Cryptocurrency Technical Analysis of May 3, 2021

Cryptocurrencies: Ethereum

Ethereum rose + 0.11% on Sunday after a + 6.20% rally on Saturday to end the week up + 27.13% to $ 2,952.09.

A mixed start to the day saw Ethereum drop to a morning intraday low of $ 2855.29 before making a bullish first move.

After avoiding the main support level of $ 2819, Ethereum rallied to an intraday high of $ 2986 at the end of the day. Failing to reach the main resistance level at $ 3017, Ethereum fell back to close yesterday at $ 2950.

At the time of writing, Ethereum was up + 3.60% to $ 3,058.50. A bullish start to the day saw Ethereum rise from a morning low $ 2,952.08 to a new high of $ 3,060.91.

Ethereum broke through the main resistance level at $ 3007 at the start of today’s session.

For today

Ethereum should avoid a fall above the main resistance level at $ 3007 to be able to support another run to the second level of $ 3062.

However, the support of a larger market would be needed to allow Ethereum to exceed the high of $ 3060 this morning.

If the hypothesis of an extended rally is excluded, the second major resistance level would limit any rally. In the event of a breach, however, Ethereum could aim to test the resistance at $ 3100. The third major resistance level is at $ 3193.

Conversely, failure to avoid a breakout above the main resistance level would bring the pivot at $ 2931 and the second main support level at $ 2876 into play.

Net of an extended sell off, Ethereum should still be able to avoid levels below $ 2,800. The second major support level at $ 2800 should limit the downside.

A look at the technical indicators

First major support level: $ 2,876

Pivot level: $ 2,931

First major resistance level: $ 3.007

23.6% FIB Retracement Level: $ 2,300

38.2% FIB Retracement Level: $ 1.876

62% FIB Retracement Level: $ 1,191

Cryptocurrencies: Litecoin

Litecoin fell -2.86% on Sunday, partially reversing the + 1.99% gain on Saturday, ending the week up + 20.04% to $ 269.10.

A mixed start to the day saw Litecoin rise to a morning intraday high of $ 277.64 yesterday before reversing.

Having failed to hit the main resistance level at $ 282, Litecoin slid to a morning intraday low $ 265. The cryptocurrency then broke through the main support level at $ 269 before finding support.

After avoiding the 23.6% FIB of $ 262, Litecoin broke through the main support level to revisit the $ 272 levels before retreating again.

At the time of writing, Litecoin was up 1.67% to $ 273.59. A bullish start to the day saw Litecoin rise from a morning low $ 268.64 to a high $ 274.77.

Litecoin left major support and resistance levels untested at the start of the session.

For today

Litecoin should be able to avoid a downside above the $ 271 pivot to be able to sustain a run at the main resistance level of $ 276.

However, Litecoin would require support from a broader market to exceed $ 275.

If you rule out an extended rally, the main resistance level and the next at $ 280 could limit the upside. In the event of a rally, Litecoin may instead test the resistance at $ 290 after breaking out of the second resistance level at $ 283.

In contrast, however, the inability to avoid a drop beyond the pivot of $ 271 would bring the support at $ 264 and the FIB of 23.6% at $ 262 into play.

Net of another extended sell-off, Litecoin should still be able to avoid levels below $ 260. The second major support level is at $ 258.

A look at the technical indicators

First major support level: $ 264

Pivot level: $ 271

First major resistance level: $ 276

23.6% FIB Retracement Level: $ 250

38.2% FIB Retracement Level: $ 207

62% FIB Retracement Level: $ 138

Cryptocurrencies: Ripple XRP

Ripple slid -5.72% on Sunday, reversing a + 3.31% gain from Saturday and ending the week up + 51.33% at $ 1.56244. A bearish start to the day saw Ripple fall from a morning intraday high $ 1.65732 to an intraday low $ 1.52578.

Ripple then broke through the main support level at $ 1.5645 and the 23.6% FIB at $ 1.5426 before finding sufficient support.

After avoiding support levels below $ 1.50, Ripple revisited $ 1.60 levels before retreating.

In doing so, Ripple again fell above the first support level to end the day at $ 1.562.

At the time of writing, Ripple was back up + 2.77% to $ 1.60576. A mixed start to the day saw Ripple drop to a morning low of $ 1.5550 before rising to a high of $ 1.62204.

Ripple left major support and resistance levels untested at the start of today’s session.

For today

Ripple will need to avoid a downside above the $ 1.5818 pivot to be able to bring the major resistance level at $ 1.6379 into play.

However, support from a broader market would be needed for Ripple to break out of this morning’s high of $ 1.62204.

Adjusted for an extended rally in the cryptocurrency, the main resistance level and Sunday’s high $ 1.65732 would limit the upside.

In the event of a sustained rally, however, Ripple could test the second resistance level at $ 1.7134.

Failure to avoid a downside above the pivot of $ 1.5818 would bring into play the 23.6% FIB at $ 1.5426 and the main support level at $ 1.5064.

Net of an extended sell-off, Ripple would still be able to avoid price levels below $ 1.50. The second major support is found at $ 1.4503.

A look at the technical indicators

First major support level: $ 1,5064

Pivot Level: $ 1.5818

First major resistance level: $ 1.6379

23.6% FIB Retracement Level: $ 1.5426

38.2% FIB Retracement Level: $ 1.2807

62% FIB Retracement Level: $ 0.8573

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