Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 19th, 2021

By:
Bob Mason
Updated: May 19, 2021, 05:39 UTC

It's a relatively bullish start to the day. Failure to revisit early highs would bring support levels into play.

Shiny Ripple crypto-currency background

Ethereum

Ethereum rose by 2.82% on Tuesday. Partially reversing an 8.41% slide from Monday, Ethereum ended the day at $3,375.96.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,241.06 before making a move.

Steering clear of the first major support level at $3,064, Ethereum rallied to a late morning intraday high $3,567.40.

Ethereum broke through the 23.6% FIB of $3,369 and the first major resistance level at $3,546 before hitting reverse.

The reversal saw Ethereum fall back through the first major resistance level and the 23.6% FIB of $3,369 before wrapping up the day at $3,375 levels.

At the time of writing, Ethereum was up by 1.29% to $3,419.41. A mixed start to the day saw Ethereum fall to an early morning low $3,356.80 before rising to a high $3,419.76

While leaving the major support and resistance levels untested early on, Ethereum tested support at the 23.6% FIB of $3,369.

ETHUSD 190521 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,395 pivot to bring the first major resistance level at $3,549 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3,600 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $3,721.

Failure to avoid a fall back through the $3,395 pivot would bring the 23.6% FIB of $3,369 and the first major support level at $3,222 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $3,069.

Looking at the Technical Indicators

First Major Support Level: $3,222

Pivot Level: $3,395

First Major Resistance Level: $3,549

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 4.49% on Tuesday. Reversing a 4.94% loss from Monday, Litecoin ended the day at $294.13.

A mixed start to the day saw Litecoin fall to an early morning intraday low $278.49 before making a move.

Steering clear of the 38.2% FIB of $265 and the first major support level at $263, Litecoin rallied to a late morning intraday high $318.43.

Litecoin broke through the first major resistance level at $298 and the second major resistance level at $315.

An early afternoon pullback, however, saw Litecoin slide back to sub-$290 levels before finding support.

Litecoin broke back through the first major resistance level at $298 to revisit $312 levels before ending the day at $294 levels.

At the time of writing, Litecoin was up by 0.78% to $296.43. A mixed start to the day saw Litecoin fall to an early morning low $290.79 before rising to a high $296.91.

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

LTCUSD 190521 Hourly Chart

For the day ahead

Litecoin would need to move through the $297 pivot to bring the first major resistance level at $315 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $315 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $318.43 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $340. Litecoin would need plenty of support, however, to break through the 23.6% FIB of $322. The second major resistance level sits at $336.

Failure to move through the $297 pivot would bring the first major support level at $276 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the Second major support level at $258. the 38.2% FIB of $265 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $276

Pivot Level: $297

First Major Resistance Level: $315

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP rallied by 6.46% on Tuesday. Following on from a 3.12% gain on Monday, Ripple’s XRP ended the day at $1.59238.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $1.47311 before making a move.

Steering clear of the first major support level at $1.3606, Ripple’s XRP rallied to a late morning intraday high $1.70425.

Ripple’s XRP broke through the 23.6% FIB of $1.5426 and the first major resistance level at $1.5966.

Coming up against the second major resistance level at $1.6979, however, Ripple’s XRP fell back to $1.52 levels.

Finding late support, Ripple’s XRP broke back through the 23.6% FIB of $1.5426 to end the day at $1.59 levels. The first major resistance level at $1.5966 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 0.24% to $1.59621. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.57889 before rising to a high $1.59835.

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

XRPUSD 190521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.5900 pivot to bring the first major resistance level at $1.7067 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 Tuesday’s high $1.70425 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.90 levels. The second major resistance level sits at $1.8209.

Failure to avoid a fall back through the $1.5900 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.4757 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels. The second major support level sits at $1.3590.

Looking at the Technical Indicators

First Major Support Level: $1.4757

Pivot Level: $1.5900

First Major resistance Level: $1.7067

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.

Did you find this article useful?

Advertisement