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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 5th, 2021

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 5th, 2021
Written by publisher team

Ethereum

Ethereum shares are down 5.65% on Tuesday. Partially reversing the 16.32% breakout from Monday, Ethereum ended the day at $3240.01.

It was a particularly bearish start to the day. Ethereum has fallen from an early morning high of $3,454.80 to an early morning intraday low of $3,166.12.

Breaking away from the first major support level at $3,105, Ethereum surged to an afternoon high during the afternoon session and the new swing rose to $3,507.98.

Reducing the first major resistance level at $3,611, Ethereum retreated below $3,200 for 2second abbreviation time.

However, after finding late support, Ethereum re-examined the $3,400 levels before reversing into the deep red.

At the time of writing, the price of Ethereum is up 3.86% to $3,365.13. A mixed start to the day saw Ethereum drop to an early morning low of $3,207.00 before climbing to a high of $3,382.65.

Ethereum left key support and resistance levels untested early on.

for the next day

Ethereum will need to avoid a pullback through the $3,314 pivot to trigger the first major resistance level at $3,461.

Support from the broader market will be needed, however, for Ethereum to break through to $3,400 levels.

Barring an extended crypto rally, the first major resistance level for any uptrend is likely to be capped.

In the event of another breakout, Ethereum could test the resistance at $4,000. The second major resistance level is located at $3,682.

Failure to avoid a pullback through the $3,314 pivot will trigger the first major support level to emerge at $3,093.

However, barring an extended sell-off, Ethereum should move away from the sub-$3,000 levels. The second major support level is located at $2,945.

Looking at technical indicators

First Major Support Level: $3,093

Pivot level: $3,314

First major resistance level: $3,461

23.6% Fib Retracement Level: $2,719

38.2% Fib Retracement Level: $2,215

62% Fibonacci Retracement Level: $1,400

Litecoin

Litecoin is up 3.59% on Tuesday. After posting a 9.59% gain on Monday, Litecoin ended the day at $305.50.

A bearish start to the day saw Litecoin drop to an intraday early morning low of $271.70 before making any move.

Litecoin dropped through the first major support level at $276 before rising to an afternoon high at $327.91.

Litecoin has breached the first major resistance at $307 and the second major resistance at $319.

After dropping below the $330 levels, Litecoin retraced below $300 before returning to the $316 levels.

Litecoin broke the first major resistance level at $307 before pulling back.

At the time of writing, Litecoin is up 10.42% to $337.34. A mixed start to the day saw Litecoin drop to an early morning low of $300.98 before climbing to $342.00.

Litecoin broke the first major resistance level at $329 early on.

for the next day

Litecoin will need to avoid a pullback through the first major resistance level at $329 to support a pullback at the second major resistance level at $353.

However, support from the broader market will be needed to get Litecoin out from this morning’s high of $342.00.

Barring an extended crypto rally, a second major resistance level is likely to cap any upside move.

In the event of an extended breakout, Litecoin could test the resistance at $360. The third major resistance level is located at $405.

A failure to avoid a fall through the first major resistance level at $329 will trigger the pivot levels and sub-$300 levels.

Barring an extended sell off, Litecoin should move away from below $290 and the first major support level at $277.

Looking at technical indicators

First Major Support Level: $277

Pivot level: $300

First major resistance level: $329

23.6% Fib Retracement Level: $250

38.2% Fib Retracement Level: $207

62% Fibonacci Retracement Level: $138

Ripple XRP

Ripple’s XRP is down 10.85% on Tuesday. After a 0.59% drop on Monday, XRP finished the day at $1.38884.

A bearish start to the day saw Ripple XRP drop from an early morning intraday high of $1.55784 to a late afternoon low of $1.32500.

Ripple’s XRP is down through the 23.6% FIB of $1.5426, the first major support at $1.4970, and the second major support at $1.4415.

Finding support at the third major support level at $1.3234, Ripple’s XRP re-reviewed the $1.47 levels before slipping back into the deep red zone.

Ripple’s XRP fell once again through the second major support level at $1.4415 to end the day at sub-$1.40 levels.

At the time of writing, XRP is up 4.84% to $1.45609. A mixed start to the day saw XRP drop to an early morning low of $1.36,874 before rising to $1.47,568.

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 $1.4239 pivot to bring the first major resistance level at $1.5228 and the 23.6% FIB of $1.5426.

Support from the broader market will be needed, however, for Ripple’s XRP to break back into the $1.50 levels.

Except for an extended crypto rally, the first major resistance level and 23.6% FIB are likely to cap any upside move.

In the event of another extended rally, Ripple’s XRP could test the resistance at $1.70. The second major resistance level is located at $1.6567.

Failure to avoid a pullback through the $1.4239 pivot will trigger the first major support level at $1.2899 and the 38.2% Fib of $1.2807.

However, barring another extended sell off, Ripple’s XRP should move away from sub $1.20 levels. The second major support level is located at $1.1911.

Looking at technical indicators

First Major Support Level: $1.2899

Pivot level: $1.4239

First major resistance level: $1.5228

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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