by 5.83% on Tuesday. Following a 0.54% gain on Monday, Ethereum ended the day at $4,179.76.
A mixed start to the day saw Ethereum rise to an early morning high $4,032.86 before hitting reverse.
Falling short of the first major resistance level at $4,223, Ethereum fell to an early morning intraday low $3,760.00.
Steering clear of the first major support level at $3,667, Ethereum rallied to a late intraday high $4,183.25 before easing back.
In spite of the rebound, Ethereum continued to fall short of the first major resistance level at $4,223.
At the time of writing, Ethereum was up by 0.12% to $4,184.83. A mixed start to the day saw Ethereum fall to an early morning low $4,155.00 before rising to a high $4,193.20.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $4,041 pivot to bring the first major resistance level at $4,322 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Monday’s swing hi $4,213.85.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Ethereum could test the second major resistance level at $4,464 and resistance at $4,500.
Failure to avoid a fall through the $4,041 pivot would bring the first major support level at $3,899 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,618.
Looking at the Technical Indicators
First Major Support Level: $3,899
Pivot Level: $4,041
First Major Resistance Level: $4,322
23.6% FIB Retracement Level: $3,238
38.2% FIB Retracement Level: $2,635
62% FIB Retracement Level: $1,660
Litecoin
Litecoin rose by 5.23% on Tuesday. Partially reversing a 7.40% slide on Monday, Litecoin ended the day at $378.16.
A mixed start to the day saw Litecoin rise to an early morning high $368.21 before hitting reverse.
Falling short of the first major resistance level at $403, Litecoin fell to an early morning intraday low $345.33.
Steering clear of the first major support level at $327, Litecoin bounced back to a late intraday high $379.87 before easing back.
Litecoin continued to fall well short of the first major resistance level at $403 late in the day.
At the time of writing, Litecoin was up by 1.35% to $383.28. A mixed start to the day saw Litecoin fall to an early morning low $376.95 before rising to a high $384.50.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid the $368 pivot to support a run at the first major resistance level at $390.
Support from the broader market would be needed, however, for Litecoin to break out from $385 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 $402.
Failure to avoid a fall through the $368 pivot would bring the first major support level at $356 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$340. The Second major support level sits at $333.
Looking at the Technical Indicators
First Major Support Level: $356
Pivot Level: $368
First Major Resistance Level: $390
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP
Ripple’s XRP rose by 6.31% on Tuesday. Partially reversing a 9.39% slide from Monday, Ripple’s XRP ended the day at $1.47957.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $1.35105 before making a move.
Steering clear of the 38.2% FIB of $1.2807 and the first major support at $1.1855, Ripple’s XRP rose to a late afternoon intraday high $1.48956.
Falling short of the 23.6% FIB of $1.5426 and the first major resistance level at $1.6137, Ripple’s XRP eased back to end the day at $1.47 levels.
At the time of writing, Ripple’s XRP was up by 1.38% to $1.49998. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.4740 before rising to a high $1.49998.
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 through the $1.4401 pivot to bring the first major resistance level at $1.5291 and the 23.6% FIB of $1.5426 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.50 levels.
Barring an extended crypto rally, the first major resistance level and the 23.6% FIB would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test resistance at $1.60 levels. The second major resistance level sits at $1.5786.
Failure to avoid a fall through the $1.4401 pivot would bring the first major support level at $1.3906 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.3016 and the 38.2% FIB of $1.2807.
Looking at the Technical Indicators
First Major Support Level: $1.3906
Pivot Level: $1.4401
First Major resistance Level: $1.5291
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
