Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 4th, 2021

By May 4, 2021Ethereum
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Ethereum

Ethereum jumped by 16.32% on Monday. Following on from a 0.11% gain on Sunday, Ethereum ended the day at $3,433.99.

It was a particularly bullish the day. Ethereum rallied from an early morning intraday low $2,952.08 to a final hour intraday high and a new swing hi $3,457.75.

Steering clear of the major support levels, Ethereum broke through the day’s major resistance levels to wrap up the day at $3,400 levels.

At the time of writing, Ethereum was down by 1.81% to $3,371.90. A mixed start to the day saw Ethereum rise to an early morning high $3,454.80 before falling to a low $3,349.42.

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

For the day ahead

Ethereum would need to avoid a fall through the $3,281 pivot to bring the first major resistance level at $3,611 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,600 levels.

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

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,787.

Failure to avoid a back through the $3,281 pivot and the first major support level at $3,105 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,776.

Looking at the Technical Indicators

First Major Support Level: $3,105

Pivot Level: $3,281

First Major Resistance Level: $3,611

23.6% FIB Retracement Level: $2,661

38.2% FIB Retracement Level: $2,168

62% FIB Retracement Level: $1,371

Litecoin

Litecoin rallied by 9.59% on Monday. Reversing a 2.86% fall from Sunday, Litecoin ended the day at $294.91.

A mixed start to the day saw Litecoin fall to an early morning intraday low $268.64 before making a move.

Steering clear of the first major support level at $264, Litecoin rallied to a late intraday high $299.71.

Litecoin broke through the day’s major resistance levels before a late pullback to $287 levels.

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