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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 31st, 2021

By:
Bob Mason
Updated: May 31, 2021, 00:36 UTC

It's a mixed start to the day for the majors. Steering clear of the day's pivot levels would support further upside in the day ahead, however.

E-coins on tablet computer with charts on screen

Ethereum

Ethereum rose by 4.69% on Sunday. Reversing a 5.49% loss from Saturday, Ethereum ended the week up by 13.72% to $2,387.66.

A bearish start to the day saw Ethereum fall to an early morning intraday low $2,182.2 before making a move.

Steering clear of the first major support level at $2,134, Ethereum rallied to a late morning intraday high $2,480.69.

Falling short of the first major resistance level at $2,501, Ethereum eased back to sub-$2,400 levels.

At the time of writing, Ethereum was down by 0.38% to $2,378.50. A bearish start to the day saw Ethereum fall from an early morning high $2,387.76 to a low $2,366.68.

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

ETHUSD 310521 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,350 pivot to bring the first major resistance level at $2,518 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $2,480.69 levels.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740. The second major resistance level sits at $2,649.

A fall through the $2,350 pivot would bring the first major support level at $2,220 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,052 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,220

Pivot Level: $2,350

First Major Resistance Level: $2,518

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 4.00% on Sunday. Partially reversing a 7.53% slide from Saturday, Litecoin ended the week up by 19.62% to $170.72.

A bearish start to the day saw Litecoin slide to an early morning intraday low $155.28 before making a move.

Steering clear of the first major support level at $151.64, Litecoin rallied to a mid-day intraday high $181.20.

While falling short of the first major resistance level at $183, Litecoin broke back through the 62% FIB of $174.

A bearish 2nd half of the day, however, saw Litecoin fall back through the 62% FIB to end the day at sub-$171 levels.

At the time of writing, Litecoin was up by 0.42% to $171.44. A mixed start to the day saw Litecoin fall to an early morning low $168.57 before rising to a high $171.62.

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

LTCUSD 310521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $169 pivot to bring the 62% FIB of $174 and the first major resistance level at $183 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $181.20 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $200. The second major resistance level sits at $195.

A fall back through the $169 pivot would bring the first major support level at $157 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$150. The second major support level sits at $143.

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: $157

Pivot Level: $169

First Major Resistance Level: $183

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP rallied by 9.01% on Sunday. Reversing a 7.48% slide from Saturday, Ripple’s XRP ended the week up by 14.14% to $0.90521.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.79936 before making a move.

Steering clear of the first major support level at $0.7707, Ripple’s XRP rallied to a late afternoon intraday high $0.93292.

Ripple’s XRP broke through the 62% FIB of $0.8573 and the first major resistance level at $0.9167.

A bearish end to the day, however, saw Ripple’s XRP ease back to end the day at sub-$0.91 levels.

At the time of writing, Ripple’s XRP was up by 2.07% to $0.92392. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.89890 before rising to a high $0.92756.

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

XRPUSD 310521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.8792 pivot to bring the first major resistance level at $0.9590 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.93292.

Barring an extended crypto rally, the first major resistance level 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 $1.0127.

A fall through the $0.8792 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8254 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 $0.7456.

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: $0.8254

Pivot Level: $0.8792

First Major resistance Level: $0.9590

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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