Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 14th, 2021

·5 min read

Ethereum

Ethereum fell by 2.05% on Thursday. Following on from an 8.45% decline on Wednesday, Ethereum ended the day at $3,719.23.

A bearish start to the day saw Ethereum slide to an early morning intraday low $3,530.89 before finding support.

Ethereum fell through the first major support level at $3,556 before striking an early morning intraday high $4,055.62.

Falling well short of the first major resistance level at $4,241, however, Ethereum slid to a late afternoon low $3,545.00.

Ethereum fell back through the first major support level at $3,556 before a late move back through to $3,700 levels.

At the time of writing, Ethereum was up by 1.82% to $3,786.80. A mixed start to the day saw Ethereum fall to an early morning low $3,695.00 before rising to a high $3,788.65.

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 $3,769 pivot to bring the first major resistance level at $4,006 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,000 levels.

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 Wednesday’s new swing hi $4,384.30 before any pullback. The second major resistance level sits at $4,293.

Failure to avoid a fall back through the $3,769 pivot would bring the first major support level at $3,482 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $3,244. The 23.6% FIB of $3,369 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,482

Pivot Level: $3,769

First Major Resistance Level: $4,006

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.38% on Thursday. Partially reversing a 17.81% tumble from Wednesday, Litecoin ended the day at $318.41.

A choppy start to the day saw Litecoin rise to an early morning intraday high $336.00 before hitting reverse.

While falling short of the first major resistance level at $370, Litecoin broke back through the 23.6% FIB of $322.

The reversal saw Litecoin slide back through the 23.6% FIB to a late afternoon intraday low $291.21.

Finding late support, however, Litecoin moved back through to $318 levels to end the day in positive territory.

At the time of writing, Litecoin was up by 0.57% to $320.24. A mixed start to the day saw Litecoin fall to an early morning low $314.73 before rising to a high $320.41.

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

For the day ahead

Litecoin would need to avoid a fall back through the $315 pivot to support a run at 23.6% FIB and the first major resistance level at $339.

Support from the broader market would be needed, however, for Litecoin to break back through to $330 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $336 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $350. The second major resistance level sits at $360.

Failure to avoid a fall back through the $315 pivot would bring the first major support level at $294 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the Second major support level at $270.

Looking at the Technical Indicators

First Major Support Level: $294

Pivot Level: $315

First Major Resistance Level: $339

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 8.67% on Thursday. Partially reversing a 15.2% slide from Wednesday, Ripple’s XRP ended the day at $1.36387.

A mixed start to the day saw Ripple’s XRP slide to an early morning intraday low $1.2000 before making a move.

Steering clear of the first major support level at $1.1483, Ripple’s XRP struck a mid-morning intraday high $1.38951.

While falling short of the first major resistance level at $1.4543, Ripple’s XRP broke through the 23.6% FIB of $1.2807 before hitting reverse.

The reversal saw Ripple’s XRP fall back through the 23.6% FIB to $1.22 levels before a late rebound to $1.36 levels.

At the time of writing, Ripple’s XRP was up by 0.12% to $1.36556. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.35526 before rising to a high $1.37498.

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 $1.3178 pivot to bring the first major resistance level at $1.4346 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.40 levels.

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 $1.5073.

Failure to avoid a fall through the $1.3178 pivot would bring the 38.2% FIB of $1.2807 and the first major support level at $1.2461 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level at $1.1283 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.2461

Pivot Level: $1.3178

First Major resistance Level: $1.4356

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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