Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 5th, 2021

Ethereum

Ethereum fell by 5.65% on Tuesday. Partially reversing a 16.32% breakout from Monday, Ethereum ended the day at $3,240.01.

It was a particularly bearish start to the day. Ethereum fell from an early morning high $3,454.80 to an early morning intraday low $3,166.12.

Steering clear of the first major support level at $3,105, Ethereum rallied to an early afternoon intraday high and a new swing hi $3,507.98.

Falling short of the first major resistance level at $3,611, Ethereum slid back to sub-$3,200 levels for a 2^nd time.

Finding late support, however, Ethereum revisited $3,400 levels before falling back into the deep red.

At the time of writing, Ethereum was up by 3.86% to $3,365.13. A mixed start to the day saw Ethereum fall to an early morning low $3,207.00 before rising to a high $3,382.65.

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

For the day ahead

Ethereum would need to avoid a fall back through the $3,314 pivot to bring the first major resistance level at $3,461 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,400 levels.

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

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,682.

Failure to avoid a fall back through the $3,314 pivot would bring the first major support level at $3,093 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,945.

Looking at the Technical Indicators

First Major Support Level: $3,093

Pivot Level: $3,314

First Major Resistance Level: $3,461

23.6% FIB Retracement Level: $2,719

38.2% FIB Retracement Level: $2,215

62% FIB Retracement Level: $1,400

Litecoin

Litecoin rose by 3.59% on Tuesday. Following on from a 9.59% gain on Monday, Litecoin ended the day at $305.50.

A bearish start to the day saw Litecoin fall to an early morning intraday low $271.70 before making a move.

Litecoin fell through the first major support level at $276 before rallying to an early afternoon intraday high $327.91.

Litecoin broke through the first major resistance level at $307 and the second major resistance level at $319.

Falling short of $330 levels, Litecoin slid back to sub-$300 levels before revisiting $316 levels.

Litecoin broke back through the first major resistance level at $307 before easing back.

At the time of writing, Litecoin was up by 10.42% to $337.34. A mixed start to the day saw Litecoin fall to an early morning low $300.98 before rallying to a high $342.00.

Litecoin broke through the first major resistance level at $329 early on.

For the day ahead

Litecoin would need to avoid a fall back through the first major resistance level at $329 to support a run at the second major resistance level at $353.

Support from the broader market would be needed, however, for Litecoin to break out from this morning’s high $342.00.

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

In the event of an extended breakout, Litecoin could test resistance at $360. The third major resistance level sits at $405.

Failure to avoid a fall through the first major resistance level at $329 would bring the pivot and sub-$300 levels into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$290 and the first major support level at $277

Looking at the Technical Indicators

First Major Support Level: $277

Pivot Level: $300

First Major Resistance Level: $329

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slid by 10.85% on Tuesday. Following a 0.59% decline on Monday, Ripple’s XRP ended the day at $1.38884.

A bearish start to the day saw Ripple’s XRP slide from an early morning intraday high $1.55784 to a late afternoon intraday low $1.32500.

Ripple’s XRP fell through the 23.6% FIB of $1.5426, the first major support level at $1.4970, and the second major support level at $1.4415.

Finding support at the third major support level at $1.3234, Ripple’s XRP revisited $1.47 levels before sliding back into the deep red.

Ripple’s XRP fell back through the second major support level at $1.4415 to end the day at sub-$1.40 levels.

At the time of writing, Ripple’s XRP was up by 4.84% to $1.45609. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.36874 before rising to a high $1.47568.

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 back through the $1.4239 pivot to bring the first major resistance level at $1.5228 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 23.6% FIB would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.70. The second major resistance level sits at $1.6567.

Failure to avoid a fall back through the $1.4239 pivot would bring the first major support level at $1.2899 and 38.2% FIB of $1.2807 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.20 levels. The second major support level sits at $1.1911.

Looking at the Technical Indicators

First Major Support Level: $1.2899

Pivot Level: $1.4239

First Major resistance Level: $1.5228

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