Ethereum, Litecoin & Ripple’s XRP Technical Analysis – 28th May

It’s a bearish day for crypto: Failure to push through pivots leaves critical support levels at risk of breaking.

5 Min Read
Last Updated July 23rd 2021

Ethereum

Ethereum ended Thursday lower by 4.98%. This saw it erase some of the gains that it had made in Wednesday’s trading session.

Ethereum started Thursday’s trading session on a high note after bears failed to drive it lower on Wednesday evening. This saw it gain momentum to push through the 50% Fibonacci resistance at $2659.8.

Breaking through this key resistance saw Ethereum rally in the early morning. This rally saw it test its second key resistance level at $2872.7 on the 61.8% Fibonacci.

However, without support from the broader market, Ethereum failed to hold above the 61.8% Fibonacci resistance.  This saw it enter a corrective mode for the better part of the afternoon.

The downside momentum was short-lived, though, as bears failed to retest the 50% Fibonacci, which was now an intra-day support level. This saw bulls retake control for the better part of the evening until the end of the day.

Ethereum is currently trading at $2544.19 and is down by 6.69%. After bulls failed to decisively push it through the 61.8% Fibonacci resistance on Thursday evening, Ethereum started trading bearish Friday.

It tested the 50% Fibonacci, which is now an intra-day support level, and bounced off it.

ETH/USD 1h Chart

A glance at the day ahead

For Ethereum to push through the $2894.9 pivot level, it would need to decisively push through the 61.8% Fibonacci resistance level. This would pave the way for it to possibly test $3267.6, which is the next key resistance level in the short term.

Without any major upside momentum in the broader market, the 61.8% Fibonacci at $2872.7 would limit any further upside for Ethereum in the day.

If the broader market remains indecisive in the day, Ethereum could oscillate between resistance at $2827.2 and support on the 38.2% Fibonacci at $2446.8.

However, if market-wide momentum turns negative, there would be a good chance of Ethereum pushing through the 38.2% support level.

This would also create room for the possibility of Ethereum testing the 23.6% Fibonacci retracement support level at $2185.1. It would signal to the start of a bearish correction that could last through the weekend. 

A review of the technicals

Key support: $2446.80

Pivot: $2894.9

Key resistance levels

First resistance: 50% Fibonacci retracement level at $2659.8

Second resistance: 61.2% Fibonacci retracement level $2872.7

Litecoin

Litecoin dropped by 2.4% in Thursday’s trading session. This saw it eat slightly into the gains that it had made in Wednesday’s trading session.

After bears couldn’t push Litecoin through the 23.6% Fibonacci support at $165.96 on Wednesday night, bulls took charge.

This saw Litecoin rally for the better part of Thursday morning. The rally also saw Litecoin push through key resistance at $195.11 on the 38.25% Fibonacci resistance level.

However, there was little momentum from the broader market. This saw Litecoin drop slightly and traded below $195.11 for a few hours in the afternoon.

Upside momentum was still strong, driven by Litecoin’s earlier push through the 38.2% Fibonacci resistance. This Momentum saw Litecoin gain a little and trade in a range around this resistance all through the evening.

Litecoin is currently trading at $179.27 and is down by 5.24%. After bulls failed to push Litecoin through the 38.2% Fibonacci resistance, the price started trending lower in early Friday trading.

However, there was still some bullish momentum left, and bulls shortly pushed Litecoin again through the 38.2% fib resistance. The price has been oscillating around this price level for the better part of the morning.

LTC/USD 1h Chart

A glance at the day ahead

Litecoin needs to strongly push through the $206.59 pivot for there to be a decisive uptrend.  This could see it possibly test the 50.0% Fibonacci and possibly enter a short-term bull run.

Without any support from the broader market, Litecoin is likely to oscillate between the 38.2% resistance level at $195.11, and key support on the 23.65% Fibonacci at $165.96.

If the broader market turns bullish, Litecoin could push through the 38.2% resistance and possibly test a high of $206.59 in the day.

However, if the broader market turns sharply bearish, Litecoin could break through key support at $165.96 on the 23.6% Fibonacci. It would put Litecoin on course to a bearish day and possibly through the weekend.

A review of the technicals

Key support: $165.96

Pivot: $206.59

Key resistance levels

First resistance: 38.2% Fibonacci retracement level at $195.11

Second resistance: 50.0% Fibonacci retracement level at $218.95

Ripple’s XRP

Ripple’s XRP traded lower by 5.79% in Thursday’s trading session. This saw it eat into some of the gains it had made in Wednesday’s trading session. By the close of Thursday, Ripple’s XRP was trading at $0.970.

Ripple’s XRP started Thursday’s trading session on a high note and rallied for the better part of the morning. This was after bears failed to push it through $0.9005 support on the 23.6% Fibonacci on Wednesday night.

However, the upside momentum was short-lived.  Without much support from the broader crypto market, Ripple’s XRP could not push through key resistance at $1.0518 on the 38.2% Fibonacci retracement.

This saw XRP lose upside momentum and correct in the afternoon. While bears took control of Ripple’s XRP for the better part of the afternoon, they failed to drive it low enough to test the $0.9005 support.

The lack of bearish strength re-energized bulls in the latter part of the day. This saw XRP gain upside momentum, and come close to retesting the 38.2% Fibonacci resistance at $1.0518.

Ripple’s XRP is currently trading at $0.9005 and is down by 9.10%. It is currently trading at a key support level after bears pushed it lower for the better part of the morning.

XRP/USD 1h Chart

A glance at the day ahead

Ripple’s XRP needs to push through the $1.0704 pivot for a chance to a definitive uptrend. This would enhance the possibility of it testing the 50.0% Fibonacci resistance at $1.1752.

Without strong bullish momentum in the broader crypto market, Ripple’s upside for the day is likely to face an upside ceiling at $1.0518.  However, if bulls take charge, Ripple’s XRP could push through this price through this resistance and enter an uptrend through the weekend.

On the other hand, if bears dominate the broader market, Ripple’s XRP could break the $0.9005 key support in the day. This would also open the possibility of a bearish trend that extends through the weekend.

A review of the technicals

Key support: $0.09005

Pivot: $1.0704

Key resistance levels

First resistance: 38.2% Fibonacci retracement level at $1.0518

Second resistance: 50% Fibonacci retracement level at $1.1752

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