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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 20th, 2021

By:
Bob Mason
Updated: May 20, 2021, 00:56 UTC

It's a bullish start to the day after Wednesday's crypto meltdown. A move through the day's pivot levels would support the beginnings of a recovery.

Silver and golden coins with bitcoin, ripple and ethereum symbol

Ethereum

Ethereum tumbled by 27.63% on Wednesday. Reversing a 2.82% gain from Tuesday, Ethereum ended the day at $2,443.91.

A mixed start to the day saw Ethereum rise to an early morning intraday high $3,444.96 before hitting reverse.

Falling short of the first major resistance level at $3,549, Ethereum tumbled to an early afternoon intraday low $1,900.00.

Ethereum fell through the day’s major support levels.

More significantly, Ethereum also fell through the 23.6% FIB of $3,369 and the 38.2% FIB of $2,740.

Steering clear of the 62% FIB of $1,725, however, Ethereum revisited $2,900 levels before ending the day at sub-$2,500 levels.

The 38.2% FIB and the third major support at $2,742 pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 2.03% to $2,493.55. A mixed start to the day saw Ethereum fall to an early morning low $2,442.68 before rising to a high $2,531.95.

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

ETHUSD 200521 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,596 pivot and the 38.2% FIB of $2,740 to bring the first major resistance level at $3,293 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,000 levels.

Barring an extended crypto rally, the first major resistance level at $3,293 would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $3,500. The second major resistance level sits at $4,141.

Failure to move through the $2,596 pivot would bring the first major support level at $1,748 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,051. The 62% FIB of $1,725 should limit the downside.

A sustained fall through the 62% FIB would form a near-term bearish trend from 12th May’s swing hi $4,384.30.

Looking at the Technical Indicators

First Major Support Level: $1,748

Pivot Level: $2,596

First Major Resistance Level: $3,293

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slumped by 36.54% on Wednesday. Reversing a 4.49% gain from Tuesday, Litecoin ended the day at $186.65.

A mixed start to the day saw Litecoin rise to an early morning intraday high $300.49 before hitting reverse.

Falling short of the first major resistance level at $315, Litecoin tumbled to an early afternoon intraday low $146.19.

Litecoin fell through the day’s major support levels. More significantly, Litecoin also fell through the 38.2% FIB of $265 and the 62% FIB of 174.

Finding afternoon support, however, Litecoin broke back through the 62% FIB and the third major support level at $220 before falling back.

At the time of writing, Litecoin was up by 2.60% to $191.51. A bullish start to the day saw Litecoin rise from an early morning low $186.55 to a high $192.59.

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

LTCUSD 200521 Hourly Chart

For the day ahead

Litecoin would need to move through the $211 pivot to bring the 38.2% FIB of $265 and the first major resistance level at $276 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $250 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 $300. The second major resistance level sits at $365.

Failure to move through the $211 pivot would bring the 62% FIB of $174 and the first major support level at $122 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $56.81.

A sustained fall through the 62% FIB would form a near-term bearish trend from 10th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $122

Pivot Level: $211

First Major Resistance Level: $276

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP slumped by 33.23% on Wednesday. Reversing a 6.46% gain from Tuesday, Ripple’s XRP ended the day $1.06226.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.64397 before hitting reverse.

Falling short of the first major resistance level at $1.7067, Ripple’s XRP slumped to an early afternoon intraday low $1.05989.

The extended sell-off saw Ripple’s XRP fall through the day’s major support levels.

Significantly, Ripple’s XRP also fell through the 23.6% FIB of $1.5426 and the 38.2% FIB of $1.2807.

Steering clear of the 62% FIB of $0.8573, however, Ripple’s XRP found support to revisit $1.28 levels before sliding back.

The 38.2% FIB had pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 0.38% to $1.06626. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.09524 before falling to a low $1.05989

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

XRPUSD 200521 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $1.2554 pivot and the 38.2% FIB of $1.2807 to bring the first major resistance level at $1.4509 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.40 levels.

Barring an extended crypto rally, the 38.2% FIB would likely leave Ripple’s XRP short of the first major resistance level.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.50 levels. The second major resistance level sits at $1.8395.

Failure to move through the $1.2554 pivot would bring the first major support level at $0.8668 and the 62% FIB of $0.8573 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels.

A sustained fall through the 62% FIB would form a near-term bearish trend from 14th April’s swing hi $1.96598.

Looking at the Technical Indicators

First Major Support Level: $0.8668

Pivot Level: $1.2554

First Major resistance Level: $1.4509

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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