Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 22nd, 2021

Ethereum

Ethereum slid by 12.26% on Friday. Reversing an 11.55% rally from Thursday, Ethereum ended the day at $2,434.86.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,950.00 before hitting reverse.

Falling short of the first major resistance level at $3,131, Ethereum slid to a late intraday low $2,105.00.

Ethereum fell through the 38.2% FIB of $2,740 and the first major support level at $2,287.

Steering clear of sub-$2,000, Ethereum broke back through the first major support level to end the day at $2,400 levels.

At the time of writing, Ethereum was down by 0.85% to $2,414.23. A mixed start to the day saw Ethereum rise to an early morning high $2,455.64 before falling to a low $2,414.23.

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

For the day ahead

Ethereum would need to move through the $2,497 pivot to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,888 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to 38.2% FIB.

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

In the event of another broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369. The second major resistance level sits at $3,342.

Failure to move through the $2,497 pivot would bring the first major support level at $2,043 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,652. The 62% FIB of $1,725 should limit the downside.

A sustained fall through the 62% FIB would form a near-term bearish trend from 12th May’s swing hi $4,384.30.

Looking at the Technical Indicators

First Major Support Level: $2,043

Pivot Level: $2,497

First Major Resistance Level: $2,888

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 14.64% on Friday. Reversing a 13.10% rally from Thursday, Litecoin ended the day at $180.23.

A mixed start to the day saw Litecoin rise to an early morning intraday high $219.79 before hitting reverse.

Falling short of the first major resistance level at $240, Litecoin slid to a late intraday low $156.94.

The extended sell-off saw Litecoin fall through the 62% FIB of $174 and the first major support level at $174.

Steering clear of sub-$150 support levels, Litecoin broke back through the 62% FIB and first major support level to end the day at $180 levels.

At the time of writing, Litecoin was down by 1.07% to $178.31. A mixed start to the day saw Litecoin rise to an early morning high $181.31 before falling to a low $178.00.

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

https://finance.yahoo.com/

For the day ahead

Litecoin would need to move through the $186 pivot to bring the first major resistance level at $219 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $200 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 $220. The second major resistance level sits at $249.

Failure to move through the $186 pivot would bring the 62% FIB of $174 and the first major support level at $152 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level sits at $123.

A sustained fall through the 62% FIB would form a near-term bearish trend from 10th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $152

Pivot Level: $186

First Major Resistance Level: $219

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP slid by 14.59% on Friday. Reversing an 11.42% gain from Thursday, Ripple’s XRP ended the day $1.00921.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.22081 before hitting reverse.

Falling short of the 38.2% FIB of $1.2807 and the major resistance levels, Ripple’s XRP slid to a late intraday low $0.8646.

The extended sell-off saw Ripple’s XRP fall through the first major support level at $0.9868 before finding support.

Steering clear of the 62% FIB of $0.8573, Ripple’s XRP broke back through the first major support level to end the day at $1.00 levels.

At the time of writing, Ripple’s XRP was down by 1.74% to $0.99169. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.01733 before falling to a low $0.99077.

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

https://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to move through the $1.0315 pivot to bring the first major resistance level at $1.1985 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.10 levels.

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 the 38.2% FIB of $1.2807. The second major resistance level sits at $1.3878.

Failure to move through the $1.0315 pivot would bring 62% FIB of $0.8573 and the first major support level at $0.8423 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.70 levels. The second major support level sits at $0.6753.

A sustained fall through the 62% FIB would form a near-term bearish trend from 14th April’s swing hi $1.96598.

Looking at the Technical Indicators

First Major Support Level: $0.0.8423

Pivot Level: $1.0315

First Major resistance Level: $1.1985

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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