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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 24th, 2021

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 24th, 2021
Written by publisher team

Ethereum

Ethereum is down 8.58% on Sunday. After dropping 5.65% on Saturday, Ethereum ended the week down 41.44% to $2,099.58.

A mixed start to the day saw Ethereum surge to an early morning intraday high of $2,382.00 before bouncing back in the opposite direction.

After dropping below the first major resistance level at $2,470, Ethereum slipped to an afternoon low at $1,728.00.

Ethereum fell through the first major support level at $2,140 and the second major support level at $1,983.

Finding support at 62% FIB of $1725, Ethereum broke through the first major support levels to end the day at $2,099 levels.

At the time of writing, Ethereum is up 3.01% to $2,162.87. A bullish start to the day saw Ethereum rally from the early morning low of $2100.07 to $2165.96.

Ethereum left key support and resistance levels untested early on.

for the next day

Ethereum will need to avoid the $2,070 pivot to trigger the first major resistance level at $2,412.

Support from the broader market will be needed, though, to break Ethereum back to $2,400 levels.

Barring an extended rally for the cryptocurrency, the first major resistance level and Sunday high are likely to be capped at $2,382.00 for any upside move.

In the event of another broad-based crypto rally, Ethereum could test the 38.2% FIB resistance of $2,740. The second major resistance level is located at $2,724.

A failure to avoid the $2,070 pivot will trigger the first major support level at $1,758 and the 62% FIB of $1,725.

However, barring another extended sell off, Ethereum should move away from the second major support level at $1,416.

Continued decline across 62% FIB of $1,725 ​​would form a downtrend near 12y May swing to $4,384.30.

Looking at technical indicators

First Major Support Level: $1,758

Pivot level: $2,070

First major resistance level: $2,412

23.6% Fib Retracement Level: $3,369

38.2% Fib Retracement Level: $2,740

62% Fib Retracement Level: $1,725

Litecoin

Litecoin is down 15.78% on Sunday. After losing 6.02% on Saturday, Litecoin ended the week down 51.80% to $142.72.

A mixed start to the day saw Litecoin climb to an early morning intraday high at $176.51 before bouncing back in the opposite direction.

While it did not reach the first major resistance at $182, Litecoin broke the 62% Fib level of $174.

However, the reversal saw Litecoin drop to its lowest level in the late afternoon at $117.58.

Litecoin slipped back through 62% FIB and also fell through key support levels for the day.

However, after finding late support, Litecoin broke through the third major support level at $126 to end the day at $142 levels.

At the time of writing, Litecoin is up 2.76% in value to $146.66. A bullish start to the day saw Litecoin rally from its early morning low $142.73 to $147.14.

Litecoin left key support and resistance levels untested early on.

for the next day

Litecoin will need to avoid a pullback across the $146 pivot to bring in the first major resistance at $174 and the 62% FIB of $174.

Support from the broader market will be needed, however, for Litecoin to break out of the $150 levels.

Barring an extended rally for the cryptocurrency, the first major resistance level and 62% FIB is likely to block any uptrend.

In the event of an extended breakout, Litecoin could test the resistance at $190. The second major resistance level is located at $205.

Failure to avoid a pullback through the $146 pivot will trigger the first major support level at $115.

However, barring another extended sell off, Litecoin should move away from levels below $100. The second major support level is at $87.

Continued decline through 62% FIB of $174 would form a downtrend near 10y May’s swing is $413.91.

Looking at technical indicators

1st Major Support Level: $115

Pivot level: $146

First major resistance level: $174

23.6% Fib Retracement Level: $322

38.2% Fib Retracement Level: $265

62% Fib Retracement Level: $174

Ripple XRP

Ripple’s XRP is down 12.48% on Sunday. After a 10.11% reversal on Saturday, XRP ended the week down 45.30% to $0.79310.

A mixed start to the day saw XRP surge to an early morning intraday high of 0.96753 before bouncing back in the opposite direction.

After dropping below the first major resistance level at $1.0075, Ripple’s XRP slipped to an afternoon low of $0.65085.

An extended sell-off saw Ripple’s XRP fall through 62% FIB at $0.8573 and the first major support level at $0.8132.

Ripple’s XRP also fell through the second major support level at $0.7209.

through 2second abbreviation Half of the day, Ripple’s XRP once again moved through the second major support level to end the day at $0.79 levels.

At the time of writing, Ripple’s XRP is up 2.33% to $0.81154. A bullish start to the day saw Ripple XRP rally from the early morning low of $0.79310 to $0.82282.

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

for the next day

Ripple’s XRP will need to avoid a pullback across the $0.8038 pivot to bring the 62% Fib level from $0.8573 and the first major resistance at $0.9568.

Support from the broader market will be needed, however, for Ripple’s XRP to break back into the $0.90 levels.

With the exception of the cryptocurrency’s extended rally, the first major resistance level and Sunday’s high at $0.96753 are likely to cap an upside move.

In the event of an extended rally, Ripple’s XRP could test the resistance at $1.10. The second major resistance level is located at $1.1205.

Failure to avoid a pullback through the $0.8038 pivot will trigger the first major support level at $0.6401.

Barring another extended sell off, Ripple’s XRP should move away from the sub-$0.60 levels. The second major support level is located at $0.4871.

Continued decline across 62% FIB may form near term downtrend from 14y April swing high $1,96598.

Looking at technical indicators

First major support level: $0.6401

Pivot level: $0.8038

First major resistance level: $0.9568

23.6% Fibonacci Retracement Level: $1.5426

38.2% Fib Retracement Level: $1.2807

62% Fibonacci Retracement Level: $0.8573

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Thanks bob

This article was originally published on FX Empire

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