Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 31st, 2021

Bob Mason
5 min read
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Ethereum

Ethereum rose by 4.69% on Sunday. Reversing a 5.49% loss from Saturday, Ethereum ended the week up by 13.72% to $2,387.66.

A bearish start to the day saw Ethereum fall to an early morning intraday low $2,182.2 before making a move.

Steering clear of the first major support level at $2,134, Ethereum rallied to a late morning intraday high $2,480.69.

Falling short of the first major resistance level at $2,501, Ethereum eased back to sub-$2,400 levels.

At the time of writing, Ethereum was down by 0.38% to $2,378.50. A bearish start to the day saw Ethereum fall from an early morning high $2,387.76 to a low $2,366.68.

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

For the day ahead

Ethereum would need to avoid the $2,350 pivot to bring the first major resistance level at $2,518 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $2,480.69 levels.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740. The second major resistance level sits at $2,649.

A fall through the $2,350 pivot would bring the first major support level at $2,220 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,052 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,220

Pivot Level: $2,350

First Major Resistance Level: $2,518

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 4.00% on Sunday. Partially reversing a 7.53% slide from Saturday, Litecoin ended the week up by 19.62% to $170.72.

A bearish start to the day saw Litecoin slide to an early morning intraday low $155.28 before making a move.

Steering clear of the first major support level at $151.64, Litecoin rallied to a mid-day intraday high $181.20.

While falling short of the first major resistance level at $183, Litecoin broke back through the 62% FIB of $174.

A bearish 2nd half of the day, however, saw Litecoin fall back through the 62% FIB to end the day at sub-$171 levels.

At the time of writing, Litecoin was up by 0.42% to $171.44. A mixed start to the day saw Litecoin fall to an early morning low $168.57 before rising to a high $171.62.

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 $169 pivot to bring the 62% FIB of $174 and the first major resistance level at $183 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $181.20 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $200. The second major resistance level sits at $195.

A fall back through the $169 pivot would bring the first major support level at $157 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$150. The second major support level sits at $143.

A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $157

Pivot Level: $169

First Major Resistance Level: $183

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 9.01% on Sunday. Reversing a 7.48% slide from Saturday, Ripple’s XRP ended the week up by 14.14% to $0.90521.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.79936 before making a move.

Steering clear of the first major support level at $0.7707, Ripple’s XRP rallied to a late afternoon intraday high $0.93292.

Ripple’s XRP broke through the 62% FIB of $0.8573 and the first major resistance level at $0.9167.

A bearish end to the day, however, saw Ripple’s XRP ease back to end the day at sub-$0.91 levels.

At the time of writing, Ripple’s XRP was up by 2.07% to $0.92392. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.89890 before rising to a high $0.92756.

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 $0.8792 pivot to bring the first major resistance level at $0.9590 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.93292.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $1.10. The second major resistance level sits at $1.0127.

A fall through the $0.8792 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8254 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level sits at $0.7456.

A sustained fall through the 62% FIB of $0.8573 would form a near-term bearish trend from 14th April’s swing hi $1.96598.

Looking at the Technical Indicators

First Major Support Level: $0.8254

Pivot Level: $0.8792

First Major resistance Level: $0.9590

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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