Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 3rd, 2021

By May 3, 2021Ethereum
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Ethereum

Ethereum rose by 0.11% on Sunday. Following a 6.20% rally on Saturday, Ethereum ended the week up by 27.13% to $2,952.09.

A mixed start to the day saw Ethereum fall to a late morning intraday low $2,855.29 before making a move.

Steering clear of the first major support level at $2,819, Ethereum rallied to a late intraday high and a new swing hi $2,986.00.

Falling short of the first major resistance level at $3,017, Ethereum eased back to end the day at $2,950 levels.

At the time of writing, Ethereum was up 3.60% to $3,058.50. A bullish start to the day saw Ethereum rise from an early morning low $2,952.08 to a new swing hi $3,060.91.

Ethereum broke through the first major resistance level at $3,007 early on.

For the day ahead

Ethereum would need to avoid a fall back through the first major resistance level at $3,007 to support another run at the second major resistance level at $3,062.

Support from the broader market would be needed, however, for Ethereum to break out from this morning’s new swing hi $3,060.91.

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

In the event of a breakout, Ethereum could test resistance at $3,100. The third major resistance level sits at $3,193.

Failure to avoid a fall back through firsts major resistance level would bring the $2,931 pivot and the first major support level at $2,876 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,800 levels. The second major support level at $2,800 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,876

Pivot Level: $2,931

First Major Resistance Level: $3,007

23.6% FIB Retracement Level: $2,300

38.2% FIB Retracement Level: $1,876

62% FIB Retracement Level: $1,191

Litecoin

Litecoin fell by 2.86% on Sunday. Partially reversing a 1.99% gain from Saturday, Litecoin ended the week up by 20.04% to $269.10.

A mixed start to the day saw Litecoin rise to an early morning intraday high $277.64 before hitting reverse.

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