Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 1st, 2021

 Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 1st, 2021


Ethereum

Ethereum rose by 0.64% on Friday. Following a 0.27% gain from Thursday, Ethereum ended the month up by 44.61% to $2,776.45.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,727.00 before making a move.

Steering clear of the first major support level at $2,687, Ethereum rallied to a late morning intraday high $2,800.00.

Falling short of the first major resistance level at $2,815, Ethereum fell back to sub-$2,730 levels before finding support.

Thursday’s new swing hi $2,800.00 pinned Ethereum back on the day.

At the time of writing, Ethereum was up by 0.15% to $2,780.54. A mixed start to the day saw Ethereum fall to an early morning low $2,766.67 before rising to a high $2,781.39.

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

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $2,768 to support a run at the first major resistance level at $2,809.

Support from the broader market would be needed, however, for Ethereum to break out from the new swing hi $2,800.

Barring an extended crypto rally, the first major resistance level and Friday’s high $2,800 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $2,900. The second major resistance level sits at $2,841.

Failure to avoid a fall through the $2,768 pivot would bring the first major support level at $2,736 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,700 levels. The second major support level sits at $2,695.

Looking at the Technical Indicators

First Major Support Level: $2,736

Pivot Level: $2,768

First Major Resistance Level: $2,809

23.6% FIB Retracement Level: $2,158

38.2% FIB Retracement Level: $1,761

62% FIB Retracement Level: $1,119

Litecoin

Litecoin rose by 6.30% on Friday. Reversing a 1.27% decline from Thursday, Litecoin ended the month up by 37.93% to $271.59.

A mixed start to the day saw Litecoin fall to an early morning intraday low $252.74 before making a move.

Steering clear of the first major support level at $249, Litecoin rose to a late intraday high $273.87.

Litecoin broke through the 23.6% FIB of $262, the first major resistance level at $263, and the second major resistance level at $270.

Falling short of the third major resistance level at $284, Litecoin eased back to end the day at sub-$272 levels.

At the time of writing, Litecoin was up by 0.30% to $272.40. A mixed start to the day saw Litecoin fall to an early morning low $270.65 before rising to a high $273.00.

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

For the day ahead

Litecoin would need to avoid the $266 pivot level to support a run at the first major resistance level at $279.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $273.87.

Barring an extended crypto rally, the first major resistance level and resistance at $280 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $300. The second major resistance level sits at $287.

Failure to avoid a fall through the $266 pivot level would bring the 23.6% FIB of $262 and the first majors support level at $258 into play.

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

Looking at the Technical Indicators

First Major Support Level: $258

Pivot Level: $266

First Major Resistance Level: $279

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP jumped by 14.39% on Friday. Reversing a 2.90% loss from Thursday, Ripple’s XRP ended the month up by 180.63% to $1.60042.

After a mixed start to the day, Ripple’s XRP fall to an early morning intraday low $1.37663 before making a move.

Steering clear of the first major support level at $1.3463, Ripple’s XRP rallied to a mid-day intraday high $1.63938.

Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $1.5426 to end the day at $1.60 levels.

At the time of writing, Ripple’s XRP was up by 1.19% to $1.61946. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.59607 before rising to a high $1.62787.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the 23.6% FIB of $1.5426 and the $1.5388 pivot level to bring the first major resistance level at $1.7010 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $1.63938.

Barring an extended crypto rally, the first major resistance level at $1.7010 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test the second major resistance level at $1.8016.

Failure to avoid a fall through the 23.6% FIB and the $1.5388 pivot would bring the first major support level at $1.4382 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels and the 38.2% FIB of $1.2807. The second major support level sits at $1.2761.

Looking at the Technical Indicators

First Major Support Level: $1.4382

Pivot Level: $1.5388

First Major resistance Level: $1.7010

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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