Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 7th, 2021

By May 6, 2021Ethereum
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Ethereum

Ethereum fell by 1.05% on Thursday. Partially reversing an 8.96% rally from Wednesday, Ethereum ended the day at $3,492.75.

It was a mixed start to the day. Ethereum fell to a mid-morning intraday low $3,381.11 before making a move.

Steering clear of the first major support level at $3,308, Ethereum rallied to a late afternoon intraday high and a new swing hi $3,610.91.

Ethereum broke through the first major resistance level at $3,651 before a pullback to sub-$3,410 levels.

Finding late support, Ethereum moved back through to $3,540 levels before easing back.

At the time of writing, Ethereum was down by 0.37% to $3,479.80. A mixed start to the day saw Ethereum rise to an early morning high $3,500.21 before falling to a low $3,479.14.

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

For the day ahead

Ethereum would need to move back through the $3,495 pivot to bring the first major resistance level at $3,609 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $3,550.00 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s new swing hi $3,610.91 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 $3,725, with the third major resistance level at $3,955.

Failure to move back through the $3,495 pivot would bring the first major support level at $3,379 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,200 levels. The second major support level at $3,265 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,379

Pivot Level: $3,495

First Major Resistance Level: $3,609

23.6% FIB Retracement Level: $2,778

38.2% FIB Retracement Level: $2,262

62% FIB Retracement Level: $1,429

Litecoin

Litecoin fell by 0.58% on Thursday. Partially reversing a 16.70% rally from Wednesday, Litecoin ended the day at $354.44.

A bullish start to the day saw Litecoin rally to an early morning intraday high $365.20 before hitting reverse.

Falling short of the first major resistance level at $377, Litecoin slid to a late afternoon intraday low $321.84.

Steering clear of the first major support level at $318, Litecoin briefly revisited $359 levels before easing back into the red.

At the time of writing, Litecoin was down by 1.20% to $350.18. A mixed start to the day saw Litecoin rise to an early morning high $355.00 before falling to a low $350.00.

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

For the day ahead

Litecoin would need to avoid the $347 pivot to support a run at the first major resistance level at $373.

Support from the broader market would be needed, however, for Litecoin to break back through to $370 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 $400. The second major resistance level sits at $391.

Failure to avoid a fall through the $347 pivot would bring the first major support level at $329 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$300. The Second major support level at $304 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $329

Pivot Level: $347

First Major Resistance Level: $373

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP fell by 0.68% on Thursday. Following a 16.17% breakout on Wednesday, Ripple’s XRP ended the day at $1.60424.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.7647 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $1.7044 before sliding to a late afternoon intraday low $1.5400.

Finding support at the 23.6% FIB of $1.5426, Ripple’s XRP revisited $1.65 levels before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.74% to $1.59229. A mixed start to the day sw Ripple’s XRP rise to an early morning high $1.61049 before falling to a low $1.58197.

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

For the day ahead

Ripple’s XRP will need to move through the $1.6363 pivot to bring the first major resistance level at $1.7326 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.70 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.7647 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $2.00. The second major resistance level sits at $1.8610.

Failure to move through the $1.6363 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.5079 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.4116.

Looking at the Technical Indicators

First Major Support Level: $1.5079

Pivot Level: $1.6363

First Major resistance Level: $1.7326

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

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