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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 18th, 2021

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·5 min read
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Ethereum

Ethereum slid by 8.41% on Monday. Following a 1.71% decline on Sunday, Ethereum ended the day at $3,283.32.

A mixed start to the day saw Ethereum rise to an early morning intraday high $3,590.00 before hitting reverse.

Falling short of the first major resistance level at $3,861, Ethereum slid to a late afternoon intraday low $3,108.00.

The sell-off saw Ethereum fall through the 23.6% FIB of $3,369 and the first major support level at $3,327.

Finding late morning support, Ethereum briefly revisited $3,400 levels before falling back to sub-$3,300 levels.

At the time of writing, Ethereum was down by 0.84% to $3,255.74. A mixed start to the day saw Ethereum rise to an early morning high $3,304.18 before falling to a low $3,241.06.

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

For the day ahead

Ethereum would need to move through the $3,327 pivot and the 23.6% FIB of $3,369 to bring the first major resistance level at $3,546 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 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $3,809.

Failure to move through the $3,327 pivot and the 23.6% FIB of $3,369 would bring the first major support level at $3,064 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $2,845.

Looking at the Technical Indicators

First Major Support Level: $3,064

Pivot Level: $3,327

First Major Resistance Level: $3,546

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 4.94% on Sunday. Following a 1.33% loss on Sunday, Litecoin ended the day at $281.60.

A mixed start to the day saw Litecoin rise to an early morning intraday high $296.76 before hitting reverse.

Falling short of the first major resistance level both at $320, Litecoin slid to a late afternoon intraday low $261.58.

The extended sell-off saw Litecoin fall through the first major support level at $276 and the 38.2% FIB of $265.

Finding late morning support, however, Litecoin broke back through the first major support level and 38.2% FIB to revisit $294 levels before easing back.

At the time of writing, Litecoin was up by 0.28S% to $282.38. A mixed start to the day saw Litecoin rise to an early morning high $282.92 before falling to a low $278.49.

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

For the day ahead

Litecoin would need to avoid a fall back through the $280 pivot to bring the first major resistance level at $298 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $295 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $300 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at the 23.6% FIB of $322. The second major resistance level sits at $315.

Failure to avoid the $280 pivot would bring the 38.2% FIB of $265 and the first major support level at $263 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$250. The Second major support level sits at $245.

Looking at the Technical Indicators

First Major Support Level: $263

Pivot Level: $280

First Major Resistance Level: $298

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 3.12% on Monday. Reversing a 2.69% decline from Sunday, Ripple’s XRP ended the day at $1.49543.

A mixed start to the day saw Ripple’s XRP slide to an early morning intraday low $1.32700 before making a move.

Steering clear of the first major support level at $1.3237, Ripple’s XRP rallied to a mid-day intraday high $1.56303.

Ripple’s XRP broke through the 23.6% FIB of $1.5426.

Falling short of the first major resistance level at $1.5948, however, Ripple’s XRP fell back into the red before finding late support.

Ripple’s XRP moved back through to $1.54 levels before easing back to sub-$1.50 levels. The 23.6% FIB of $1.5426 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.98% to $1.48074. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.49705 before falling to a low $1.47331.

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

For the day ahead

Ripple’s XRP will need to avoid the $1.4618 pivot to bring the 23.6% FIB of $1.5426 and the first major resistance level at $1.5966 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB.

Barring an extended crypto rally, the first major resistance level and resistance at $1.60 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.70 levels. The second major resistance level sits at $1.6979.

Failure to avoid the $1.4618 pivot would bring the first major support level at $1.3606 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.2258. The 38.2% FIB of $1.2807 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.3606

Pivot Level: $1.4618

First Major resistance Level: $1.5966

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

This article was originally posted on FX Empire

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