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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 15th, 2021

By:
Bob Mason
Updated: May 15, 2021, 00:50 UTC

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

Ethereum Crypto Currency Market

Ethereum

Ethereum rallied by 9.71% on Friday. Reversing a 2.05% loss from Thursday, Ethereum ended the day at $4,080.51.

A bearish start to the day saw Ethereum fall to an early morning intraday low $3,695.00 before finding support.

Steering clear of the first major support level at $3,482 Ethereum rallied to a late afternoon intraday high $4,177.77.

Ethereum broke through the first major resistance level at $4,006 before briefly easing back to sub-$4,000 levels.

A bullish end to the day, however, saw Ethereum break back through the first major resistance level to end the day at $4,080 levels.

At the time of writing, Ethereum was up by 0.85% to $4,115.14. A mixed start to the day saw Ethereum fall to an early morning low $4,067.97 before rising to a high $4,120.00.

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

ETHUSD 150521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $3,984 pivot to bring the first major resistance level at $4,274 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $4,177.77.

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

In the event of a breakout, Ethereum could test resistance at $4,500 before any pullback. The second major resistance level sits at $4,467.

Failure to avoid a fall through the $3,984 pivot would bring the first major support level at $3,791 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,500 levels. The second major support level at $3,502 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,791

Pivot Level: $3,984

First Major Resistance Level: $4,274

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.63% on Friday. Following on from a 2.38% gain on Thursday, Litecoin ended the day at $326.67.

A mixed start to the day saw Litecoin fall to an early morning intraday low $308.46 before making a move.

Steering clear of the first major support level at $294, Litecoin rallied to a late afternoon intraday high $339.62.

The rally saw Litecoin break through the 23.6% FIB of $322 to test the first major resistance level at $339 before easing back.

Late in the day, the 23.6% FIB delivered support.

At the time of writing, Litecoin was up by 0.71% to $329.00. A mixed start to the day saw Litecoin fall to an early morning low $325.58 before rising to a high $330.07.

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

LTCUSD 150521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $325 pivot and the 23.6% FIB of $322 to support a run at the first major resistance level at $341.

Support from the broader market would be needed, however, for Litecoin to break back through to $340 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $345 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $370. The second major resistance level sits at $356.

Failure to avoid a fall through the $325 pivot and the 23.6% FIB would bring the first major support level at $310 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$300 levels. The Second major support level sits at $294.

Looking at the Technical Indicators

First Major Support Level: $310

Pivot Level: $325

First Major Resistance Level: $341

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP rose by 2.98% on Friday. Following on from an 8.67% rally on Thursday, Ripple’s XRP ended the day at $1.4054.

A mixed start to the day saw Ripple’s XRP fell to a mid-morning intraday low $1.32289 before making a move.

Steering clear of the 38.2% FIB of $1.2807 and the first major support level at $1.2461, Ripple’s XRP struck a late afternoon intraday high $1.4500.

Ripple’s XRP broke through the first major resistance level at $1.4356 before a pullback to $1.34 levels.

Steering clear of sub-$1.30 levels, Ripple’s XRP found late support to wrap up the day at $1.40 levels.

At the time of writing, Ripple’s XRP was up by 0.37% to $1.41066. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.40100 to a high $1.41709

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

XRPUSD 150521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $1.3928 pivot to bring the first major resistance level at $1.4626 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $1.4500.

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

In the event of another extended rally, Ripple’s XRP could test resistance at the 23.6% FIB of $1.5426. The second major resistance level sits at $1.5199.

Failure to avoid a fall through the $1.3928 pivot would bring the first major support level at $1.3355 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 38.2% FIB of $1.2807. The second major support level sits at $1.2657.

Looking at the Technical Indicators

First Major Support Level: $1.3355

Pivot Level: $1.3928

First Major resistance Level: $1.4626

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

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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