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

By:
Bob Mason
Updated: May 3, 2021, 07:55 UTC

It's a bullish start to the week for the majors. Steering clear of the day's support levels would support further upside on the day.

Crypto00 567

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.

ETHUSD 030521 Hourly Chart

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.

Falling short of the first major resistance level at $282, Litecoin slid to a late morning intraday low $265.00.

Litecoin fell through the first major support level at $269 before finding support.

Steering clear of the 23.6% FIB of $262, Litecoin broke back through the first major support level to revisit $272 levels before easing back.

At the time of writing, Litecoin was up by 1.67% to $273.59. A bullish start to the day saw Litecoin rise from an early morning low $268.64 to a high $274.77

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

LTCUSD 030521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $271 pivot level to support a run at the first major resistance level at $276.

Support from the broader market would be needed, however, for Litecoin to break out $275 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $280 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $290. The second major resistance level sits at $283.

Failure to avoid a fall back through the $271 pivot level would bring the first majors support level at $264 and the 23.6% FIB of $262 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$260 levels. The second major support level sits at $258.

Looking at the Technical Indicators

First Major Support Level: $264

Pivot Level: $271

First Major Resistance Level: $276

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slid by 5.72% on Sunday. Reversing a 3.31% gain from Saturday, Ripple’s XRP ended the week up by 51.33% to $1.56244.

A bearish start to the day saw Ripple’s XRP fall from an early morning intraday high $1.65732 to an early morning intraday low $1.52578.

Ripple’s XRP fell through the first major support level at $1.5645 and the 23.6% FIB of $1.5426 before finding support.

Steering clear of sub-$1.50 support levels, Ripple’s XRP revisited $1.60 levels before easing back.

The late pullback saw Ripple’s XRP fall back through the first major support level to end the day at $1.562 levels.

At the time of writing, Ripple’s XRP was up by 2.77% to $1.60576. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.5550 before rising to a high $1.62204.

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

XRPUSD 030521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.5818 pivot level to bring the first major resistance level at $1.6379 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from this morning’s high $1.62204.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1.65732 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test the second major resistance level at $1.7134.

Failure to avoid a fall back through the $1.5818 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.5064 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.50 levels. The second major support level sits at $1.4503.

Looking at the Technical Indicators

First Major Support Level: $1.5064

Pivot Level: $1.5818

First Major resistance Level: $1.6379

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

Trade Crypto with Binance

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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