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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 27th, 2021

Ethereum

Ethereum rose by 6.72% on Wednesday. Following a 2.20% gain on Tuesday, Ethereum ended the day at $2,889.84.

A bearish start to the day saw Ethereum fall to an early morning intraday low $2,647.21 before making a move.

Steering clear of the first major support level at $2,471, Ethereum rose to a late morning intraday high $2,913.68.

Ethereum broke through the 38.2% FIB of $2,740 and the first major resistance level at $2,856.

An early afternoon pullback saw Ethereum fall back through the first major resistance level and the 38.2% FIB to sub-$2,700 levels.

Finding late support, however, Ethereum moved back through to $2,800 levels to deliver the upside on the day.

Ethereum broke back through the 38.2% FIB of $2,740 and the first major resistance level at $2,856 in the late rebound.

At the time of writing, Ethereum was down by 1.05% to $2,859.55. A mixed start to the day saw Ethereum rise to an early morning high $2,893.96 before falling to a low $2,856.66.

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

ETHUSD 270521 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,817 pivot to bring the first major resistance level at $2,987 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,900 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3,000 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369. The second major resistance level sits at $3,083.

Failure to avoid the $2,817 pivot would bring the first major support level at $2,720 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,600 levels. The second major support level sits at $2,550.

A sustained fall through the 62% FIB of $1,725 would form a near-term bearish trend from 12th May’s swing hi $4,384.30.

Looking at the Technical Indicators

First Major Support Level: $2,720

Pivot Level: $2,817

First Major Resistance Level: $2,987

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 8.28% on Wednesday. Reversing a 0.75% loss from Tuesday, Litecoin ended the day at $199.18.

A mixed start to the day saw Litecoin fall to an early morning intraday low $179.39 before finding support.

Steering clear of the 62% FIB of $174 and the first major support level at $169, Litecoin rose to a late morning intraday high $204.48.

Litecoin broke through the first major resistance level at $197 to test resistance at $200 before easing back.

The pullback saw Litecoin fall back through the first major resistance level to sub-$195 levels.

Finding late support, however, Litecoin broke back through the first major resistance level to end the day at $199 levels.

At the time of writing, Litecoin was up by 1.43% to $202.02. A mixed start to the day saw Litecoin fall to an early morning low $198.19 before rising to a high $202.70.

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

LTCUSD 270521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $194 pivot to bring the first major resistance level at $209 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $204.48.

Barring an extended crypto rally, the first major resistance level and resistance at $210 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $230. The second major resistance level sits at $219.

Failure to avoid a fall through the $194 pivot would bring the first major support level at $184 into play.

Barring an extended sell-off, however, Litecoin should steer clear of the 62% FIB of $174. The second major support level sits at $169.

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: $184

Pivot Level: $194

First Major Resistance Level: $209

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 5.83% on Wednesday. Reversing a 1.60% decline from Tuesday, Ripple’s XRP ended the day at $1.03307.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.94910 before making a move.

Steering clear of the first major support level at $0.8863, Ripple’s XRP rose to a mid-morning intraday high $1.06941.

Coming up against the first major resistance level at $1.0633, Ripple’s XRP fell back to sub-$0.97 levels and into the red.

A late move back through to $1.03 levels delivered the upside on the day, however.

At the time of writing, Ripple’s XRP was up by 0.73% to $1.04061. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.02978 before rising to a high $1.04070.

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

XRPUSD 270521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $1.0172 pivot to bring the first major resistance level at $1.0853 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.06941.

Barring an extended crypto rally, the first major resistance level and resistance at $1.10 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.20. The second major resistance level sits at $1.1375.

Failure to avoid a fall through the $1.0172 pivot would bring the first major support level at $0.9650 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level sits at $0.8969.

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

Looking at the Technical Indicators

First Major Support Level: $0.0.9650

Pivot Level: $1.0172

First Major resistance Level: $1.0853

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