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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 8th, 2021

Ethereum

Ethereum fell by 0.22% on Friday. Following a 1.05% decline on Thursday, Ethereum ended the day at $3,484.7.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $3,361.42.

Ethereum fell through the first major support level at $3,379 before rallying to a late afternoon intraday high $3,595.07.

Falling short of the first major resistance level at $3,609, Ethereum fell back to sub-$3,430 levels before finding support.

A late move back through to $3,480 levels limited the downside on the day.

At the time of writing, Ethereum was up by 0.34% to $3,496.55. A mixed start to the day saw Ethereum rise to an early morning high $3,498.99 before falling to a low $3,455.00.

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

ETHUSD 080521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the $3,480 pivot to bring the first major resistance level at $3,599 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,590.00 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $3,595.07 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $3,800 levels. The second major resistance level sits at $3,714.

Failure to avoid a fall back through the $3,480 pivot would bring the first major support level at $3,366 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,300 levels. The second major support level sits at $3,247.

Looking at the Technical Indicators

First Major Support Level: $3,366

Pivot Level: $3,480

First Major Resistance Level: $3,599

23.6% FIB Retracement Level: $2,778

38.2% FIB Retracement Level: $2,262

62% FIB Retracement Level: $1,429

Litecoin

Litecoin fell by 2.61% on Friday. Following on from a 0.58% loss on Thursday, Litecoin ended the day at $345.25.

A bullish start to the day saw Litecoin rally to a mid-morning intraday high and a new swing hi $372.88 before hitting reverse.

Coming up against the first major resistance level at $373, Litecoin slid to a late intraday low $333.55.

Steering clear of the first major support level at $329, Litecoin revisited $348 levels before easing back.

At the time of writing, Litecoin was up by 1.91% to $351.83. A mixed start to the day saw Litecoin fall to an early morning low $342.72 before rising to a high $352.50.

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

LTCUSD 080521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $351 pivot to support a run at the first major resistance level at $368.

Support from the broader market would be needed, however, for Litecoin to break out from $365 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s new swing hi $372.88 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $400. The second major resistance level sits at $390.

Failure to avoid a fall back through the $351 pivot would bring the first major support level at $328 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$310. The Second major support level at $311 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $328

Pivot Level: $351

First Major Resistance Level: $368

23.6% FIB Retracement Level: $291

38.2% FIB Retracement Level: $240

62% FIB Retracement Level: $158

Ripple’s XRP

Ripple’s XRP fell by 1.44% on Friday. Following on from a 0.68% loss on Thursday, Ripple’s XRP ended the day at $1.58105.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $1.50786.

The reversal saw Ripple’s XRP fall through the 23.6% FIB of $1.5426 before making a move.

Finding support at the first major support level at $1.5079, Ripple’s XRP rallied to a mid-day intraday high $1.69467.

Falling short of the first major resistance level at $1.7326, Ripple’s XRP fell back through the 23.6% FIB of $1.5426.

Finding late support, however, Ripple’s XRP closed out the day at $1.58 levels.

At the time of writing, Ripple’s XRP was up by 0.02% to $1.58136. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.59005 before falling to a low $1.56369.

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

XRPUSD 080521 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $1.5945 pivot to bring the first major resistance level at $1.6812 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.65 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $1.70 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.80 levels. The second major resistance level sits at $1.7813.

Failure to move through the $1.5945 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.4944 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.4077.

Looking at the Technical Indicators

First Major Support Level: $1.4944

Pivot Level: $1.5945

First Major resistance Level: $1.6812

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