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

By:
Bob Mason
Updated: May 28, 2021, 01:07 UTC

It's a bearish start to the day for the majors. Failure to move through the day's pivot levels would leave the majors in the deep red once more.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

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.

ETHUSD 280521 Hourly Chart

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

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.

LTCUSD 280521 Hourly Chart

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 10th 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.

XRPUSD 280521 Hourly Chart

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 14th 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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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