Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 12th, 2021

·5 min read

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

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