We present here an in-depth analysis of particle levitation stability and the role of the radial and axial forces exerted on fixed spherical and ellipsoidal particles levitated in an axisymmetric acoustic levitator, over a wide range of particle sizes and surrounding medium viscosities. We show that the stability behaviour of a levitated particle in an axisymmetric levitator is unequivocally connected to the radial forces: the loss of levitation stability is always due to the change of the radial force sign from positive to negative. It is found that the axial force exerted on a sphere of radius R s increases with increasing viscosity for R s /λ < 0.0125 (λ is the acoustic wavelength), with the viscous contribution of this force scaling with the inverse of the sphere radius. The axial force decreases with increasing viscosity for spheres with R s /λ > 0.0125. The radial force, on the other hand, decreases monotonically with increasing viscosity. The radial and axial forces exerted on an ellipsoidal particle are larger than those exerted on a volume-equivalent sphere, up to the point where the ellipsoid starts to act as an obstacle to the formation of the standing wave in the levitator chamber.