Ethereum, Litecoin & Ripple’s XRP Daily Technical Analysis - 26th May 2021

It’s been a mixed start to the day for the majors. Failure to move through the day’s pivot levels would leave support levels at play.

Last Updated July 23rd 2021
5 Min Read

Ethereum

Ethereum had a relatively bullish start to the day on Tuesday. It was a continuation of the bullish momentum that started on Monday. In the day, it hit a high of $2768 before retracing.

In the day, bulls lacked the momentum to push Ethereum past the $2862 key resistance. However, they were able to push, and sustain it above $2740, a key resistance level on the 38.2% Fibonacci retracement for the better part of the morning.

However, it fell back to the 38.2% level at midday when it tested a low of $2383.89. 

Nonetheless, it was able to hold above the significant $2256 support. This energized bulls, who shot it back to $2700 towards the end of the day.

This momentum was carried over today. Ethereum rallied in early morning trading to test $2720, a key resistance level on the 38.2% Fibonacci retracement.

ETH/USD 1h Chart

Outlook for the day ahead

Ethereum needs to break through the $2911.27 pivot for there to be chances of it testing the $2932.48 resistance.

If bulls sustain the momentum that started earlier in the day, Ethereum could test $2932.48 resistance on the 50% Fibonacci retracement level in afternoon trading.

However, market-wide momentum is needed for Ethereum to break past this resistance. If bulls push Ethereum through it, it could indicate a potential rally in the day.

If bulls fail to break past $2927.22, and nothing significant happens in the market, Ethereum could oscillate between $2927.22 resistance and the 38.2% support level at $2656.75.

If bulls lose steam and a retracement causes Ethereum to breach the $2656.75 support level, there could be a possibility of an intra-day reversal.

In such a scenario, Ethereum could find support at $2364.66. This is a significant support level for Ethereum on the 100-day moving average. Such a major correction can be triggered by a reversal in the entire crypto market.

However, if the entire market remains stable in the day, Ethereum is likely to trade between $2648.98 support and $2927.22 resistance all day.

A glance at the technicals

First significant support level: $2656.75

Pivot level: $2911.27

First significant resistance level:

50% Fibonacci retracement level: $2932.48

61.8% Fibonacci retracement level: 3208.21

Litecoin

Litecoin retraced slightly at end of the day, Tuesday, to $184.09.  It closed 0.75% lower after gains of 29.89% on Monday.

All through the day, Litecoin recorded mixed signals and was pretty much directionless.  It rallied in the morning to highs of $194.89 and then retraced in the latter part of the day.

The retracement came after Litecoin failed to break through key resistance at $205.  This saw it drop to a low of $167.41 in the afternoon hours.

However, the correction was not strong, and Litecoin managed to gain some ground above the 62% Fibonacci retracement level at $174.

It had briefly broken the $174 support, but after regaining some upside momentum, it managed to push higher and close the day at around $184.

The same trend was evident today at the start of the day. Litecoin started the day relatively directionless. It gained a little to $185 before dropping to a low of $183. 65.

However, in early morning trading, Litecoin did not test any key levels.

LTC/USD 1h Chart

Outlook for the day ahead

Litecoin needs to push through the $209.83 pivot to increase the chances of testing the $221.69 key resistance level.

In the day, Litecoin is trending upwards with key resistance on the 38.2% Fibonacci at $193.98.  Unless there is a market-wide sell-off, Litecoin could trade in this level for the day.

If it sustains momentum, it could test key resistance on the 50% Fibonacci at $221.69. However, there would need to be a significant market rally for Litecoin to push past this resistance.

In the event that overall market sentiment turns negative, Litecoin could fail to push past key resistance at $193.98 on the 38.2% Fibonacci level. This could trigger a selloff in the day.

In such a scenario, Litecoin still has significant support at the 168.98 to the $167.61 price level. This price range has both the 100-day moving average and the 23.6% Fibonacci respectively as key support.

If the market remains as it is, and there isn’t any pressure from the overall market, Litecoin could hold above the $193.98 support in the day.

A glance at the technicals

First major support level: $167.61

Pivot level: $209.83

First significant resistance level:

50% Fibonacci retracement level: $221.69

XRP/USD 1h Chart

Ripple’s XRP

XRP started Tuesday with a slight correction of 1.60% from Monday’s gains of 25.42%.  By the end of the day, it was trading at $0.97696.

Ripple XRP was relatively bullish in the early morning hours. Upside momentum saw XRP test a high of $1.05906 before retracing.

Ripple’s XRP retracement followed its failure to test key resistance at $1.0768 despite the early morning rally.  This saw it hit a low of $0.882, which was also the day’s low.

For the rest of the day, Ripple’s XRP traded above the $0.8343 support but with little upside activity. It only tested a high of $0.98 briefly before pulling back. 

At the moment, XRP has retested the $1 mark. It is up by 6.39% to trade at $1.04. It is coming close to testing the $1.07 resistance in mid-morning trading.

Outlook for the day ahead

Ripple’s XRP needs to break past the $1.0681 pivot for bulls to test the $1.1682 resistance level.

XRP is consolidating around the 38.2% resistance at $1.0448. If it pushes past this level, the following key resistance would be $1.1682 on the 50% Fibonacci retracement level.  A break past this resistance would indicate a new short term uptrend that could transcend intra-day trading.

For Ripple’s XRP to break past the $1.0448 resistance, it needs momentum from the broader crypto market. That’s because, besides the 38.2% Fibonacci offering key resistance at this level, there is also resistance from the 200-day moving average.

Without momentum from the broader market, Ripple’s XRP will likely oscillate between $1.0448 and $0.956 intra-day.

However, if overall market momentum drops and sentiment turns negative, Ripple’s XRP could test the highly significant $0.8935 support level on the 23.6% Fibonacci. This is quite a considerable support level as it is also a level where the 50-day moving average also offers key support for XRP.

A selloff past this price level could mark a confirmation of strong intra-day bearish momentum.

A glance at the technicals

First major support level: $0.8935

Pivot level: 1.0681

First significant resistance level:

50% Fibonacci retracement level: $1.1659

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