Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 15th, 2021

·5 min read

Ethereum

Ethereum rallied by 9.71% on Friday. Reversing a 2.05% loss from Thursday, Ethereum ended the day at $4,080.51.

A bearish start to the day saw Ethereum fall to an early morning intraday low $3,695.00 before finding support.

Steering clear of the first major support level at $3,482 Ethereum rallied to a late afternoon intraday high $4,177.77.

Ethereum broke through the first major resistance level at $4,006 before briefly easing back to sub-$4,000 levels.

A bullish end to the day, however, saw Ethereum break back through the first major resistance level to end the day at $4,080 levels.

At the time of writing, Ethereum was up by 0.85% to $4,115.14. A mixed start to the day saw Ethereum fall to an early morning low $4,067.97 before rising to a high $4,120.00.

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

For the day ahead

Ethereum would need to avoid a fall through the $3,984 pivot to bring the first major resistance level at $4,274 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $4,177.77.

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

In the event of a breakout, Ethereum could test resistance at $4,500 before any pullback. The second major resistance level sits at $4,467.

Failure to avoid a fall through the $3,984 pivot would bring the first major support level at $3,791 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,500 levels. The second major support level at $3,502 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,791

Pivot Level: $3,984

First Major Resistance Level: $4,274

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.63% on Friday. Following on from a 2.38% gain on Thursday, Litecoin ended the day at $326.67.

A mixed start to the day saw Litecoin fall to an early morning intraday low $308.46 before making a move.

Steering clear of the first major support level at $294, Litecoin rallied to a late afternoon intraday high $339.62.

The rally saw Litecoin break through the 23.6% FIB of $322 to test the first major resistance level at $339 before easing back.

Late in the day, the 23.6% FIB delivered support.

At the time of writing, Litecoin was up by 0.71% to $329.00. A mixed start to the day saw Litecoin fall to an early morning low $325.58 before rising to a high $330.07.

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

For the day ahead

Litecoin would need to avoid a fall through the $325 pivot and the 23.6% FIB of $322 to support a run at the first major resistance level at $341.

Support from the broader market would be needed, however, for Litecoin to break back through to $340 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $345 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $370. The second major resistance level sits at $356.

Failure to avoid a fall through the $325 pivot and the 23.6% FIB would bring the first major support level at $310 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$300 levels. The Second major support level sits at $294.

Looking at the Technical Indicators

First Major Support Level: $310

Pivot Level: $325

First Major Resistance Level: $341

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 2.98% on Friday. Following on from an 8.67% rally on Thursday, Ripple’s XRP ended the day at $1.4054.

A mixed start to the day saw Ripple’s XRP fell to a mid-morning intraday low $1.32289 before making a move.

Steering clear of the 38.2% FIB of $1.2807 and the first major support level at $1.2461, Ripple’s XRP struck a late afternoon intraday high $1.4500.

Ripple’s XRP broke through the first major resistance level at $1.4356 before a pullback to $1.34 levels.

Steering clear of sub-$1.30 levels, Ripple’s XRP found late support to wrap up the day at $1.40 levels.

At the time of writing, Ripple’s XRP was up by 0.37% to $1.41066. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.40100 to a high $1.41709

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 $1.3928 pivot to bring the first major resistance level at $1.4626 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $1.4500.

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

In the event of another extended rally, Ripple’s XRP could test resistance at the 23.6% FIB of $1.5426. The second major resistance level sits at $1.5199.

Failure to avoid a fall through the $1.3928 pivot would bring the first major support level at $1.3355 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 38.2% FIB of $1.2807. The second major support level sits at $1.2657.

Looking at the Technical Indicators

First Major Support Level: $1.3355

Pivot Level: $1.3928

First Major resistance Level: $1.4626

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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